Die Veränderung der wirtschaftlichen Lage im Verlauf eines Wechsels an der Unternehmensspitze

Jens Leker and Sören Salomo
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Jens Leker: Christian-albrechts-Universität zu Kiel
Sören Salomo: Christian-albrechts-Universität zu Kiel

Schmalenbach Journal of Business Research, 1998, vol. 50, issue 2, 156-177

Abstract: Summary This article examins the influence of CEO changes in big german companies on their financial statements two years prior and three years after the executive turnover. It is shown that conflicting results of prior research might be based on the lack of differing for turnover-reasons. Companies with unvoluntary changes of the CEO realize a different evolution of performance than companies with CEOs changing voluntarily or for reason like retirement or death. A closer examination of the “unvoluntary change-companies” reveals significant patterns of performance both over the years and in relation to a group of companies without an equivalent CEO-change. The data seems to prove that companies experience a so called “financial bath” in situations of unvoluntary CEO turnover.

Date: 1998
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DOI: 10.1007/BF03371498

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