Board leadership structure and CEO turnover

被引：438

作者：

Goyal, VK ^{[1
]}

Park, CW

机构：

[1] Hong Kong Univ Sci & Technol, Dept Finance, Kowloon, Hong Kong, Peoples R China

[2] Hong Kong Univ Sci & Technol, Dept Accounting, Kowloon, Hong Kong, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2002年 / 8卷 / 01期

关键词：

corporate governance; leadership structure; CEO duties; CEO turnover; sensitivity to firm performance;

D O I：

10.1016/S0929-1199(01)00028-1

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study whether bestowing chief executive officer (CEO) and board chairman duties on one individual affects a boards 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 duties 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. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：49 / 66

页数：18

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