This paper aims to study the existing link between CEOs turnover and several variables that could explain the exit of a CEO. The survey takes performance measures into account as main variables. Besides performance variables the study includes: ownership structure variables; variables that highlight personal features of a CEO and the composition of the board; firm variables. The number of sampled Italian companies ranges from 134 to 218 over the period 1996-2002. Accounting returns explain the turnover much better than market measures of performance; CEOs of state-owned firms change more frequently than others; the stake of minority shareholders is positively related to the turnover; the presence of syndicates negatively affects the turnover. In Italy, accounting returns count much more than market-based performances.

Morresi, O. (2005). Factors in top executive turnover: An empirical analysis of Italian listed firms. RIVISTA DI POLITICA ECONOMICA, November-December(6), 105-133.

Factors in top executive turnover: An empirical analysis of Italian listed firms

MORRESI, OTTORINO
2005-01-01

Abstract

This paper aims to study the existing link between CEOs turnover and several variables that could explain the exit of a CEO. The survey takes performance measures into account as main variables. Besides performance variables the study includes: ownership structure variables; variables that highlight personal features of a CEO and the composition of the board; firm variables. The number of sampled Italian companies ranges from 134 to 218 over the period 1996-2002. Accounting returns explain the turnover much better than market measures of performance; CEOs of state-owned firms change more frequently than others; the stake of minority shareholders is positively related to the turnover; the presence of syndicates negatively affects the turnover. In Italy, accounting returns count much more than market-based performances.
Morresi, O. (2005). Factors in top executive turnover: An empirical analysis of Italian listed firms. RIVISTA DI POLITICA ECONOMICA, November-December(6), 105-133.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11590/138940
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