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CEO Turnovers and Corporate Governance: Evidence from the Copenhagen Stock Exchange

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Author Info
Neumann, Robert (Department of Finance, Copenhagen Business School)
Voetmann, Torben (Department of Finance, Copenhagen Business School)

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Abstract

This paper examines the relationship between performance and CEO turnovers using

a sample of 81 turnovers and 81 matching companies listed on the Copenhagen Stock

Exchange. We find that poor performance increases the probability of management

replacements and that forced layoffs are value-increasing events while voluntary

resignations are value-decreasing events. Institutional investors as active monitors, or

part of corporate control, are not exhibited in the analysis of CEO turnovers. If

institutional investors have any influence on CEO turnovers, then it is not revealed in

our data. But, the results suggest that institutional investors' equity holdings tend to

protect managers from replacement.

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File URL: http://ir.lib.cbs.dk/download/ISBN/8790705254.pdf
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Publisher Info
Paper provided by Copenhagen Business School, Department of Finance in its series Working Papers with number 1999-10.

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Length: 34 pages
Date of creation: 17 May 2001
Date of revision:
Handle: RePEc:hhs:cbsfin:1999_010

Contact details of provider:
Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark
Phone: +45 3815 3815
Email:
Web page: http://www.cbs.dk/departments/finance/
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Related research
Keywords: CEO Turnovers; Corporate Governance; Ownership Structure;

Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G23 - Financial Economics - - Financial Institutions and Services - - - Pension Funds; Other Private Financial Institutions
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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This page was last updated on 2009-10-18.

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