If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913

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If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913

Author Info

Christian Bayer (Universität Dortmund)
Carsten Burhop (Universität Münster)

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Christian Bayer

Abstract

We analyze the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover are unrelated, wheras after the reform more succesfull managers leave firms more seldom. However, only short run performance matters.

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Paper provided by EconWPA in its series Economic History with number 0502006.

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Length: 9 pages
Date of creation: 14 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpeh:0502006

Note: Type of Document - pdf; pages: 9
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Find related papers by JEL classification:
G30 - Financial Economics - - Corporate Finance and Governance - - - General
J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-04-16 (All new papers)
NEP-HIS-2005-04-16 (Business, Economic & Financial History)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Julian Franks & Colin Mayer, 2001. "Ownership and Control of German Corporations," OFRC Working Papers Series 2001fe11, Oxford Financial Research Centre. [Downloadable!]
Other versions:
- Franks, Julian R & Mayer, Colin, 2001. "Ownership and Control of German Corporations," CEPR Discussion Papers 2898, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Franks, Julian & Mayer, Colin, 2001. "Ownership and Control of German Corporations," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 14(4), pages 943-77.
Christian Bayer & Carsten Burhop, 2004. "A Corporate Governance Reform as a Natural Experiment for Incentive Contracts," Finance 0407002, EconWPA. [Downloadable!]
Other versions:
- Carsten Burhop & Christian Bayer, 2004. "A Corporate Governance Reform As A Natural Experiment For Incentive Contracts," Royal Economic Society Annual Conference 2004 149, Royal Economic Society. [Downloadable!]
- Christian Bayer & Carsten Burhop, 2008. "A Corporate Governance Reform as a Natural Experiment for Incentive Contracts," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 60(4), pages 378-399, October. [Downloadable!]
Steven N. Kaplan, 1994. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Steven N Kaplan, 1994. "Top Executives, Turnover and Firm Performance in Germany," CEPR Financial Markets Paper 0045, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 53--56 Great Sutton Street, London EC1V 0DG.
Other versions:
- Steven N. Kaplan, 1993. "Top Executives, Turnover and Firm Performance in Germany," NBER Working Papers 4416, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Kaplan, Steven N, 1994. "Top Executives, Turnover, and Firm Performance in Germany," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(1), pages 142-59, April.
Mark R. Huson, 2001. "Internal Monitoring Mechanisms and CEO Turnover: A Long-Term Perspective," Journal of Finance, American Finance Association, vol. 56(6), pages 2265-2297, December. [Downloadable!] (restricted)

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