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.
Titolo: | Factors in top executive turnover: An empirical analysis of Italian listed firms |
Autori: | |
Data di pubblicazione: | 2005 |
Rivista: | |
Citazione: | MORRESI O (2005). Factors in top executive turnover: An empirical analysis of Italian listed firms. RIVISTA DI POLITICA ECONOMICA, November-December(6), 105-133. |
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. |
Handle: | http://hdl.handle.net/11590/138940 |
Appare nelle tipologie: | 1.1 Articolo in rivista |