The impact of CEO turnover on firm performance and insolvency risk - A global analysis

被引：1

作者：

Salvi, Antonio ^{[1
]}

Tron, Alberto ^{[1
]}

Colantoni, Federico ^{[2
]}

机构：

[1] Univ Torino, Via Verdi 8, I-10124 Turin, Italy

[2] Univ Commerciale L Bocconi, Via Sarfatti 25, I-20136 Milan, Italy

来源：

FINANCE RESEARCH LETTERS | 2024年 / 62卷

关键词：

CEO turnover; Z; -score; Machine learning; Corporate governance; Strategic change;

D O I：

10.1016/j.frl.2024.105093

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This research examines the impact of CEO change on company performance by analyzing a global sample of publicly listed firms. The findings demonstrate a significant positive association between CEO change and improvement in a company's Z-Score, indicating the strategic change that a new CEO can bring all over the world regardless of the corporate governance model adopted and cultural differences. The study also finds that the positive impact of CEO turnover on firm performance is present only in the short term (first two years) and are more evident for companies in crisis.

引用

页数：9

共 50 条

[31] CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data
Kato, Takao
Long, Cheryl
JOURNAL OF COMPARATIVE ECONOMICS, 2006, 34 (04) : 796 - 817
[32] CEO CHARACTERISTICS, FIRM POLICY, AND FIRM PERFORMANCE
Setiawan, Rahmat
Gestanti, Lila
INTERNATIONAL JOURNAL OF BUSINESS AND SOCIETY, 2022, 23 (01): : 371 - 389
[33] CEO turnover, ESG-washing, and firm value
Yoo, Ji Seon
Song, Won Ja
Ku, Ja Eun
MANAGERIAL AND DECISION ECONOMICS, 2024, 45 (05) : 2801 - 2819
[34] Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation
Agrawal, Anup
Nasser, Tareque
QUARTERLY JOURNAL OF FINANCE, 2019, 9 (03)
[35] CEO Hubris, Firm Investmemt and Firm Performance
Liu Huanhuan
Xie Lu
PROCEEDINGS OF THE 2011 EXCHANGE CONFERENCE - INTERNATIONAL MARKETING SCIENCE AND INFORMATION TECHNOLOGY, 2011, : 149 - 154
[36] Impact of ownership structure and dividend on firm performance and firm risk
Rajverma, Abhinav Kumar
Misra, Arun Kumar
Mohapatra, Sabyasachi
Chandra, Abhijeet
MANAGERIAL FINANCE, 2019, 45 (08) : 1041 - 1061
[37] CEO Behavior and Firm Performance
Bandiera, Oriana
Prat, Andrea
Hansen, Stephen
Sadun, Raffaella
JOURNAL OF POLITICAL ECONOMY, 2020, 128 (04) : 1325 - 1369
[38] Ceo gender and firm performance
Khan, Walayet A.
Vieito, Joao Paulo
JOURNAL OF ECONOMICS AND BUSINESS, 2013, 67 : 55 - 66
[39] Information transfer of CEO turnover: Evidence from firm-CEO mismatch
Desir, Rosemond
Seavey, Scott E.
Thevenot, Maya
JOURNAL OF CORPORATE FINANCE, 2024, 84
[40] Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China
Chen, Charles J. P.
Li, Zengquan
Su, Xijia
Yao, Yiwei
JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2012, 31 (06) : 553 - 574

← 1 2 3 4 5 →