haku: @all turnover / yhteensä: 30
viite: 29 / 30
Tekijä:Bushman, R.
Dai, Z.
Wang, X.
Otsikko:Risk and CEO turnover
Lehti:Journal of Financial Economics
2010 : JUN, VOL 96:3, p. 381-398
Asiasana:chief executive officers
executive remuneration
Tiivistelmä:The purpose of the article is to examine the effect of performance risk on the board of directors capability to learn about the unknown talent of a CEO. Using stock returns as the measure for firm performance, the authors provide empirical evidence that idiosyncratic risk increases the likelihood of CEO turnover, whereas systematic risk reduces it. The relationship with turnover-performance-sensitivity and risk is similar, increasing with idiosyncratic risk and decreasing with systematic risk. It is also demonstrated how subsequent pay-performance-sensitivity and pay levels decrease the likelihood of CEO turnover.
SCIMA tietueen numero: 273592
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