메뉴 건너뛰기




Volumn 66, Issue 12, 2013, Pages 2466-2472

CEO turnover and shareholder wealth: Evidence from CEO power in Taiwan

Author keywords

Announcement effect; CEO power; Liquidity; Shareholder wealth; Turnovers; Volatility

Indexed keywords


EID: 84883858569     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2013.05.036     Document Type: Article
Times cited : (27)

References (32)
  • 2
    • 79960507269 scopus 로고    scopus 로고
    • The effect of CEO tenure on the relation between firm performance and turnover
    • Allgood Sam, Farrell Kathleen A. The effect of CEO tenure on the relation between firm performance and turnover. Journal of Financial Research 2000, 23(3):373-390.
    • (2000) Journal of Financial Research , vol.23 , Issue.3 , pp. 373-390
    • Allgood, S.1    Farrell, K.A.2
  • 3
    • 84989103461 scopus 로고
    • CEO change and firm performance in large corporations: Succession effects and manager effects
    • Beatty Randolph P., Zajac Edward J. CEO change and firm performance in large corporations: Succession effects and manager effects. Strategic Management Journal 1987, 8(4):305-317.
    • (1987) Strategic Management Journal , vol.8 , Issue.4 , pp. 305-317
    • Beatty, R.P.1    Zajac, E.J.2
  • 4
    • 0029716604 scopus 로고    scopus 로고
    • Factors affecting the number of outside directorships held by CEOs
    • Booth James R., Deli Daniel N. Factors affecting the number of outside directorships held by CEOs. Journal of Financial Economics 1996, 40(1):81-104.
    • (1996) Journal of Financial Economics , vol.40 , Issue.1 , pp. 81-104
    • Booth, J.R.1    Deli, D.N.2
  • 5
    • 85107497806 scopus 로고    scopus 로고
    • CEO power cycles and corporate performance cycles: An examination of the relationship between changes in power and changes in performance
    • Transaction Publishers, New Brunswick
    • Chaganti Rajeswararao [Raj], Damanpour Fariborz, Mankelwicz John CEO power cycles and corporate performance cycles: An examination of the relationship between changes in power and changes in performance. Current topics in management 2005, Vol. 10:133-160. Transaction Publishers, New Brunswick.
    • (2005) Current topics in management , vol.10 , pp. 133-160
    • Chaganti, R.1    Damanpour, F.2    Mankelwicz, J.3
  • 6
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith Clifford, Watts Ross L. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 1992, 32(3):263-292.
    • (1992) Journal of Financial Economics , vol.32 , Issue.3 , pp. 263-292
    • Smith, C.1    Watts, R.L.2
  • 7
    • 36849034352 scopus 로고    scopus 로고
    • The moderating effect of CEO power on the board composition-firm performance relationship
    • Combs James G., Ketchen David J., Perryman Alexa A., Donahue Maura S. The moderating effect of CEO power on the board composition-firm performance relationship. Journal of Management Studies 2007, 44(8):1299-1323.
    • (2007) Journal of Management Studies , vol.44 , Issue.8 , pp. 1299-1323
    • Combs, J.G.1    Ketchen, D.J.2    Perryman, A.A.3    Donahue, M.S.4
  • 8
    • 0002780568 scopus 로고    scopus 로고
    • Sources of CEO power and firm financial performance: A longitudinal assessment
    • Daily Catherine M., Johnson Jonathan L. Sources of CEO power and firm financial performance: A longitudinal assessment. Journal of Management 1997, 23(2):97-117.
    • (1997) Journal of Management , vol.23 , Issue.2 , pp. 97-117
    • Daily, C.M.1    Johnson, J.L.2
  • 9
    • 2442439827 scopus 로고    scopus 로고
    • Investor protection and corporate governance: Evidence from worldwide CEO turnover
    • DeFond Mark L., Hung Mingyi Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research 2004, 42(2):296-312.
    • (2004) Journal of Accounting Research , vol.42 , Issue.2 , pp. 296-312
    • DeFond, M.L.1    Hung, M.2
  • 10
    • 1842554220 scopus 로고    scopus 로고
    • The impact of insider power on fraudulent financial reporting
    • Dunn Paul The impact of insider power on fraudulent financial reporting. Journal of Management Studies 2004, 30(3):397-412.
    • (2004) Journal of Management Studies , vol.30 , Issue.3 , pp. 397-412
    • Dunn, P.1
  • 11
    • 85055759473 scopus 로고
    • Managerial change, longevity, and organizational effectiveness
    • Eitzen D.Stanley, Yetman Norman R. Managerial change, longevity, and organizational effectiveness. Administrative Science Quarterly 1972, 17(1):110-116.
    • (1972) Administrative Science Quarterly , vol.17 , Issue.1 , pp. 110-116
    • Eitzen, D.S.1    Yetman, N.R.2
  • 12
    • 0026902902 scopus 로고
    • Power in top management teams: Dimensions, measurement, and validation
    • Finkelstein Sydney Power in top management teams: Dimensions, measurement, and validation. Academy of Management Journal 1992, 35(3):505-538.
    • (1992) Academy of Management Journal , vol.35 , Issue.3 , pp. 505-538
    • Finkelstein, S.1
  • 13
    • 38249037100 scopus 로고
    • The wealth effects of company initiated management changes
    • Furtado Eugene P.H., Rozeff Micjael S. The wealth effects of company initiated management changes. Journal of Financial Economics 1987, 18(1):147-160.
    • (1987) Journal of Financial Economics , vol.18 , Issue.1 , pp. 147-160
    • Furtado, E.P.H.1    Rozeff, M.S.2
  • 15
    • 0002806672 scopus 로고
    • Managerial succession and organizational effectiveness
    • Grusky Oscar Managerial succession and organizational effectiveness. The American Journal of Sociology 1963, 69(1):21-31.
    • (1963) The American Journal of Sociology , vol.69 , Issue.1 , pp. 21-31
    • Grusky, O.1
  • 16
    • 77957689485 scopus 로고    scopus 로고
    • CEO power and firm performance: A test of the life-cycle theory
    • Harjoto Maretno A., Jo Hoje CEO power and firm performance: A test of the life-cycle theory. Asia-Pacific Journal of Financial Studies 2009, 38(1):35-66.
    • (2009) Asia-Pacific Journal of Financial Studies , vol.38 , Issue.1 , pp. 35-66
    • Harjoto, M.A.1    Jo, H.2
  • 17
    • 0033545717 scopus 로고    scopus 로고
    • New CEOs pursue their own self-interests by sacrificing stakeholder value
    • Harrison Jeffrey S., Fiet James O. New CEOs pursue their own self-interests by sacrificing stakeholder value. Journal of Business Ethics 1999, 19(3):301-308.
    • (1999) Journal of Business Ethics , vol.19 , Issue.3 , pp. 301-308
    • Harrison, J.S.1    Fiet, J.O.2
  • 18
    • 0000488651 scopus 로고
    • Organizational growth and succession patterns
    • Helmich Donald L. Organizational growth and succession patterns. Academy of Management Journal 1974, 17(4):771-775.
    • (1974) Academy of Management Journal , vol.17 , Issue.4 , pp. 771-775
    • Helmich, D.L.1
  • 19
    • 0348194856 scopus 로고    scopus 로고
    • Endogenously chosen boards of directors and their monitoring of the CEO
    • Hermalin Benjamin E., Weisbach Michael S. Endogenously chosen boards of directors and their monitoring of the CEO. The American Economic Review 1998, 88(1):96-118.
    • (1998) The American Economic Review , vol.88 , Issue.1 , pp. 96-118
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 20
    • 0040331678 scopus 로고    scopus 로고
    • Internal monitoring mechanisms and CEO turnover: A long-term perspective
    • Huson Mark R., Parrino Robert, Starks Laura T. Internal monitoring mechanisms and CEO turnover: A long-term perspective. Journal of Finance 2001, 56(6):2265-2297.
    • (2001) Journal of Finance , vol.56 , Issue.6 , pp. 2265-2297
    • Huson, M.R.1    Parrino, R.2    Starks, L.T.3
  • 21
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen Michael C. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 1993, 48(3):831-880.
    • (1993) Journal of Finance , vol.48 , Issue.3 , pp. 831-880
    • Jensen, M.C.1
  • 22
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen Michael C., Meckling William H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 1976, 3(4):305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 24
    • 0010955677 scopus 로고    scopus 로고
    • Long-term market overreaction: The effect of low-priced stocks
    • Loughran Tim, Ritter Jay R. Long-term market overreaction: The effect of low-priced stocks. Journal of Finance 1996, 51(5):1959-1970.
    • (1996) Journal of Finance , vol.51 , Issue.5 , pp. 1959-1970
    • Loughran, T.1    Ritter, J.R.2
  • 26
    • 84888629505 scopus 로고
    • Political dynamics and the circulation of power: CEO succession in U.S. Industrial corporations, 1960-1990
    • Ocasio W. Political dynamics and the circulation of power: CEO succession in U.S. Industrial corporations, 1960-1990. Administrative Science Quarterly 1994, 39(2):285-312.
    • (1994) Administrative Science Quarterly , vol.39 , Issue.2 , pp. 285-312
    • Ocasio, W.1
  • 30
    • 21344451609 scopus 로고
    • Board composition and corporate financing: The impact of financial institution representation on borrowing
    • Stearns L.B., Mizruchi M.S. Board composition and corporate financing: The impact of financial institution representation on borrowing. Academy of Management Journal 1993, 36(3):603-618.
    • (1993) Academy of Management Journal , vol.36 , Issue.3 , pp. 603-618
    • Stearns, L.B.1    Mizruchi, M.S.2
  • 31
    • 0012533096 scopus 로고    scopus 로고
    • The market effects of CEO turnover in Australian firms
    • Suchard Jo-Ann, Singh Manohar, Barr Robert The market effects of CEO turnover in Australian firms. Pacific-Basin Finance Journal 2001, 9(1):1-27.
    • (2001) Pacific-Basin Finance Journal , vol.9 , Issue.1 , pp. 1-27
    • Suchard, J.-A.1    Singh, M.2    Barr, R.3
  • 32
    • 77449149672 scopus 로고    scopus 로고
    • Once an outsider, always an outsider? CEO origin, strategic change, and firm performance
    • Zhang Yan, Rajagopalan Nandini Once an outsider, always an outsider? CEO origin, strategic change, and firm performance. Strategic Management Journal 2010, 31(3):334-346.
    • (2010) Strategic Management Journal , vol.31 , Issue.3 , pp. 334-346
    • Zhang, Y.1    Rajagopalan, N.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.