股权结构和董事会特征:法国上市公司CEO离职的决定因素

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2011-04-16 DOI:10.2139/ssrn.1456851

B. Nguyen

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引用次数: 20

摘要

本文以1994 - 2001年法国最大的上市公司为样本，研究了股权结构和董事会特征是否决定了CEO离职。结果表明，CEO离职与前期会计和股票绩效呈显著负相关。控制在先绩效、股权结构和董事会特征影响CEO离职对在先绩效的敏感性。拥有大股东、高政府持股、双层董事会和更大董事会的公司不太可能因表现不佳而解雇首席执行官。机构投资者及其与大股东的共存并不影响CEO更替对先前业绩的敏感性

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Ownership Structure and Board Characteristics as Determinants of CEO Turnover in French-Listed Companies

This paper investigates whether ownership structure and board characteristics determine CEO turnover in a sample of largest French-listed firms from 1994 to 2001. The results show that CEO turnover is negatively and significantly related to prior accounting and stock performance. Controlling for prior performance, ownership structure and characteristics of boards of directors impact the sensitivity of CEO turnover to prior performance. Firms with blockholders, high government ownership, two-tier boards, and larger boards are less likely to dismiss CEOs for poor performance. Institutional investors and their co-existence with large blockholders, do not impact the sensitivity of CEO turnover to prior performance

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来源期刊

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.