Hillier, D.J. and McColgan, P. (2009) Firm performance and managerial succession in family managed firms. Journal of Business Finance and Accounting, 36 (3-4). pp. 461-484. ISSN 0306-686X
Full text not available in this repository. (Request a copy from the Strathclyde author)Abstract
This paper investigates whether the family status of a company's top officer affects managerial replacement decisions. We report evidence that family-managed companies are characterized by higher levels of board control and potentially weak internal governance systems. Family CEOs are less likely than non-family CEOs to depart their position following poor performance. Stock prices react favorably and operating performance improves when companies announce the departure of a family CEO. Overall, our evidence suggests that shareholders benefit when a powerful CEO leaves their position in the company.
| Item type: | Article |
|---|---|
| ID code: | 15133 |
| Keywords: | CEO turnover, corporate restructuring, family managed firms, firm performance, Finance |
| Subjects: | Social Sciences > Finance |
| Department: | Strathclyde Business School > Accounting and Finance |
| Related URLs: | |
| Depositing user: | Miss Donna McDougall |
| Date Deposited: | 22 Jan 2010 15:59 |
| Last modified: | 15 Feb 2013 11:20 |
| URI: | http://strathprints.strath.ac.uk/id/eprint/15133 |
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