Factors in Top Executive Turnover: An Empirical Analysis of the Italian Listed Firms

Ottorino Morresi ()

Rivista di Politica Economica, 2005, vol. 95, issue 6, 105-133

Abstract: This paper aims to study the existing link between CEOs turnover and several variables that could explain the exit of a CEO. The survey takes performance measures into account as main variables. Besides performance variables the study includes: ownership structure variables; variables that highlight personal features of a CEO and the composition of the board; firm variables. The number of sampled Italian companies ranges from 134 to 218 over the period 1996-2002. Accounting returns explain the turnover much better than market measures of performance; CEOs of stateowned firms change more frequently than others; the stake of minority shareholders is positively related to the turnover; the presence of syndicates negatively affects the turnover. In Italy, accounting returns “count” much more than market-based performances.

JEL-codes: G32 G34 J63 L14 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:95:y:2005:i:6:p:105-133

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