Corporate Governance, Employee Turnover, and Financial Performance

Ming-Chuan Wang, Shih-Wei Hung (), Shen-Yuan Chen (), Shu-Hui Lai (), Nien-Jung Wu (), Chien-En Tsai () and Yi-Sheng You ()
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Ming-Chuan Wang: Fujian Polytechnic Normal University, Fuqing City, Fujian Province, P. R. China
Shih-Wei Hung: Department of Money and Banking, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan
Shen-Yuan Chen: National Taipei University of Business, Taipei, Taiwan
Shu-Hui Lai: Yuanta Bank, Taipei, Taiwan
Nien-Jung Wu: LC Future Center Limited Taiwan Branch, Taipei City, Taiwan
Chien-En Tsai: Lien Hwa Property Corp., Taipei, Taiwan
Yi-Sheng You: CENRA Healthcare, New Taipei City, Taiwan

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2025, vol. 28, issue 03, 1-31

Abstract: This study examined the relationships among corporate governance, employee turnover, and financial performance. Empirical results indicate that better corporate governance performance is associated with significantly lower employee turnover and that nonlinear relationships exist between employee turnover and financial performance. Furthermore, the relationships between corporate governance, employee turnover, and financial performance before and after the COVID-19 pandemic differed significantly. During the COVID-19 pandemic, corporate governance did not have a significant influence on employee turnover, but employee turnover exerted a significant and negative impact on financial performance. Employee turnover also partially mediated the relationship between corporate governance and financial performance.

Keywords: Corporate governance; employee turnover; financial performance; nonlinear (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1142/S0219091525500158

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