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Performance Changes Following Top Management Turnover
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Book Synopsis Performance Changes Following Top Management Dismissals by : Diane K. Denis
Download or read book Performance Changes Following Top Management Dismissals written by Diane K. Denis and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that forced resignations of top managers are preceded by large and significant declines in operating performance and followed by large improvements in performance. However, forced resignations are rare and are due more often to external factors (e.g. blockholder pressure, takeover attempts, etc.) than to normal board monitoring. Following the management change, these firms significantly downsize their operations and are subject to a high rate of corporate control activity. Normal retirements are followed by small increases in operating income and are also subject to a slightly higher incidence of post-turnover corporate control activity.
Book Synopsis Performance Changes Following Top Management Turnover by : Ajay Khorana
Download or read book Performance Changes Following Top Management Turnover written by Ajay Khorana and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I examine the impact of mutual fund manager replacement on subsequent fund performance. Using a sample of 393 domestic equity and bond fund managers that were replaced over the 1979-1991 period, for the underperformers I document significant improvements in post-replacement performance relative to the past performance of the fund. On the other hand, the replacement of overperforming managers results in deterioration in post-replacement performance. I find evidence supporting the presence of strategic risk shifting in the fund portfolios prior to replacement. Furthermore, consistent with the notion of window dressing, I document that the level of portfolio turnover activity decreases significantly in the post-replacement period. Lastly, the replacement of poor performers is preceded by significant decreases in net new inflows in the fund.
Book Synopsis Individual and Organizational Factors Surrounding Top Executive Turnover by : Stephanie Brecht-Bergen
Download or read book Individual and Organizational Factors Surrounding Top Executive Turnover written by Stephanie Brecht-Bergen and published by Logos Verlag Berlin GmbH. This book was released on 2018 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author analyzes the multi-faceted phenomenon of top executive turnover from various theoretical angles and empirically shows how individual and organizational factors such as performance, compensation and gender relate to it. Managerial implications on how to deal with turnover in times of talent shortage are derived. The book contributes to turnover research in three distinct ways. From a corporate governance perspective, it inspects potential antecedents and consequences of top executive dismissal with a focus on firm performance consequences. Taking a labor economics view, it scrutinizes compensation structure as a likely antecedent of voluntary turnover. From an OB and HRM angle, it examines gender as a characteristic of top executives and possible antecedent of turnover.
Book Synopsis Top Management Turnover by : Prashanthi Nadarajah
Download or read book Top Management Turnover written by Prashanthi Nadarajah and published by . This book was released on 2004 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management Turnover Across the Corporate Hierarchy by : C. Edward Fee
Download or read book Management Turnover Across the Corporate Hierarchy written by C. Edward Fee and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study management turnover in the set of top 5 executives for a sample of 443 large firms from 1993-1998. Using information from news articles and severance disclosures in proxy statements, we find that the rate of forced turnover for non-CEOs is at least as great as the rate for CEOs, but the sensitivity of turnover to aggregate firm performance is relatively smaller for non-CEOs. The probability that a non-CEO leaves office is highly elevated around CEO dismissals, particularly when the replacement CEO is an outsider. We find that the labor market penalties from a job dismissal are quite severe for both CEOs and non-CEOs. While many dismissed executives gain new employment in an executive capacity, on average their new positions appear to be significantly inferior to their old positions as measured by compensation, seniority, and firm size. Our results suggest that: (1) the turnover process is effective at eliminating lower ability managers across the corporate hierarchy, (2) aggregate firm performance is a less informative signal of ability for executives below the CEO, and (3) the management team is evaluated, at least partially, as a team.
Book Synopsis Top Management Turnover, Operational Changes and Organizational Performance by : Marta Pedro Varanda
Download or read book Top Management Turnover, Operational Changes and Organizational Performance written by Marta Pedro Varanda and published by . This book was released on 1991 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Influence of Prior Performance, Slack and Top Management Turnover on Divestiture and Subsequent Firm Performance by : James Wilurn Logan
Download or read book The Influence of Prior Performance, Slack and Top Management Turnover on Divestiture and Subsequent Firm Performance written by James Wilurn Logan and published by . This book was released on 1990 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Who's left after downsizing? The relationship between performance and turnover during reduction in workforce by : Wade B. Hinshaw
Download or read book Who's left after downsizing? The relationship between performance and turnover during reduction in workforce written by Wade B. Hinshaw and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stability of Top Management Teams by : Rachel M. Hayes
Download or read book Stability of Top Management Teams written by Rachel M. Hayes and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify several theories that each suggest a link between CEO turnover and changes among a firm's top non-CEO managers. We then assess these links empirically using two panel data sets. We present five main findings. First, we find that CEO and non-CEO turnover are positively associated. Second, we do not find that this association is stronger when firm performance is poor. Third, this association is driven largely by instances of outside CEO succession. Fourth, the association between CEO and non-CEO changes persists; even the year after CEO turnover, non-CEO managers are more likely to leave the firm's top management group. Fifth, changes in the identities of non-CEO managers are more closely associated with subsequent organizational changes than is CEO turnover. We interpret these results as being consistent with theories in which non-CEO managers make investments in human capital that is specific to co-workers, and specific to the firm's current practices or strategy.
Book Synopsis Compensation and Top Management Turnover by : Hamid Mehran
Download or read book Compensation and Top Management Turnover written by Hamid Mehran and published by . This book was released on 1998* with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Conflict-Induced Forced CEO Turnovers and Firm Performance by : Kuntara Pukthuanthong
Download or read book Conflict-Induced Forced CEO Turnovers and Firm Performance written by Kuntara Pukthuanthong and published by . This book was released on 2018 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine operational and stock performance changes around forced CEO turnovers caused by conflicts between corporate boards and CEOs over the strategic direction of the firm. These CEO turnovers tend to be preceded by significant declines and followed by significant improvements in firm performance. Firms appear to become more focused on fewer business segments and become bigger players in those segments after the turnover. Firms whose ousted CEOs are succeeded by insiders outperform those with outsider successions. In addition, they do not exhibit decreased performance before the turnover, suggesting that insiders take over the reins only when the firms has been already performing well. Long-term compensation incentives and firm size are found to increase firm performance after the turnover.
Book Synopsis Conflict-Induced Forced CEO Turnover and Firm Performance by : Jing Zhang
Download or read book Conflict-Induced Forced CEO Turnover and Firm Performance written by Jing Zhang and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management Turnover in Subsidiaries of Conglomerates Versus Standalone Firms by : Chris R. McNeil
Download or read book Management Turnover in Subsidiaries of Conglomerates Versus Standalone Firms written by Chris R. McNeil and published by . This book was released on 2002 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: An extensive prior literature documents the sensitivity of CEO turnover to performance. However, little is known about turnover in the firm's internal labor market. We compare the likelihood of turnover following poor performance for a sample of subsidiary managers inside conglomerate firms to the likelihood of turnover of CEOs of comparable stand-alone firms. After controlling for a number of other factors, we find that subsidiary managers have a significantly higher likelihood of turnover following poor performance than CEOs of comparable stand-alone firms.
Book Synopsis Management Turnover and Corporate Governance Changes Following the Revelation of Fraud by : Anup Agrawal
Download or read book Management Turnover and Corporate Governance Changes Following the Revelation of Fraud written by Anup Agrawal and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Anecdotal evidence suggests that top managers of firms that are investigated for fraud lose their jobs. Fraud scandals plausibly create incentives to change managers, in an attempt to improve the firm's performance, recover lost reputational capital, or limit the firm's exposure to liabilities that arise from the fraud. It also is possible that fraud creates incentives to change the composition of the firm's board, to improve the external monitoring of managers or to rent new directors' valuable reputational or political capital. Despite such claims, we find little systematic evidence that firms suspected or charged with fraud have unusually high turnover among senior managers or directors. In univariate comparisons, there is some evidence that firms committing fraud have higher managerial and director turnover. But in multivariate tests that control for other firm attributes, such evidence disappears. These findings indicate that the revelation of fraud does not, in general, increase the net benefits to changing managers or the firm's leadership structure.
Book Synopsis A Power Model of Management Team Restructuring and Executive Exit in IPO-stage Firms by : Jun Li
Download or read book A Power Model of Management Team Restructuring and Executive Exit in IPO-stage Firms written by Jun Li and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite an abundance of executive turnover research in the context of large public firms, little has focused on top executive change in entrepreneurial settings. This study attempts to develop a foundation of theory and evidence on management team restructuring and executive exit in new venture firms, especially for ventures which eventually go public. Taking a political perspective, the study develops and empirically tests a power model of management team restructuring and executive exit in the pre- and post-IPO periods. A central thesis of this study is that the relative power of the executive cadre shifts as an entrepreneurial firm converts from a private venture to a public company, due to the drastic change in firm political coalition structure and the skill requirements for executives. The change of power distribution among the top executives affects the likelihood of management team restructuring and executive exit. Both firm level and individual level factors were examined. The study also investigates the performance implications of pre-IPO management team restructuring and post-IPO executive exit. Empirical results support the major propositions of the power model. VC prestige was found to have a positive impact on management team restructuring and new executive entry before the IPO. Technical skills are negatively associated with pre-IPO executive exit but positively associated with post-IPO executive exit. The addition of new senior executives in the post-IPO period increases the likelihood of executive exit. In addition, when firm performance is low, adding new outside directors tends to increase the probability of executive exit in the post-IPO stage. The study found that firms that had restructured management teams before the IPO tend to have lower likelihood of executive exit in the post-IPO period. In the post-IPO stage, executives with prior public company managerial experience have a significantly lower likelihood of exit than non-managerial executives. Further, the study found that pre-IPO management team restructuring improves the firm's pre-money market valuation at the IPO. The exits of managerial executives in the post-IPO period have negative effects on subsequent average ROA. The exits of financial executives negatively affect average shareholder return in the years following the exit events.
Book Synopsis Top Management Turnover by : Prashanthi Nadarajah
Download or read book Top Management Turnover written by Prashanthi Nadarajah and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between top management turnover (i.e. investment directors) and investment performance for actively managed Australian funds. This issue is significant given the importance of executive management in the implementation of the institution's investment strategy, the sizeable assets under their control, as well as the overall success and profitability of the funds management operation. In addition, investors, asset consultants, managed fund ratings agencies and the financial media devote significant resources in scrutinizing the performance, organizational activities, leadership and human capital of investment management firms. Accordingly, this study examines the impact of performance and fund flow activity on top management turnover in both the pre- and post-replacement periods. The research documents that turnover of underperforming investment managers results in significantly higher performance in the post-replacement period, while turnover coinciding with outperforming managers delivers investors significantly lower returns. The evidence also identifies significant changes in portfolio risk associated with managerial turnover. Finally, this research finds that underperforming investment managers exhibit significantly lower fund flows prior to replacement.
Book Synopsis Top Executives, Turnover, and Firm Performance in Germany by : Steven N. Kaplan
Download or read book Top Executives, Turnover, and Firm Performance in Germany written by Steven N. Kaplan and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines executive turnover--for both management and supervisory boards--and its relation to firm performance in the largest companies in Germany in the 1980s. Turnover of the management board increases significantly with poor stock performance and particularly poor (i.e., negative) earnings, but is unrelated to sales growth and earnings growth. These turnover performance relations do not vary with measures of stock ownership and bank voting power. Supervisory board appointments andturnover also increase with poor stock performance, but are unrelated to other measures of performance.
