Internal monitoring mechanisms and CEO turnover: A long-term perspective

• 成果类型: Article
• 署名作者: Huson, MR; Parrino, R; Starks, LT
• 署名单位: University of Alberta; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00405
• 发表日期: 2001
• 页码: 2265-2297
• 关键词: CORPORATE GOVERNANCE; SHAREHOLDER ACTIVISM; performance; COMPENSATION; DIRECTORS; institutions; succession; OWNERSHIP

摘要

We report evidence on chief executive officer (CEO) turnover during the 1971 to 1994 period. We find that the nature of CEO turnover activity has changed over time. The frequencies of forced CEO turnover and outside succession both increased. However, the relation between the likelihood of forced CEO turnover and firm performance did not change significantly from the beginning to the end of the period we examine, despite substantial changes in internal governance mechanisms. The evidence also indicates that changes in the intensity of the takeover market are not associated with changes in the sensitivity of CEO turnover to firm performance.