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Corporate Performance, Corporate Governance and Top Executive Turnover in Finland

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  • Benjamin Maury

Abstract

"This paper empirically investigates how corporate governance forces and firm performance affect top executive turnover in Finnish listed companies. I document an increase in CEO, top management, and board turnover in response to poor stock price performance and operating losses. The sensitivity of the relation between stock price performance and CEO turnover is significantly higher in firms with a two-tier board structure (when the CEO is not the chairman), but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers." Copyright Blackwell Publishers Ltd, 2006.

Suggested Citation

  • Benjamin Maury, 2006. "Corporate Performance, Corporate Governance and Top Executive Turnover in Finland," European Financial Management, European Financial Management Association, vol. 12(2), pages 221-248.
  • Handle: RePEc:bla:eufman:v:12:y:2006:i:2:p:221-248
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2006.00317.x
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    References listed on IDEAS

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    1. Armando Gomes, "undated". "Multiple Large Shareholders in Corporate Governance," Rodney L. White Center for Financial Research Working Papers 05-99, Wharton School Rodney L. White Center for Financial Research.
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    Cited by:

    1. Weiwen Li & Yuan Lu, 2012. "CEO dismissal, institutional development, and environmental dynamism," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 1007-1026, December.
    2. repec:eco:journ1:2017-02-70 is not listed on IDEAS
    3. Bhattacharya, Prasad S. & Graham, Michael A., 2009. "On institutional ownership and firm performance: A disaggregated view," Journal of Multinational Financial Management, Elsevier, vol. 19(5), pages 370-394, December.
    4. Quoc Trung Tran & Xuan Minh Nguyen & Tien Hoang Nguyen, 2016. "CEO duality, state shareholder and CEO turnover: Evidence from Vietnamese stock market," Business and Economic Horizons (BEH), Prague Development Center, vol. 12(3), pages 113-120, September.

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