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| Author: | Conyon, M. J. Florou, A. |
| Title: | Top executive dismissal, ownership and corporate performance |
| Journal: | Accounting and Business Research
2002 : VOL. 32:4, p. 209-226 |
| Index terms: | EXECUTIVES TURNOVER COMPANIES PERFORMANCE APPRAISAL |
| Language: | eng |
| Abstract: | This paper evaluates the empirical relationship between top executive turnover and firm performance. Based on a sample of the 460 largest UK listed companies during the period 1990-1998, the authors establish an inverse and robust statistical relation between the probability of a management change and a firm's performance: top executives are fired for poor performance. This can result from internal monitoring of management by the board or block share holders. Second, the data indicate that only very poor levels of performance affect significantly the turnover likelihood: corporate performance must fall dramatically to force a senior executive job separation. Third, the likelihood of managerial turnover for poor performance has not changed over time. |
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