search query: @author Park, C. W. / total: 17
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| Author: | DeFond, M. L. Park, C. W. |
| Title: | The effect of competition on CEO turnover |
| Journal: | Journal of Accounting & Economics
1999 : FEB, VOL. 27:1, p. 35-56 |
| Index terms: | Managers Pay Industries Competition Performance appraisal USA |
| Language: | eng |
| Abstract: | Relative performance evaluation (RPE) is likely to improve boards of director's ability to identify unfit CEOs, and competition is likely to enhance the usefulness of RPE. Consistent with the hypotheses, the frequency of CEO turnover is greater in highly competitive industries than in less competitive industries. RPE-based (firm-specific) accounting measures are more closely associated with CEO turnover in high (low) competition industries. These findings suggest that the lack of support for RPE in prior studies results from not considering the effects of competition. |
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