| Tekijä: | Gilson, S. C. |
| Otsikko: | Management turnover and financial distress |
| Lehti: | Journal of Financial Economics
1989 : DEC, VOL. 25:2, p. 241-262 |
| Asiasana: | CORPORATE FINANCE CRISES TOP MANAGEMENT JOB TURNOVER |
| Kieli: | eng |
| Tiivistelmä: | Senior management turnover in financially distressed firms is investigated. In any given year, 52 percent of sampled firms experience turnover if they are either in default on their debt, bankrupt, or privately restructuring their debt to avoid bankruptcy. A significant number of changes are initiated by firms' bank lenders. Following their resignation from these firms, managers are not subsequently employed by another exchange-listed firm for at least three years. The results are consistent with managers experiencing large personal costs when their firms default. |
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