The Influence of Institutional Investors Over CEO Turnover in the UK

81 Pages Posted: 25 Jan 2008

See all articles by Mike Strivens

Mike Strivens

University of Manchester - Division of Accounting and Finance

Susanne Espenlaub

University of Manchester - Division of Accounting and Finance

Martin Walker

University of Manchester - Manchester Business School

Date Written: January 4, 2008

Abstract

This paper explores the relationship between institutional shareholdings and CEO turnover. Uniquely to this field of research we separately model the institutions that have large blocks of shareholdings from those with smaller blocks. We show that the likelihood of a CEO being forced from office is negative and significantly related to firm performance and, conditional on poor performance, positive and significantly related to the presence of a large institutional shareholding or high concentration of institutional shareholdings.

Keywords: Institutional Investors, CEO Turnover

JEL Classification: G32

Suggested Citation

Strivens, Mike and Espenlaub, Susanne K. and Walker, Martin, The Influence of Institutional Investors Over CEO Turnover in the UK (January 4, 2008). Available at SSRN: https://ssrn.com/abstract=991595 or http://dx.doi.org/10.2139/ssrn.991595

Mike Strivens (Contact Author)

University of Manchester - Division of Accounting and Finance ( email )

Booth Street West
Manchester, M15 6PB
United Kingdom
+44 (0) 161 275 4016 (Phone)

Susanne K. Espenlaub

University of Manchester - Division of Accounting and Finance ( email )

Crawford House
Oxford Road
Manchester M13 9PL
United Kingdom
44 161 275 4026 (Phone)

Martin Walker

University of Manchester - Manchester Business School ( email )

Booth Street West
Manchester, M15 6PB
United Kingdom

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