The "financial bath" hypothesis: An empirical investigation

Sören Salomo and Jens Leker

No 448, Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel from Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre

Abstract: This article examines the influence of CEO changes in large German companies manifested in their financial statements during three defined phases of the turnover process. It is shown that the conflicting results in previous research might have stemmed from not differing among turnover reasons. Companies experiencing an involuntary change of CEO undergo a different evolution of performance than companies whose CEOs have changed voluntarily or for reasons like mandatory retirement or death.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cauman:448

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