An Empirical Study on the Corporate Performance Change of Top Management Turnover
The level of corporate governance directly determines the future development direction of companies. Its known to all that the top management turnover plays an important role in corporate governance, and it can make modern company management structure perfect. Looking through available research, we may find most of all introduce different kinds of factors and economic consequences in order to discuss the relationship between corporate performance and management turnover, there are few literatures distinguish the impact on enterprise performance between general manager turnover and board chairman turnover. This paper is based on the present theories, adopting statistical analysis and empirical method in order to compare different influence on the operation performance among various types of management replacement. In the end, empirical studies indicate that the change of top management will improve companies performance, but it only leads to a short wealth effect, not in a long run. At the same tim e, we can also draw a conclusion, that is board chairman turnover makes more sensitive influence upon the enterprise performance compared to general manager turnover, therefore we should think twice before replacing board chairman.
top management turnover enterprise performance corporate governance
Daolin Zha Jia Chen
School of Economics and Management, China University of Geosciences, Wuhan, 430074, China
国际会议
The Eleventh Wuhan International Conference on E-Business(第十一届武汉电子商务国际会议)
武汉
英文
700-706
2012-05-26（万方平台首次上网日期，不代表论文的发表时间）