Corporate Performance, Corporate Governance and Top Executive Turnover in Finland

Benjamin Maury

European Financial Management, 2006, vol. 12, issue 2, 221-248

Abstract: This paper empirically investigates how corporate governance forces and firm performance affect top executive turnover in Finnish listed companies. I document an increase in CEO, top management, and board turnover in response to poor stock price performance and operating losses. The sensitivity of the relation between stock price performance and CEO turnover is significantly higher in firms with a two‐tier board structure (when the CEO is not the chairman), but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers.

Date: 2006
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