Changements de dirigeants et richesse des actionnaires:une analyse explicative multivariée

Isabelle Dherment-Férère ()
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Isabelle Dherment-Férère: Université de Toulon et du Var

Revue Finance Contrôle Stratégie, 1998, vol. 1, issue 1, pages 71-97

Abstract: This paper investigates French market reactions to announcements of top managers successions over the period 1988-1992. The impact is examined from two different perspectives:1) in relation to the type of the change (the predecessor's departure may be forced or not and the successor may be an insider or an outsider); 2) in relation to the context in which the succession takes place (this is examined through three main variables:the company's size, its performance, and the degree of homogeneity of its industrial sector). The methodology used is the multiple linear regression with interactive effects.

Keywords: top manager; succession; shareholder wealth; event study; performance. (search for similar items in EconPapers)
Date: 1998

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Persistent link: http://EconPapers.repec.org/RePEc:dij:revfcs:v:1:y:1998:i:1:p:71-97

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