If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913
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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- Franks, Julian & Mayer, Colin, 2001.
"Ownership and Control of German Corporations,"
Review of Financial Studies,
Society for Financial Studies, vol. 14(4), pages 943-77.
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- Steven N. Kaplan, 1993.
"Top Executives, Turnover and Firm Performance in Germany,"
NBER Working Papers
4416, National Bureau of Economic Research, Inc.
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- 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.
- Conyon, Martin J, 1998. "Directors' Pay and Turnover: An Application to a Sample of Large UK Firms," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(4), pages 485-507, November.
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