CEO SUCCESSION AND FIRM PERFORMANCE: EVIDENCE FROM PUBLICLY LISTED MALAYSIAN FIRMS

Rokiah Binti Ishak · Ku Nor Izah Ku Ismail · Shamsul Nahar Abdullah

18 citations0/0 files storedUniversiti Utara Malaysia Institutional Repository (Universiti Utara Malaysia)

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Corporate Finance and Governance Human Resource and Talent Management Family Business Performance and Succession

Abstract

This study investigates the impact of CEO succession on the financial performance of publicly listed Malaysian firms.A match-paired t-test and Wilcox on signed-rank test are used to determine if there is a change in firm performance following CEO succession.The overall results show that performance improves following post-succession.We also find significant improvement in the performance of companies that experienced forced turnovers and subsequently selected outsiders as successors.On the other hand, forced CEO turnovers that are followed by internal successions disrupt firm performance.As CEO successions impact firms’ future performance, the succession planning process should be a priority for firms.

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1988Outside directors and CEO turnover 1995Performance Changes Following Top Management Dismissals 1995Firm performance, corporate governance, and top executive turnover in Japan 2004Managerial succession and firm performance 1997Ownership structure and top executive turnover 1992Power and Managerial Dismissal: Scapegoating at the Top 2002The Cadbury Committee, Corporate Performance, and Top Management Turnover 1994Executive Succession: Past, Present & Future

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