Board leadership structure and CEO turnover
Journal of Corporate Finance
Volume 8, Issue 1, January 2002, Pages 49–66
Vidhan K. Goyal, Chul W. Park
如果CEO和chairman是一个人，就很难被炒掉。
We study whether bestowing chief executive officer (CEO) and board chairman duties on one individual affects a boards decision to dismiss an ineffective CEO. The results show that the sensitivity of CEO turnover to firm performance is significantly lower when the CEO and chairman duties are vested in the same individual. These results are consistent with the view that the lack of independent leadership in firms that combine the CEO and Chairman positions makes it difficult for the board to remove poorly performing managers.
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