STOCKHOLDER REACTIONS TO DEPARTURES AND APPOINTMENTS OF KEY EXECUTIVES ATTRIBUTABLE TO FIRINGS

• 成果类型: Note
• 署名作者: WORRELL, DL; DAVIDSON, WN; GLASCOCK, JL
• 署名单位: Southern Illinois University System; Southern Illinois University; Louisiana State University System; Louisiana State University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256528
• 发表日期: 1993
• 页码: 387-401
• 关键词: ORGANIZATIONAL PERFORMANCE; LARGE CORPORATIONS; MANAGEMENT CHANGES; firm performance; CEO succession; WEALTH; OWNERSHIP; COSTS

摘要

This study investigated investors' reactions to announcements of the firings of key executives made over the 25-year period 1963-1987. We found announcements containing information about permanent replacements to be associated with positive market reactions, whereas other types of firing announcements resulted in no market response. In addition, outsider appointments were perceived as beneficial immediately, while insider appointments elicited a wait-and-see reaction.