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http://ssrn.com/abstract=224055
 
 

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Board Leadership Structure and CEO Turnover


Vidhan K. Goyal


Hong Kong University of Science & Technology - Department of Finance

Chul W. Park


University of Hong Kong - School of Business

July 1, 2001

Journal of Corporate Finance, Vol. 8, No. 1, 2002

Abstract:     
We study whether bestowing CEO and chairman duties on one individual affects a board's decision to dismiss an ineffective CEO. The results show that the sensitivity of CEO turnover to firm performance is significantly lower when the CEO and chairman responsibilities are vested in the same individual. These results are consistent with the view that the lack of independent leadership in firms that combine the CEO and chairman positions makes it difficult for the board to remove poorly performing managers.

Number of Pages in PDF File: 30

Keywords: Corporate governance; Leadership structure; CEO duties; CEO turnover; sensitivity to firm performance

JEL Classification: G34, D23

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Date posted: June 14, 2000 ; Last revised: July 29, 2014

Suggested Citation

Goyal, Vidhan K. and Park, Chul W., Board Leadership Structure and CEO Turnover (July 1, 2001). Journal of Corporate Finance, Vol. 8, No. 1, 2002. Available at SSRN: http://ssrn.com/abstract=224055 or http://dx.doi.org/10.2139/ssrn.224055

Contact Information

Vidhan K. Goyal (Contact Author)
Hong Kong University of Science & Technology - Department of Finance ( email )
Clear Water Bay, Kowloon
Hong Kong
852-2358-7678 (Phone)
852-2358-1749 (Fax)
Chul Won Park
University of Hong Kong - School of Business ( email )
Meng Wah Complex
Pokfulam Road
Hong Kong
China
+852-2859-1081 (Phone)
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