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| Tekijä: | Parrino, R. Sias, R. W. Starks, L. T. |
| Otsikko: | Voting with their feet: institutional ownership changes around forced CEO turnover |
| Lehti: | Journal of Financial Economics
2003 : APR, VOL. 68:1, p. 3-46 |
| Asiasana: | Corporate governance Chief executive officers Institutional investors |
| Vapaa asiasana: | CEO turnover |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate whether institutional investors "vote with their feet" when dissatisfied with a firm's management by examining changes in equity ownership around forced CEO turnover. They find that aggregate institutional ownership and the number of institutional investors decline in the year prior to forced CEO turnover. However, selling by institutions is far from universal. Measures of institutional ownership changes are negatively related to the likelihoods of forced CEO turnover and that an executive from outside the firm is appointed CEO. |
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