Chief Executive Officer Turnovers and the Performance of Chinas Listed Enterprises
This study examines the relation between chief executive officer (CEO) turnovers and performance in China’s listed enterprises where controlling shareholders are state-owned entities. We obtain three results. First, we offer evidence that the likelihood of forced CEO turnover is related to the incidence of negative earnings but not to industry-adjusted return on asset. Second, we document some improvement in accounting performance following CEO turnover, but the extent of the improvement is smaller and less significant than what has been documented for U.S. and Japanese enterprises. Third, we show that there is no significant relation between CEO turnovers and stock price performance.
CEO turnovers enterprise performance state and private ownership
Eric C. Chang Sonia M. L. Wong
Faculty of Business and Economics, The University of Hong Kong Pokfulam Road, Hong Kong Hong Kong Institute of Economics and Business Strategy, Faculty of Business and Economics, The Unive
国际会议
西安
英文
1-49
2006-07-17（万方平台首次上网日期，不代表论文的发表时间）