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| Author: | Puffer, S. H. Weintrop |
| Title: | Corporate performance and CEO turnover: a comparison of performance indicators |
| Journal: | Administrative Science Quarterly
1991 : MAR, VOL. 36:1, p. 1-19 |
| Index terms: | COMPANY PERFORMANCE PERFORMANCE MEASUREMENT CHIEF EXECUTIVE OFFICERS LABOUR TURNOVER EARNINGS PER SHARE |
| Language: | eng |
| Abstract: | It is argued that the board develops expectations of corporate performance, which it then uses to judge the CEO's performance. Financial analysts' forecasts of corporate performance are analyzed, as a surrogate for the expectations board members could be expected to have, and then the relationship of forecasts to turnover is examined. The finding is that turnover occurs when annual earnings per share fall short of expectations. This measure of corporate performance is a predictor of CEO turnover, whereas mechanical algorithms of abnormal security returns and historical accounting ratios do not. |
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