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CEO turnover and corporate performance

Author

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  • Leker, Jens
  • Salomo, Sören

Abstract

This study argues that an evaluation of the relationship between CEO turnover and corporate performance can be usefully approached in three steps. (1) An empirical longitudinal analysis of 88 German corporations which had experienced a change in CEO shows that different kinds of CEO turnover are associated with different developments in published performance during the succession period. (2) Using a structural equations model it is possible to demonstrate the aptness of a hypothesis on performance variation based on agency theory and using empirical data on involuntary CEO turnover. (3) By introducing an indirect method of measurement it is shown that CEO "influence" explains a substantial part of the observed variation in performance during the succession period.

Suggested Citation

  • Leker, Jens & Salomo, Sören, 2000. "CEO turnover and corporate performance," Scandinavian Journal of Management, Elsevier, vol. 16(3), pages 287-303, September.
    • Handle: RePEc:eee:scaman:v:16:y:2000:i:3:p:287-303
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    Citations

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    Cited by:

    1. Olie René & Heijltjes Mariëlle G. & Glunk Ursula, 2003. "Continuity And Renewal At The Top: Performance Effects Of The Level, Extent, Type And Frequency Of Top Management Team Changes," Research Memorandum 059, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    2. Siala Bouaziz Souha & Jarboui Anis & David McMillan, 2016. "Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150407-115, December.
    3. Yohan Bernard & Laurence Godard & Mohamed Zouaoui, 2018. "The Effect of CEOs’ Turnover on the Corporate Sustainability Performance of French Firms," Journal of Business Ethics, Springer, vol. 150(4), pages 1049-1069, July.
    4. Zhong, Ruohan & Li, Yanxi & Wang, Yun, 2021. "Multiple large shareholders, control contests, and forced CEO turnover," Emerging Markets Review, Elsevier, vol. 48(C).
    5. W Jane Cheung & Andrew B Jackson, 2013. "Chief Executive Officer departures and market uncertainty," Australian Journal of Management, Australian School of Business, vol. 38(2), pages 279-310, August.
    6. Ingrid-Mihaela Dragotă & Andreea Curmei-Semenescu & Raluca Moscu, 2020. "CEO Diversity, Political Influences, and CEO Turnover in Unstable Environments: The Romanian Case," JRFM, MDPI, vol. 13(3), pages 1-22, March.

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