haku: @freeterm Ownership structure / yhteensä: 28
viite: 24 / 28
Tekijä: | Maury, B. |
Otsikko: | Corporate performance, corporate governance and top executive turnover in Finland |
Lehti: | European Financial Management
2006 : MAR, VOL. 12:2, p. 221-248 |
Asiasana: | corporate governance board of directors executives management financial performance stocks prices Nordic countries Finland |
Vapaa asiasana: | ownership structure |
Kieli: | eng |
Tiivistelmä: | 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. |
SCIMA