English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 95906/126496 (76%)
Visitors : 31672353      Online Users : 468
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 會議論文 >  Item 140.119/78153
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/78153


    Title: Announcement returns of CEO Turnover Taiwan evidences
    Authors: Wu, Chiming;Hsu, Ke Shan
    吳啟銘;許可姍
    Contributors: 財管系
    Keywords: Announcement effects;CEO turnover;corporate governance;event-study
    Date: 2015
    Issue Date: 2015-09-02 15:09:49 (UTC+8)
    Abstract: This study is to investigate corporate governance issues relating to effectiveness of the board of directors. We try to answer whether the boards play their role to oversee CEOs and replace those managers who perform poorly and also to answer if the boards are well-prepared for CEO succession after good-performed CEOs leave.. We adopt event-study methodology to discover CEO turnover effects of Taiwan listed sample firms during year 2007 through 2011 period. This paper first studies the overall viewpoint of the stock market to CEO turnovers and then tries to test if corporate operating performance prior to CEO turnovers, tenure of ex-CEO, whether the ex-CEO leaves the corporate, shareholding percentage of ex-CEO, shareholding percentage of directors and the percentage of independent directors seats influence the announcement effects of CEO turnover. We discover that financial performance prior to CEO turnover year is negative significantly related to cumulative abnormal returns (CARs). That is, stock market reacts positively to CEO turnover announcement of poorly-performed firms, reacts negatively to CEO turnover announcement of well-performed firms. Second, CEO tenure period strengthen this negative relationship between CEO turnover and CARs. That is, when ex-CEOs with longer tenure years, stock market reacts more positively to CEO turnover announcement of poorly-performed firms and reacts more negatively to CEO turnover announcement of well-performed firms. Third, especially for CEO turnover announcement of poorly-performed firms, market reacts more positively to CEO turnover announcement if ex-CEOs leave firms (vs. still stay at firm). Finally, independent directors' percentage of board seats is negatively to CARs of CEO turnover. The evidence shows the market does not believe that independent directors play a value-enhancing role in CEO turnover decisions.
    Relation: Annual International Conference on Accounting & Finance, 128-134
    Data Type: conference
    DOI 連結: http://dx.doi.org/10.5176/2251-1997_AF15.72
    DOI: 10.5176/2251-1997_AF15.72
    Appears in Collections:[財務管理學系] 會議論文

    Files in This Item:

    File Description SizeFormat
    128-134.pdf1928KbAdobe PDF790View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback