Voluntary CEO turnover, online information, and idiosyncratic volatility

Leilei Gu, Xiaoyu Li, Yuchao Peng and Junnan Zhou

Finance Research Letters, 2022, vol. 49, issue C

Abstract: CEO turnover, whether voluntary or forced, affects corporate decisions. This study investigates the relationship between voluntary CEO turnover and idiosyncratic return volatility, as well as the influence of online information on this relationship. We find that voluntary CEO turnover leads to higher idiosyncratic volatility, the volume and positive tone of online information can mitigate the positive effect, while negative tone fails to do so. Additional analysis shows that voluntary CEO turnover increases noise trading, whereas online information decreases noise trading, verifying the non-information view in China's stock market.

Keywords: Idiosyncratic volatility; Voluntary ceo turnover; Online information; Chief executive officer turnover (search for similar items in EconPapers)
JEL-codes: G14 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612322003518
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:49:y:2022:i:c:s1544612322003518

DOI: 10.1016/j.frl.2022.103128

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().