Firm Performance after CEO turnover: Evidence from Taiwan
碩士 === 元智大學 === 商學碩士班(財務金融學程) === 101 === This study examines whether corporate operating performance improves post CEO turnover in a sample of Taiwanese listed firms with CEO turnover events between 1991 and 2008. We use operating income before depreciation divided by total assets (OROA) as a proxy...
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| Format: | Others |
| Language: | en_US |
| Online Access: | http://ndltd.ncl.edu.tw/handle/26211917745065211087 |
| Summary: | 碩士 === 元智大學 === 商學碩士班(財務金融學程) === 101 === This study examines whether corporate operating performance improves post CEO turnover in a sample of Taiwanese listed firms with CEO turnover events between 1991 and 2008. We use operating income before depreciation divided by total assets (OROA) as a proxy measure of corporate performance to circumvent the possibility of net income manipulation by management. To avoid a survival bias, we run year-by-year regression to analyze the change in corporate operating performance in the CEO turnover year and the first through third years thereafter. We factor company ownership structure and board structure into the multiple regression analysis to investigate their influence on firm performance after CEO turnover. The results demonstrate that if the CEO turnover is forced and the company achieves better corporate governance, the degree of improvement after CEO turnover is much higher.
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