Top management team turnover in Brazil: the role of corporate governance in family-controlled companies

被引：0
作者：
Sergio Foldes Guimarães
André Luiz Carvalhal da Silva
机构：
[1] Instituto COPPEAD de Administração,
[2] Universidade Federal do Rio de Janeiro,undefined
来源：
International Journal of Disclosure and Governance | 2023年 / 20卷
关键词：
CEO turnover; Firm performance; Corporate governance;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This study analyzes the relation between firm performance and top management team turnover, moderated by corporate governance and control variables. We use a unique dataset of CEO and executive turnover of Brazilian firms from 2010 to 2017, including companies that voluntarily adopt good governance practices through listing on “Novo Mercado” segment. We document a significant growth in top management turnover activity throughout the sample period and find a negative relation between firm performance and CEO turnover. We also document that family firms listed in the “Novo Mercado” segment have greater CEO turnover performance sensitivity than family firms not listed in “Novo Mercado.”
引用
收藏
页码：261 / 273
页数：12
相关论文
共 63 条
  • [1] Anderson RW(2018)Agency, firm growth, and managerial turnover The Journal of Finance 73 419-464
  • [2] Bustamante MC(2017)Network connections, CEO compensation and involuntary turnover: the impact of a friend of a friend Journal of Corporate Finance 45 220-244
  • [3] Guibaud S(2020)Do CEOs matter? evidence from hospitalization events The Journal of Finance 75 1877-1911
  • [4] Zervos M(2014)The evolution of corporate governance in Brazil Emerging Markets Review 20 176-195
  • [5] Balsam S(2005)Ending the CEO succession crisis Harvard Business Review 83 72-81
  • [6] Kwack SY(2013)Family ownership and CEO turnovers Contemporary Accounting Research 30 1166-1190
  • [7] Lee JY(2004)Investor protection and corporate governance: evidence from worldwide CEO turnover Journal of Accounting Research 42 269-312
  • [8] Bennedsen M(2017)CEO turnover-performance sensitivity in private firms Journal of Financial and Quantitative Analysis 52 583-611
  • [9] Pérez-González F(2017)Elections and CEO successions in Brazilian state-owned companies Revista Brasileira de Gestão de Negócios 22 462-481
  • [10] Wolfenzon D(2013)Toward more accurate contextualization of the CEO effect on firm performance Strategic Management Journal 35 473-491
1234567