haku: @author Furtado, E.P.H. / yhteensä: 2
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| Tekijä: | Furtado, E.P.H. Rozeff, M.S. |
| Otsikko: | The wealth effects of company initiated management changes |
| Lehti: | Journal of Financial Economics
1987 : MAR, VOL. 18:1, p.147-160 |
| Asiasana: | MANAGEMENT CHANGE |
| Kieli: | eng |
| Tiivistelmä: | The essence of corporate control includes the hiring and firing of key managers. Appointments and dismissals are empirically investigated to four top-level corporate posts: chairman, vice-chairman, president and chief executive officer. Changes in equity values are outlined. The evidence suggests that management changes signal shifts in company policy and raise shareholder wealth, internal promotions confirm the soundness of investment by large companies in firm-specific human capital while external appointments do not, and dismissal is not a favored means to handle managerial underperformance but is associated with stock price increases. |
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