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| Author: | Maury, B. |
| Title: | Corporate performance, corporate governance and top executive turnover in Finland |
| Journal: | European Financial Management
2006 : MAR, VOL. 12:2, p. 221-248 |
| Index terms: | corporate governance board of directors executives management financial performance stocks prices Nordic countries Finland |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | In this paper, it is empirically investigated how corporate governance forces and firm performance affect top executive turnover (here as: t-ov.) in Finnish listed companies. An increase in CEO, top management, and board t-ov. is documented in response to poor stock price performance (as: s-p-perf.) and operating losses. The sensitivity of the relation btw. s-p-perf. and CEO t-ov. is significantly higher in firms with a two-tier board structure, but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers. |
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