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Article: Governance with multiple objectives: evidence from top executive turnover in China

TitleGovernance with multiple objectives: evidence from top executive turnover in China
Authors
KeywordsFirm performance
Managerial turnovers
Multiple firm objectives
State ownership
Issue Date2009
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfin
Citation
Journal of Corporate Finance, 2009, v. 15 n. 2, p. 230-244 How to Cite?
AbstractWe examine the relationship between Chief Executive Officer (CEO) turnover and the performance of listed Chinese firms and obtain two results. First, we find a negative relationship between the level of pre-turnover profitability and CEO turnover when firms are incurring financial losses, but no such relationship when they are making profits. Second, there is an improvement in post-turnover profitability in loss-making firms, but no such improvement in profit-making firms. These results indicate the existence of a time-varying objective function, whereby shareholders have a greater incentive to discipline their CEOs on the basis of financial performance when their firms are incurring financial losses rather than profits.
Persistent Identifierhttp://hdl.handle.net/10722/60594
ISSN
2015 Impact Factor: 1.286
2015 SCImago Journal Rankings: 1.446
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorChang, ECen_HK
dc.contributor.authorWong, SMLen_HK
dc.date.accessioned2010-05-31T04:14:30Z-
dc.date.available2010-05-31T04:14:30Z-
dc.date.issued2009en_HK
dc.identifier.citationJournal of Corporate Finance, 2009, v. 15 n. 2, p. 230-244en_HK
dc.identifier.issn0929-1199en_HK
dc.identifier.urihttp://hdl.handle.net/10722/60594-
dc.description.abstractWe examine the relationship between Chief Executive Officer (CEO) turnover and the performance of listed Chinese firms and obtain two results. First, we find a negative relationship between the level of pre-turnover profitability and CEO turnover when firms are incurring financial losses, but no such relationship when they are making profits. Second, there is an improvement in post-turnover profitability in loss-making firms, but no such improvement in profit-making firms. These results indicate the existence of a time-varying objective function, whereby shareholders have a greater incentive to discipline their CEOs on the basis of financial performance when their firms are incurring financial losses rather than profits.-
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jcorpfinen_HK
dc.relation.ispartofJournal of Corporate Financeen_HK
dc.subjectFirm performance-
dc.subjectManagerial turnovers-
dc.subjectMultiple firm objectives-
dc.subjectState ownership-
dc.titleGovernance with multiple objectives: evidence from top executive turnover in Chinaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0929-1199&volume=15&issue=2&spage=230&epage=244&date=2009&atitle=Governance+with+multiple+objectives:+Evidence+from+top+executive+turnover+in+Chinaen_HK
dc.identifier.emailChang, EC: ecchang@hku.hken_HK
dc.identifier.emailWong, SML: soniawong99@yahoo.comen_HK
dc.identifier.authorityChang, EC=rp01050en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.jcorpfin.2008.10.003-
dc.identifier.scopuseid_2-s2.0-59649096422-
dc.identifier.hkuros166646en_HK
dc.identifier.volume15-
dc.identifier.issue2-
dc.identifier.spage230-
dc.identifier.epage244-
dc.identifier.eissn1872-6313-
dc.identifier.isiWOS:000264183200004-
dc.identifier.citeulike5466331-

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