haku: @author Parigi, B. M. / yhteensä: 2
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| Tekijä: | Brunello, G. Graziano, C. Parigi, B. M. |
| Otsikko: | CEO turnover in insider-dominated boards: the Italian case |
| Lehti: | Journal of Banking and Finance
2003 : JUN, VOL. 27:6, p. 1027-1051 |
| Asiasana: | Chief executive officers Turnover Corporate governance Company performance |
| Kieli: | eng |
| Tiivistelmä: | The authors' main finding is that CEO turnover is negatively related to firm performance also in this environment, but this relationship holds only if the controlling shareholder is not the CEO. The findings suggest that insiders with large stakes monitor and replace under-performing outside CEOs. The paper offers positive empirical evidence that non-CEO controlling shareholders are a governance mechanism that provides a substitute for outside members on boards of directors in lowering agency costs. |
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