Factors in Top Executive Turnover: An Empirical Analysis of Italian Listed Firms
Department of Management & Law, Faculty of Economics, University of Rome III
Rivista di Politica Economica, Vol. 95 , No. 6, pp. 105-133, 2005
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.
Number of Pages in PDF File: 30
Keywords: Top executive, turnover, agency costs, firm performance
JEL Classification: G32, G34, J63, L14Accepted Paper Series
Date posted: December 12, 2009 ; Last revised: December 17, 2009
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