The influence of corporate governance on corporate performance and value after changing the CEO: Evidence from Taiwan

Asia-Pacific Journal of Financial Studies

Volumn 38, Issue 6, 2009, Pages 915-950

  Huang, Hsu Huei ^a   Chan, Min Lee ^b  

^a NATIONAL UNIVERSITY OF KAOHSIUNG   (Taiwan)

^b PROVIDENCE UNIVERSITY   (Taiwan)

Author keywords

CEO replacement; Corporate governance; Family owned business; Outside director; Ownership structure

Indexed keywords

EID: 77957664291     PISSN: 12261165     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.2041-6156.2009.tb00035.x     Document Type: Article

References (28)

1. Agrawal, A. and G. N. Mandelker, 1990, Large shareholders and the monitoring of managers: The case of antitakeover charter amendments, Journal of Financial and Quantitative Analysis 25, pp. 143-161.
2. Baysinger, B. and R. E. Hoskisson, 1990, The composition of boards of directors and strategic control: Effects on corporate strategy, Academy of Management Review 15, pp. 72-87.
3. Berle, A. and G. Means, 1932, The Modern Corporation and Private Property (McMillian, New York).
4. Bhagat, S. and B. Bolton, 2008, Corporate governance and firm performance, Journal of Corporate Finance 14, pp. 257-273.
5. Bonnier, K. A. and R. F. Bruner, 1989, An analysis of stock price reaction to management change in distressed firms, Journal of Accounting and Economics 11, pp. 95-106.
6. Brickley, J. A., R. C. Lease, and C. W. Smith, 1988, Ownership structure and voting on antitakeover amendments, Journal of Financial Economics 20, pp. 267-291.
7. Connors, N., 1989, Outside board members: A breath of fresh air, CFO, The Magazine for Chief Financial Officers 5, pp. 48-52.
8. Dayton, K., 1984, Corporate governance: The other side of the coin, Harvard Business Review 62, pp. 34-37.
9. Denis, D. J. and D. K. Denis, 1995, Performance changes following top management dismissals, Journal of Finance 50, pp. 1029-1057.
10. Eisenberg, M. A., 1975, Legal models of management structure in modern corporations: Officers, directors, and accountants, California Law Review 63, pp. 375-439.
11. Fama, E. F., 1980, Agency problems and the theory of the firm, Journal of Political Economy 88, pp. 288-307.
12. Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26, pp. 301-325.
13. Hossain, M., B. R. Marks, and S. Mitra, 2006, Stock ownership structure and voluntary disclosure of quarterly foreign sales data of U.S. multinational corporations, Multinational Business Review 14, pp. 71-93.
14. Huson, M. R., R. Parrino, and L. T. Starks, 2001, Internal monitoring mechanisms and CEO turnover: A long-term perspective, Journal of Finance 56, pp. 2265-2297. (Pubitemid 33585022)
15. Huson, M. R., P. H. Malastesta, and R. Parrino, 2004, Managerial succession and firm performance, Journal of Financial Economics 74, pp. 237-275. (Pubitemid 39442766)
16. Jensen, M. C., 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance 48, pp. 831-880.
17. Jensen, M. C. and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, pp. 305-360.
18. Kesner, I. F. and D. R. Dalton, 1986, Board of directors and the checks and balances of corporate governance, Business Horizon 29 (Sept/Oct), pp. 17-23.
19. Khanna, N. and A. B. Poulsen, 1995, Managers of financial distressed firms: Villains or scapegoats? Journal of Finance 50, pp. 919-940.
20. Kim, Y., 1996, Long-term firm performance and chief executive turnover: An empirical study of the dynamics, Journal of Law, Economics, and Organization 12, pp. 480-496.
21. Lausten, M., 2002, CEO Turnover, firm performance and corporate governance: Empirical evidence on Danish firms, International Journal of Industrial Organization 20, pp. 391-405.
22. Mangel, R. and H. Singh, 1993, Ownership structure, board relationships and CEO compensation in large U.S. corporations, Accounting and Business Research 23, pp. 339-362.
23. McConnell, J. J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, pp. 595-612.
24. Pound, J., 1988, Proxy contests and the efficiency of shareholders' oversight, Journal of Financial Economics 20, pp. 237-265.
25. Rechner, P. L. and D. R. Dalton, 1989, The impact of CEO as board chairperson on corporate performance: Evidence vs. rhetoric, The Academy of Management Executive 2, pp. 141-143.
26. Warner, J. B., R. L. Watts, and K. H. Wruck, 1988, Stock prices and top management changes, Journal of Financial Economics 20, pp. 461-492.
27. Weisbach, M. S., 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, pp. 431-460.
28. Williamson, O. E., 1983, Organization form, residual claimants, and corporate control, Journal of Law and Economics 26, pp. 351-366.