Differential performance impacts of outsider and insider interim CEO successions
| Autor: | Jeong Hwan Joo, Chul W. Park, Jihun Bae |
|---|---|
| Přispěvatelé: | Business Economics, Accounting Group |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
050208 finance Financial economics 05 social sciences ComputingMilieux_PERSONALCOMPUTING ComputingMilieux_LEGALASPECTSOFCOMPUTING 050201 accounting GeneralLiterature_MISCELLANEOUS Insider ComputingMilieux_GENERAL Accounting Interim 0502 economics and business Data_FILES Business Finance Stock (geology) |
| Zdroj: | Asia-Pacific Journal of Accounting and Economics. Taylor & Francis Ltd |
| ISSN: | 1608-1625 |
| DOI: | 10.1080/16081625.2020.1828106 |
| Popis: | This study finds differential performance impacts of outsider and insider interim CEO successions. Stock markets react incrementally positively to interim CEO successions when the interim CEOs are from outside rather than inside firms. Relative to insider interim CEOs, outsider interim CEOs produce worse earnings performance and greater restructuring charges during their services but lead more frequently to outsider permanent CEO appointments followed by better long-term earnings performance. Our findings suggest that market reactions to interim CEO successions rationally impound the investors’ expectation that outsider relative to insider interim CEO successions will generate greater short-term disruption but pave the way for greater long-term performance improvement. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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