Corporate governance and chief executive officer dismissal following poor performance: Australian evidence

被引：19

作者：

Lau, James ^{[1
]}

Sinnadurai, Philip ^{[1
]}

Wright, Sue ^{[1
]}

机构：

[1] Macquarie Univ, Dept Accounting & Finance, Sydney, NSW 2109, Australia

来源：

ACCOUNTING AND FINANCE | 2009年 / 49卷 / 01期

关键词：

Chief executive officer dismissal; Board of directors; Corporate governance; G30; CEO TURNOVER; MANAGEMENT TURNOVER; BOARD COMPOSITION; FIRM PERFORMANCE; MARKET VALUATION; AGENCY PROBLEMS; OWNERSHIP; STOCK; INCENTIVES; DIRECTORS;

D O I：

10.1111/j.1467-629X.2008.00278.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the association between corporate performance and the probability of chief executive officer (CEO) dismissal for large corporations in Australia. Consistent with prior US and UK studies, corporate performance is negatively related to the probability of CEO dismissal, using both accounting and market-based performance measures. This paper also investigates whether key corporate governance characteristics affect the likelihood of CEO dismissal, by examining their effect on the strength of the negative association between corporate performance and CEO dismissal. The only significant variable is size of the board. Although its effect is opposite to that hypothesized, this paper provides a plausible explanation. Overall, the results are consistent with shareholder wealth considerations dominating board behaviour in Australia.

引用

页码：161 / 182

页数：22

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