메뉴 건너뛰기




Volumn 72, Issue 1, 2004, Pages 63-96

Management turnover in subsidiaries of conglomerates versus stand-alone firms

Author keywords

Conglomerates; Internal labor market; Management turnover

Indexed keywords


EID: 1342280180     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(03)00190-9     Document Type: Article
Times cited : (31)

References (61)
  • 1
    • 0005521046 scopus 로고
    • Corporate management and property rights
    • H. Manne (Ed.), Washington: American Enterprise Institute Public Policy Research
    • Alchian A. Corporate management and property rights In: Manne H. (Ed.), Economic policy and the regulation of corporate securities 1969 337-360 American Enterprise Institute Public Policy Research Washington
    • (1969) Economic Policy and the Regulation of Corporate Securities , pp. 337-360
    • Alchian, A.1
  • 2
    • 84925929913 scopus 로고
    • Managerial power and tenure in the large corporation
    • Allen M. Managerial power and tenure in the large corporation Social Forces 60 1981 482-494
    • (1981) Social Forces , vol.60 , pp. 482-494
    • Allen, M.1
  • 3
    • 79960507269 scopus 로고    scopus 로고
    • The effect of CEO tenure on the relation between firm performance and turnover
    • Allgood S. Farrell K. The effect of CEO tenure on the relation between firm performance and turnover Journal of Financial Research 23 2000 373-390
    • (2000) Journal of Financial Research , vol.23 , pp. 373-390
    • Allgood, S.1    Farrell, K.2
  • 6
    • 0742276651 scopus 로고    scopus 로고
    • CEO turnover and firm diversification
    • Unpublished working paper. Texas A&M University
    • Berry, T, Bizjak, J., Lemmon, M., Naveen, L., 2000. CEO turnover and firm diversification. Unpublished working paper. Texas A&M University.
    • (2000)
    • Berry, T.1    Bizjak, J.2    Lemmon, M.3    Naveen, L.4
  • 7
    • 0347038860 scopus 로고    scopus 로고
    • Director ownership, corporate performance, and management turnover
    • Bhagat S. Carey D. Elson C. Director ownership, corporate performance, and management turnover The Business Lawyer 54 3 1999 885-919
    • (1999) The Business Lawyer , vol.54 , Issue.3 , pp. 885-919
    • Bhagat, S.1    Carey, D.2    Elson, C.3
  • 8
    • 0001196730 scopus 로고
    • Accounting information and internal performance evaluation: Evidence from Texas banks
    • Blackwell D. Brickley J. Weisbach M. Accounting information and internal performance evaluation: evidence from Texas banks Journal of Accounting and Economics 7 1994 331-358
    • (1994) Journal of Accounting and Economics , vol.7 , pp. 331-358
    • Blackwell, D.1    Brickley, J.2    Weisbach, M.3
  • 10
    • 0000947671 scopus 로고    scopus 로고
    • What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives
    • Brickley J. Linck J. Coles J. What happens to CEOs after they retire? new evidence on career concerns, horizon problems, and CEO incentives Journal of Financial Economics 52 1999 341-377
    • (1999) Journal of Financial Economics , vol.52 , pp. 341-377
    • Brickley, J.1    Linck, J.2    Coles, J.3
  • 11
    • 3943106922 scopus 로고
    • Aggregate performance measures in business unit manager compensation: The role of intrafirm interdependencies
    • Bushman R. Indjejikian R. Smith A. Aggregate performance measures in business unit manager compensation: the role of intrafirm interdependencies Journal of Accounting Research 35 1995 101-128
    • (1995) Journal of Accounting Research , vol.35 , pp. 101-128
    • Bushman, R.1    Indjejikian, R.2    Smith, A.3
  • 12
    • 46549097378 scopus 로고
    • Executive compensation, management turnover, and firm performance
    • Coughlan A. Schmidt R. Executive compensation, management turnover, and firm performance Journal of Accounting and Economics 7 1985 43-66
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 43-66
    • Coughlan, A.1    Schmidt, R.2
  • 14
    • 0034148112 scopus 로고    scopus 로고
    • Managerial discipline and corporate restructuring following performance declines
    • Denis D. Kruse T. Managerial discipline and corporate restructuring following performance declines Journal of Financial Economics 55 2000 391-424
    • (2000) Journal of Financial Economics , vol.55 , pp. 391-424
    • Denis, D.1    Kruse, T.2
  • 15
    • 0030075541 scopus 로고    scopus 로고
    • Active investors and management turnover following unsuccessful control contests
    • Denis D. Serrano J. Active investors and management turnover following unsuccessful control contests Journal of Financial Economics 40 1996 239-266
    • (1996) Journal of Financial Economics , vol.40 , pp. 239-266
    • Denis, D.1    Serrano, J.2
  • 17
    • 1542802016 scopus 로고    scopus 로고
    • Management turnover across the corporate hierarchy
    • Unpublished working paper. Michigan State University
    • Fee, E., Hadlock, C., 2002. Management turnover across the corporate hierarchy. Unpublished working paper. Michigan State University.
    • (2002)
    • Fee, E.1    Hadlock, C.2
  • 20
    • 0041903835 scopus 로고    scopus 로고
    • Learning about internal capital markets from corporate spinoffs
    • Gertner R. Powers E. Scharfstein D. Learning about internal capital markets from corporate spinoffs Journal of Finance 57 2002 2479-2506
    • (2002) Journal of Finance , vol.57 , pp. 2479-2506
    • Gertner, R.1    Powers, E.2    Scharfstein, D.3
  • 22
    • 0037788737 scopus 로고    scopus 로고
    • Board leadership structure and CEO turnover
    • Goyal V. Park C. Board leadership structure and CEO turnover Journal of Corporate Finance 8 2002 49-66
    • (2002) Journal of Corporate Finance , vol.8 , pp. 49-66
    • Goyal, V.1    Park, C.2
  • 23
    • 0004296209 scopus 로고    scopus 로고
    • Upper Saddle River, NJ: Prentice-Hall
    • Greene W. Econometric Analysis 1997 Prentice-Hall Upper Saddle River, NJ
    • (1997) Econometric Analysis
    • Greene, W.1
  • 25
    • 0039647002 scopus 로고    scopus 로고
    • Compensation, turnover, and top management incentives: Historical evidence
    • Hadlock C. Lumer G. Compensation, turnover, and top management incentives: historical evidence Journal of Business 70 1997 153-187
    • (1997) Journal of Business , vol.70 , pp. 153-187
    • Hadlock, C.1    Lumer, G.2
  • 27
    • 0031521081 scopus 로고    scopus 로고
    • Reciprocally interlocking boards of directors and executive compensation
    • Hallock K. Reciprocally interlocking boards of directors and executive compensation Journal of Financial and Quantitative Analysis 32 1997 331-344
    • (1997) Journal of Financial and Quantitative Analysis , vol.32 , pp. 331-344
    • Hallock, K.1
  • 28
    • 0038309562 scopus 로고    scopus 로고
    • Takeover bids and target director incentives: The impact of a bid on directors' wealth and board seats
    • Harford J. Takeover bids and target director incentives: the impact of a bid on directors' wealth and board seats Journal of Financial Economics 69 2003 51-83
    • (2003) Journal of Financial Economics , vol.69 , pp. 51-83
    • Harford, J.1
  • 29
    • 0010827683 scopus 로고
    • Antitakeover measures, golden parachutes, and target firm shareholder welfare
    • Harris E. Antitakeover measures, golden parachutes, and target firm shareholder welfare Rand Journal of Economics 21 1990 614-625
    • (1990) Rand Journal of Economics , vol.21 , pp. 614-625
    • Harris, E.1
  • 30
    • 0348194856 scopus 로고    scopus 로고
    • Endogenously chosen boards of directors and their monitoring of management
    • Hermalin B. Weisbach M. Endogenously chosen boards of directors and their monitoring of management American Economic Review 88 1998 96-118
    • (1998) American Economic Review , vol.88 , pp. 96-118
    • Hermalin, B.1    Weisbach, M.2
  • 32
    • 0003618132 scopus 로고    scopus 로고
    • Sage University Papers Series on Quantitative Applications in the Social Sciences, Sage, Thousand Oaks, CA
    • Jaccard, J., 2001. Interaction Effects in Logistic Regression. Sage University Papers Series on Quantitative Applications in the Social Sciences, Sage, Thousand Oaks, CA, pp. 07-135.
    • (2001) Interaction Effects in Logistic Regression , pp. 07-135
    • Jaccard, J.1
  • 33
    • 0001900756 scopus 로고
    • Takeovers and their causes and consequences
    • Jensen M. Takeovers and their causes and consequences Journal of Economic Perspectives 2 1988 21-48
    • (1988) Journal of Economic Perspectives , vol.2 , pp. 21-48
    • Jensen, M.1
  • 34
    • 0000861982 scopus 로고
    • Job matching and the theory of turnover
    • Jovanovic B. Job matching and the theory of turnover Journal of Political Economy 87 1979 972-990
    • (1979) Journal of Political Economy , vol.87 , pp. 972-990
    • Jovanovic, B.1
  • 36
    • 0031593258 scopus 로고    scopus 로고
    • Performance measures for division manager performance evaluation: An empirical study
    • Keating A. Performance measures for division manager performance evaluation: an empirical study Journal of Accounting and Economics 24 1997 243-273
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 243-273
    • Keating, A.1
  • 37
    • 0030359833 scopus 로고    scopus 로고
    • Long-term firm performance and chief executive turnover: An empirical study of the dynamics
    • Kim Y. Long-term firm performance and chief executive turnover: an empirical study of the dynamics Journal of Law Economics & Organizations 12 1996 480-496
    • (1996) Journal of Law Economics & Organizations , vol.12 , pp. 480-496
    • Kim, Y.1
  • 38
    • 0002982333 scopus 로고    scopus 로고
    • Information asymmetry, valuation and the corporate spin-off decision
    • Krishnaswami S. Subramanian V. Information asymmetry, valuation and the corporate spin-off decision Journal of Financial Economics 53 1999 73-112
    • (1999) Journal of Financial Economics , vol.53 , pp. 73-112
    • Krishnaswami, S.1    Subramanian, V.2
  • 39
    • 0041912975 scopus 로고    scopus 로고
    • Golden parachutes and managerial incentives in corporate acquisitions: Evidence from the 1980s and 1990s
    • Lafanowicz C. Robinson J. Smith R. Golden parachutes and managerial incentives in corporate acquisitions: evidence from the 1980s and 1990s Journal of Corporate Finance 6 2000 215-239
    • (2000) Journal of Corporate Finance , vol.6 , pp. 215-239
    • Lafanowicz, C.1    Robinson, J.2    Smith, R.3
  • 40
    • 84911059380 scopus 로고
    • Tobin's Q, corporate diversification, and firm performance
    • Lang L. Stulz R. Tobin's Q, corporate diversification, and firm performance Journal of Political Economy 102 1994 1248-1280
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.1    Stulz, R.2
  • 42
    • 84928453248 scopus 로고
    • Equilibrium wage offers and turnover in a simple search market
    • McKenna C. Equilibrium wage offers and turnover in a simple search market The Economic Journal 96 1986 785-797
    • (1986) The Economic Journal , vol.96 , pp. 785-797
    • McKenna, C.1
  • 43
    • 0042409414 scopus 로고    scopus 로고
    • On the choice of replacement of chief financial officers
    • Mian S. On the choice of replacement of chief financial officers Journal of Financial Economics 60 2001 143-175
    • (2001) Journal of Financial Economics , vol.60 , pp. 143-175
    • Mian, S.1
  • 44
    • 0031138809 scopus 로고    scopus 로고
    • The decline of takeovers and disciplinary managerial turnover
    • Mikkelson W. Partch M. The decline of takeovers and disciplinary managerial turnover Journal of Financial Economics 44 1997 205-228
    • (1997) Journal of Financial Economics , vol.44 , pp. 205-228
    • Mikkelson, W.1    Partch, M.2
  • 45
    • 0001833861 scopus 로고
    • Incentives, learning, and compensation: A theoretical and empirical investigation of managerial labor contracts
    • Murphy K. Incentives, learning, and compensation: a theoretical and empirical investigation of managerial labor contracts Rand Journal of Economics 17 1986 59-76
    • (1986) Rand Journal of Economics , vol.17 , pp. 59-76
    • Murphy, K.1
  • 47
    • 84989095272 scopus 로고
    • Diversification strategy, profit performance, and the unrelated measure
    • Palepu K. Diversification strategy, profit performance, and the unrelated measure Strategic Management Journal 6 1985 239-255
    • (1985) Strategic Management Journal , vol.6 , pp. 239-255
    • Palepu, K.1
  • 48
    • 0031280670 scopus 로고    scopus 로고
    • CEO turnover and outside succession, a cross-sectional analysis
    • Parrino R. CEO turnover and outside succession, a cross-sectional analysis Journal of Financial Economics 46 1997 165-197
    • (1997) Journal of Financial Economics , vol.46 , pp. 165-197
    • Parrino, R.1
  • 49
    • 0038803428 scopus 로고    scopus 로고
    • Incentive compensation for outside directors and CEO turnover
    • Unpublished working paper. Arizona State University
    • Perry, T., 1999. Incentive compensation for outside directors and CEO turnover. Unpublished working paper. Arizona State University.
    • (1999)
    • Perry, T.1
  • 50
    • 23544450438 scopus 로고    scopus 로고
    • Interpreting logit regressions with interaction terms as seen in the management turnover literature
    • Unpublished working paper. University of South Carolina
    • Powers, E., 2002. Interpreting logit regressions with interaction terms as seen in the management turnover literature. Unpublished working paper. University of South Carolina.
    • (2002)
    • Powers, E.1
  • 51
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficient investment
    • Rajan R. Servaes H. Zingales L. The cost of diversity: the diversification discount and inefficient investment Journal of Finance 55 2000 35-80
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 52
    • 0001411630 scopus 로고
    • Effects of ownership and performance on executive tenure in U.S. corporations
    • Salanick G. Pfeffer J. Effects of ownership and performance on executive tenure in U.S. corporations Academy of Management Journal 23 1980 653-664
    • (1980) Academy of Management Journal , vol.23 , pp. 653-664
    • Salanick, G.1    Pfeffer, J.2
  • 53
    • 23544470353 scopus 로고    scopus 로고
    • Evidence on the dark side of internal capital markets
    • Unpublished , Working Paper No. 6352. National Bureau of Economic Research
    • Scharfstein, D., 1998. Evidence on the dark side of internal capital markets. Unpublished , Working Paper No. 6352. National Bureau of Economic Research.
    • (1998)
    • Scharfstein, D.1
  • 54
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: Divisional rent seeking and inefficient investment
    • Scharfstein D. Stein J. The dark side of internal capital markets: divisional rent seeking and inefficient investment Journal of Finance v55 6 2000 2537-2564
    • (2000) Journal of Finance , vol.v55 , Issue.6 , pp. 2537-2564
    • Scharfstein, D.1    Stein, J.2
  • 55
    • 0038923638 scopus 로고
    • A comparison of equity carve-outs and seasoned equity offering: Share price effects and corporate restructuring
    • Schipper K. Smith A. A comparison of equity carve-outs and seasoned equity offering: share price effects and corporate restructuring Journal of Financial Economics 15 1986 153-186
    • (1986) Journal of Financial Economics , vol.15 , pp. 153-186
    • Schipper, K.1    Smith, A.2
  • 56
    • 0036234941 scopus 로고    scopus 로고
    • Governance with poor investor protection: Evidence from top executive turnover in Italy
    • Volpin P. Governance with poor investor protection: evidence from top executive turnover in Italy Journal of Financial Economics 64 2002 61-90
    • (2002) Journal of Financial Economics , vol.64 , pp. 61-90
    • Volpin, P.1
  • 58
  • 59
    • 0000117734 scopus 로고
    • The modern corporation: Origins, evolution and attributes
    • Williamson O. The modern corporation: origins, evolution and attributes Journal of Economic Literature 19 1981 1537-1568
    • (1981) Journal of Economic Literature , vol.19 , pp. 1537-1568
    • Williamson, O.1
  • 60
    • 0042762665 scopus 로고    scopus 로고
    • Restructuring top management: Evidence from corporate spinoffs
    • Wruck K. Wruck E. Restructuring top management: evidence from corporate spinoffs Journal of Labor Economics 20 2002 5176-5218
    • (2002) Journal of Labor Economics , vol.20 , pp. 5176-5218
    • Wruck, K.1    Wruck, E.2
  • 61
    • 0004118121 scopus 로고    scopus 로고
    • Influence and inefficiency in the internal capital market: Theory and evidence
    • Unpublished working paper. University of Pennsylvania
    • Wulf, J., 2000. Influence and inefficiency in the internal capital market: theory and evidence. Unpublished working paper. University of Pennsylvania.
    • (2000)
    • Wulf, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.