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Finance

2011/2 (Vol. 32)


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Abstract

English

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

Outline

  1. Literature and Research Hypotheses
    1. Ownership Structure and Top Executive Turnover
    2. Board Characteristics and CEO Turnover
  2. Data and Methodology
    1. Sample
    2. CEO Turnover
    3. Firm Performance, Ownership, and Board Characteristics
    4. CEO Characteristics
  3. Empirical Findings
    1. Prior Performance as Determinant of CEO Turnover
    2. Ownership Structure and the CEO Turnover-Performance Sensitivity
      1. Blockholdings and the Performance-CEO Turnover Sensitivity
      2. Institutional Ownership and the CEO Turnover-Performance Sensitivity
      3. Coexistence of Blockholders and Institutional Investors
      4. CEO and State Ownership and CEO Turnover-Performance Sensitivity
    3. Board Characteristics as Determinants of CEO Turnover
      1. Board Organization and the Performance-CEO Turnover Sensitivity
      2. Board Insiders, Board Size, and the Performance-CEO Turnover Sensitivity
  4. Robustness Checks
    1. Alternative Variables
    2. Time Series Check
    3. Endogeneity and Simultaneity Checks
  5. Conclusion

To cite this article

Bang Dang Nguyen, “ Ownership Structure and Board Characteristics as Determinants of CEO Turnover in French-Listed Companies ”, Finance 2/2011 (Vol. 32) , p. 53-89
URL : www.cairn.info/revue-finance-2011-2-page-53.htm.

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