FIRM FAILURE AND MANAGERIAL LABOR-MARKETS - EVIDENCE FROM TEXAS BANKING

• 成果类型: Article
• 署名作者: CANNELLA, AA; FRASER, DR; LEE, DS
• 署名单位: Texas A&M University System; Texas A&M University College Station
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00810-N
• 发表日期: 1995
• 页码: 185-210
• 关键词: MANAGERIAL LABOR MARKETS; MANAGEMENT TURNOVER; Financial distress; relative performance evaluation

摘要

We study the managerial labor market's ability to discriminate between good and bad managerial performance. Using a sample of failed and nonfailed Texas banks, we find that the context of job loss affects the manager's ability to regain comparable employment. Managers associated with banks that failed for reasons arguably beyond the managers' control were twice as likely to regain comparable banking posts as managers at other failed banks. We also detect a relation between the probability of post-failure reemployment and a manager's rank within the firm and to proxies for managerial self-dealing and competence.