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Department of Finance, Copenhagen Business School Working Paper Series, Department of Finance, Copenhagen Business School

No 1999-10:
CEO Turnovers and Corporate Governance: Evidence from the Copenhagen Stock Exchange

Robert Neumann and Torben Voetmann

Abstract: This paper examines the relationship between performance and CEO turnovers using

a sample of 81 turnovers and 81 matching companies listed on the Copenhagen Stock

Exchange. We find that poor performance increases the probability of management

replacements and that forced layoffs are value-increasing events while voluntary

resignations are value-decreasing events. Institutional investors as active monitors, or

part of corporate control, are not exhibited in the analysis of CEO turnovers. If

institutional investors have any influence on CEO turnovers, then it is not revealed in

our data. But, the results suggest that institutional investors' equity holdings tend to

protect managers from replacement.

Keywords: CEO Turnovers; Corporate Governance; Ownership Structure; (follow links to similar papers)

JEL-Codes: G14; G23; G32; (follow links to similar papers)

34 pages, May 17, 2001

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