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| Author: | Mahajan, A. Lummer, S. |
| Title: | Shareholder wealth effects of management changes. |
| Journal: | Journal of Business Finance and Accounting
1993 : APR, VOL. 20:3, p. 393-410 |
| Index terms: | ORGANIZATIONAL PERFORMANCE MANAGEMENT SUCCESSION TOP MANAGEMENT SHARE PRICES |
| Language: | eng |
| Abstract: | This paper analyzes the direction and magnitude of changes in stock prices resulting from the announcement of various types of changes in senior corporate management over a twelve-year period. Authors found support for the view that instability resulting from executive succession adversely affects organizational performance. Furthermore, this results imply a clear preference by the market for a change in composition of the previous management team over its further entrenchment and a perception by the market that senior corporate executives and the board of directors may not be solely motivated by considerations of shareholder wealth maximization. |
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