Ownership structure and top executive turnover

• 成果类型: Article
• 署名作者: Denis, DJ; Denis, DK; Sarin, A
• 署名单位: Santa Clara University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(97)00016-0
• 发表日期: 1997
• 页码: 193-221
• 关键词: ownership structure; MANAGEMENT TURNOVER; BLOCKHOLDERS; takeovers

摘要

We report that ownership structure significantly affects the likelihood of a change in top executive, Controlling for stock price performance, the probability of top executive turnover is negatively related to the ownership stake of officers and directors and positively related to the presence of an outside blockholder. In addition, the likelihood of a change in top executive is significantly less sensitive to stock price performance in firms with higher managerial ownership. Finally, we document an unusually high rate of corporate control activity in the twelve months preceding top executive turnover. We conclude that ownership structure has an important influence on internal monitoring efforts and that this influence stems in part from the effect of ownership structure on external control threats.