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Les facteurs de changement des dirigeants:une étude empirique sur le NASDAQ

Listed author(s):
  • Alain Finet

    (Université de Mons-Hainaut)

  • Réal Labelle


    (HEC Montréal)

(VF)Résumé : Cette étude analyse la relation présumée entre certaines caractéristiques d’entreprises de la nouvelle économie et de leur PDG et la proba-bilité de leur remplacement lors d’une chute de performance. Sur un échantillon de 100 entreprises du NASDAQ ayant subi une chute boursière entre mars 2000 et janvier 2003, nous mettons en évidence 55 cas de changements de PDG. Ceux-ci sont associés à la durée des fonctions du PDG, la proportion d’investisseurs institutionnels, la taille et le cumul de fonctions. (VA) This study examines the hypothesized relationship between certain characteristics of new econ-omy firms and their CEO and the decision to replace the latter following a performance decline. A sample of one hundred companies listed on the NASDAQ and showing a decline in their stock price during the bear market period from March 2000 to January 2003 brings out 55 CEO changes. The replacement decision is associated with the time a position is held, the proportion of institutional investors, the size of the firm and the number of mandates.

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Article provided by in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 7 (2004)
Issue (Month): 2 (June)
Pages: 233-251

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Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:233-251
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  1. Cui, Huimin & Mak, Y. T., 2002. "The relationship between managerial ownership and firm performance in high R&D firms," Journal of Corporate Finance, Elsevier, vol. 8(4), pages 313-336, October.
  2. Lausten, M., 1998. "CEO Turnover, Firm Performance and Corporate Governance," Papers 98-10, Aarhus School of Business - Department of Economics.
  3. Fosberg, Richard H. & Nelson, Michael R., 1999. "Leadership structure and firm performance," International Review of Financial Analysis, Elsevier, vol. 8(1), pages 83-96.
  4. Palmon, Oded & Wald, John K., 2002. "Are two heads better than one? The impact of changes in management structure on performance by firm size," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 213-226, July.
  5. Goyal, Vidhan K. & Park, Chul W., 2002. "Board leadership structure and CEO turnover," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 49-66, January.
  6. James Ang & Beni Lauterbach & Joseph Vu, 2003. "Efficient Labor and Capital Markets: Evidence from CEO Appointments," Financial Management, Financial Management Association, vol. 32(2), Summer.
  7. McConaughy, Daniel L. & Walker, Michael C. & Henderson, Glenn Jr. & Mishra, Chandra S., 1998. "Founding family controlled firms: Efficiency and value," Review of Financial Economics, Elsevier, vol. 7(1), pages 1-19.
  8. Denis, David J & Denis, Diane K, 1995. " Performance Changes Following Top Management Dismissals," Journal of Finance, American Finance Association, vol. 50(4), pages 1029-1057, September.
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