Gonzalez, Maximiliano
[VerfasserIn]
;
Garcia, Rafael
[Sonstige Person, Familie und Körperschaft];
Ortega, Carolina
[Sonstige Person, Familie und Körperschaft]
The Impact of CEO and Director Turnover on Financial Performance in Venezuela
Anmerkungen:
In: Latin American Business Review, Vol. 7, No. 2, pp. 1-18, 2006
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2006 erstellt
Beschreibung:
We test whether CEO and director turnover has any impact on firms' financial performance. The results derived from our sample indicate that, as measured by the subsequent three-year industry-adjusted return on assets, financial performance after CEO and/or director turnover worsens, on average. In the case of CEOs, the coefficients obtained in our panel data regression show that firm performance decreased around 1.4 percent on average after the former CEO left the firm. In the case of directors, we obtained a significant and negative coefficient, but this was of little economic significance, leading us to conclude that removing directors has little subsequent economic impact on firms' performance