Download or read book CEO Turnover and Changes in Corporate Performance in South Africa written by James Wilkes and published by . This book was released on 2014 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of CEO Turnover on the Share Price Performance of South African Listed Companies written by Coral Van Zyl and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: International research into the impact of CEO turnover on organisational share price performance has yielded inconsistent results. This research aims to study the impact of CEO turnover on the South African environment, and in particular on South African listed companies. The study is conducted looking at both the impact at the date of the announcement of the CEO change, and examines the impact of forced versus voluntary turnover, as well as internal versus external CEO replacement. There were 74 turnover events between 2001 and 2003, which were included in the study at announcement date. Only 28 of these resulted in the CEO remaining in office for a period of at least three years, and this smaller sample was used to examine the effect of CEO turnover over the three years after appointment. Event study methodology was used in the research. The research observed a statistically significant negative impact on share prices at the date of announcement of CEO turnover, but this was negated by statistically significant positive returns when looking at the day prior to the announcement. No statistically significant results were observed for internal versus external CEO replacement. Forced CEO turnover had a negative effect on share price performance when compare to voluntary turnover, but this was not statistically significant. No significant results were observed for the three years post the appointment of the new CEO. The conclusion of the research is that the impact of CEO turnover is not significant at announcement date or over time.
Download or read book Corporate Performance CEO Power and CEO Turnover written by Rokiah Ishak and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book CEO Turnover and Corporate Performance written by Claus te Wildt and published by . This book was released on 1996 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Substance and Symbol written by Nitin Nohria and published by . This book was released on 1996 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes that CEO turnover has both substantive and symbolic effects that impact firm performance. The authors predict that all new CEOs will seek to distinguish themselves from their predecessors and will do so by making visible strategic changes. These substantive changes, however, are externally constrained and, thus, will be similar across different types of CEO turnover. The authors predict that some forms of turnover increase member identification with the organization while others reduce it. These differences in organizational identification influence the unobserved effort members are willing to contribute to the organization and thus have a significant impact on firm performance. The performance consequences of these symbolic effects may be greater than the performance consequences of the substantive effects of CEO turnover. The authors provide evidence that supports their theory using data on CEO turnover in the Fortune 200 from 1978-1994.
Download or read book Ceo Turnover Firm Performance and Corporate Governance written by Mette Lausten and published by . This book was released on 1998 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does Carbon Conscious Behavior Drive Firm Performance written by Adrian Renner and published by Springer Science & Business Media. This book was released on 2011-06-07 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adrian Renner provides a unique perspective on how stockholders react if companies move towards a carbon-conscious future. A multi-country event study approach was used to analyze stock market reactions of the largest 500 companies globally.
Download or read book Conflict Induced Forced CEO Turnovers and Firm Performance written by Kuntara Pukthuanthong and published by . This book was released on 2018 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine operational and stock performance changes around forced CEO turnovers caused by conflicts between corporate boards and CEOs over the strategic direction of the firm. These CEO turnovers tend to be preceded by significant declines and followed by significant improvements in firm performance. Firms appear to become more focused on fewer business segments and become bigger players in those segments after the turnover. Firms whose ousted CEOs are succeeded by insiders outperform those with outsider successions. In addition, they do not exhibit decreased performance before the turnover, suggesting that insiders take over the reins only when the firms has been already performing well. Long-term compensation incentives and firm size are found to increase firm performance after the turnover.
Download or read book Financial Performance Surrounding CEO Turnover written by Kevin James Murphy and published by . This book was released on 1992 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book CEO Turnover of Technology Listed Companies and Share Price Performance written by Matthew McKenzie Snowball and published by . This book was released on 2018 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Timely Vs Delayed CEO Turnover written by Kuntara Pukthuanthong and published by . This book was released on 2017 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates changes in company performance following timely versus delayed CEO resignations due to financial wrongdoings. A timely resignation is proactively pushed by the company, and a delayed resignation is driven by investigations initiated by the SEC or other regulatory authorities. Our results show significant negative abnormal returns following the announcement of CEO resignations. In addition, compared with timely resignations, delayed resignations experience a larger and longer lasting negative stock market reaction. This suggests that CEO resignations due to financial wrongdoings are not perceived as good news by investors, and the delayed resignations could make investors lose more confidence, possibly because of worries about the ineffective corporate governance and supervision mechanism. We have found a significant negative relationship between CEO-chairman duality and the timeliness of CEO resignations. Our results have important implications for investors and policy makers.
Download or read book The Impact of CEO Turnover on Firm Volatility written by Matthew J. Clayton and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A change in executive leadership is a significant event in the life of a firm. This study investigates an important consequence of a CEO turnover: a change in equity volatility. We develop three hypotheses about how changes in CEO might affect stock-price volatility, and test these hypotheses using a sample of 872 CEO turnovers over the 1979 to 1995 period. We find that volatility increases following a CEO turnover, even for the most frequent type, when a CEO leaves voluntarily and is replaced by someone from inside the firm. Forced turnovers increase volatility more than voluntary turnovers, which we argue is consistent with forced departures implying a higher probability of large strategy changes. For voluntary departures, outside successions increase volatility more than inside successions, which we attribute to increased uncertainty over the successor CEO's skill in managing the firm's operations. We also document a greater stock-price response to earnings announcements following CEO turnover, consistent with more informative signals of value driving the increased volatility. Our findings are robust to controls for firm-specific characteristics such as changes in firm operations, firm size, and both volatility change and performance prior to the turnover.
Download or read book The Performance Consequences of CEO Turnover written by Rakesh Khurana and published by . This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous research on executive turnover treats the departures of predecessors and the origin of successors as independent events. This approach has led to mixed empirical findings with respect to measuring the effects of executive turnover on firm performance. Using a longitudinal data set, we show that the conditions under which the predecessor departs (forced versus natural turnover) and the origin of the successor (insider versus outsider) are theoretically coupled phenomena with distinct combinations leading to differences in subsequent performance.
Download or read book The Impact of CEO Turnover on Equity Volatility written by Matthew J. Clayton and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: A change in executive leadership is a significant event in the life of a firm. Our paper investigates a potentially significant consequence of a CEO turnover: a change in equity volatility. We develop several hypotheses about how CEO changes might affect stock price volatility, and test these hypotheses using a sample of 872 CEO changes over the 1979-1995 period. We find that volatility increases following a CEO turnover, even for the most frequenttype, when a CEO leaves voluntarily and is replaced by someone from inside the firm. Ourresults indicate that forced turnovers, which are expected to result in large strategy changes, increase volatility more than voluntary turnovers. Outside successions, which are expected to result in a successor CEO with less certain skill in managing the firm's operations, increase volatility more than inside turnovers. We also document a greater stock-price response to earnings announcements around CEO turnover, consistent with more informative signals of value driving the increased volatility. Controls for firm-specific characteristics indicate that the volatility changes cannot be entirely attributed to factors such as changes in firm operations, firm size, and both volatility change and performance prior to the turnover.
Download or read book Performance induced CEO Turnover written by Dirk Jenter and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of CEO Turnover on Equity Volatility written by Joshua V. Rosenberg and published by . This book was released on 2006 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A change in executive leadership is a significant event in the life of a firm. This study investigates an important consequence of a CEO turnover: a change in equity volatility. We develop three hypotheses about how changes in CEO might affect stock price volatility, and test these hypotheses using a sample of 872 CEO turnovers over the 1979-1995 period. We find that volatility increases following a CEO turnover, even when the CEO leaves voluntarily and is replaced by someone from inside the firm. Forced turnovers increase volatility more than voluntary turnovers - a finding consistent with the view that forced departures imply a higher probability of large strategy changes. For voluntary departures, outside successions increase volatility more than inside successions. We attribute this volatility change to increased uncertainty over the successor CEO's skill in managing the firm's operations. We also document a greater stock price response to earnings announcements following CEO turnover, consistent with more informative signals of value driving the increased volatility. Our findings are robust to controls for firm-specific characteristics such as firm size, changes in firm operations, and changes in volatility and performance prior to the turnover.
Download or read book Disagreement induced CEO Turnover written by Sheng Huang and published by . This book was released on 2019 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose and test a new explanation for forced CEO turnover, and examine its implications for the impact of firm performance on CEO turnover. Investors may disagree with management on optimal decisions due to heterogeneous prior beliefs. Theory suggests that such disagreement may be persistent and costly to firms; we document that this induces them to sometimes replace CEOs who investors disagree with, controlling for firm performance. A lower level of CEO-investor disagreement serves to partially “protect” CEOs from being fired, thus reducing turnover-performance sensitivity, which we also document. We also show that firms are more likely to hire an external CEO as a successor if disagreement with the departing CEO is higher. Disagreement declines following forced CEO turnover. Using various empirical strategies, we rule out other confounding interpretations of our findings. We conclude that disagreement, independently of firm performance, affects forced CEO turnover.
