Top director shake-up: The link between chairman and CEO dismissal in the UK

Journal of Business Finance and Accounting

Volumn 32, Issue 1-2, 2005, Pages 97-128

  Florou, Annita ^a  

^a UNIVERSITY OF MACEDONIA   (Greece)

Author keywords

Corporate restructuring; Director turnover; Firm performance

Indexed keywords

EID: 27844489620     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.0306-686X.2005.00589.x     Document Type: Article

References (30)

1. Cadbury, A. (1992), Committee on Financial Aspects of Corporate Governance: Final Report (Gee Publishing, 1992).
2. Clayton, M.J., J.C. Hartzell and J. Rosenberg (2005), 'The Impact of CEO Turnover on Firm Volatility', Journal of Business (forthcoming).
3. Committee on Corporate Governance (2000), The Combined Code: Principles of Good Governance and Code of Best Practice (Gee Publishing, 2000).
4. Conyon, M.J. and A. Florou (2002), 'Top Executive Dismissal, Ownership and Corporate Performance', Accounting and Business Research, Vol. 32, No. 4 (Autumn), pp. 209-26.
5. _ and K.J. Murphy (2000), 'The Prince and the Pauper? CEO Pay in the United States and United Kingdom', Economic Journal, Vol. 110, No. 467 (November), pp. 640-71.
6. Dahya, J., J.J. McConnell and G.N. Travlos (2002), The Cadbury Committee, Corporate Performance and Top Management Turnover', Journal of Finance, Vol. 57, No. 1 (February), pp. 461-83.
7. Dedman, E. (2003), 'Executive Turnover in UK Firms: the Impact of Cadbury', Accounting and Business Research, Vol. 33, No. 1 (Winter), pp. 33-51.
8. _ and S. Lin (2002), 'Shareholder Wealth Effects of CEO Departure: Evidence from the UK', Journal of Corporate Finance, Vol. 8, No. 1 (January), pp. 81-104.
9. DeFond, M.L. and M. Hung (2003), 'Investor Protection and Corporate Governance: Evidence from Worldwide CEO Turnover', Journal of Accounting Research, Vol. 42, No. 2 (May), pp. 269-312.
10. Denis, D.J. and D.K. Denis (1995), 'Performance Changes Following Top Management Dismissals', Journal of Finance, Vol. 50, No. 4 (September), pp. 1029-57.
11. DTI (2000), Modern Company Law for a Competitive Economy: Developing the Framework (Steering Group of the Company Law Review, 2000).
12. Fama, E.F. (1980), 'Agency Problems and the Theory of the Firm'', Journal of Political Economy, Vol. 88, No. 2 (April), pp. 288-307.
13. _ and M.C. Jensen (1983), 'Separation of Ownership and Control', Journal of Law and Economics, Vol. 26, No. 1 (June), pp. 301-23.
14. Farrell, K. A and D.A. Whidbee (2000), 'The Consequences of Forced CEO Succession for Outside Directors', Journal of Business, Vol. 73, No. 4 (October), pp. 597-627.
15. Fee, E.C. and C.J. Hadlock (2002), 'Management Turnover Across the Corporate Hierarchy', Journal of Accounting and Economics, Vol. 37, No. 2 (February), pp. 3-38.
16. Financial Times (2001), 'In the Director's Chair' (FT Partnership Publications, 2001).
17. Hampel, R. (1998), Committee on Corporate Governance: Final Report (Gee Publishing).
18. Hayes, R.M., P. Oyer and S. Schaefer (2002), 'Stability of Top Management Teams: Evidence from Banks and Thrifts', University of Chicago Working Paper (May).
19. Huson, M.R., R. Parrino and L. Starks (2001), 'Internal Monitoring Mechanisms and CEO Turnover: A Long Term Perspective', Journal of Finance, Vol. 56, No. 6 (December), pp. 2265-297.
20. Jensen, M.C., and K.J. Murphy (1990), 'Performance Pay and Top-Management Incentives', Journal of Political Economy, Vol. 98, No. 2 (April), pp. 225-64.
21. Kang, J. and A. Shivdasani (1995), 'Firm Performance, Corporate Governance, and Top Executive Turnover in Japan', Journal of Financial Economics, Vol. 38, No. 1 (May), pp. 29-58.
22. Khurana, R. and N. Nohria (2000), 'The Performance Consequences of CEO Turnover', SSRN Working Paper (May).
23. Maddala, G.S. (1983), Limited Dependent and Qualitative Variables in Econometrics (Cambridge University Press).
24. Murphy, K.J. (1999), 'Executive Compensation', in O. Ashenfelter and D. Card (eds.), Handbook of Labour Economics (North Holland).
25. Parrino, R. (1997), 'CEO Turnover and Outside Succession - A Cross-sectional Analysis', Journal of Financial Economics, Vol. 46, No. 2 (November), pp. 165-97.
26. PIRC (1999), Compliance with the Combined Code (PIRC).
27. Warner, J.B., R.L. Watts and K.H. Wruck (1988), 'Stock Prices and Top Management Changes', Journal of Financial Economics, Vol. 20 (January), pp. 461-92.
28. Weisbach, M.S. (1988), 'Outside Directors and CEO Turnover', Journal of Financial Economics, Vol. 20 (January), pp. 431-60.
29. _ (1995), 'CEO Turnover and the Firm's Investment Decisions', Journal of Financial Economics, Vol. 37, No. 2 (February), pp. 159-88.
30. Zhou, X. (2000), 'CEO Pay, Firm Size, arid Corporate Performance: Evidence from Canada', Canadian Journal of Economics, Vol. 33, No. 1 (February), pp. 233-52.