SHAREHOLDER WEALTH EFFECTS OF MANAGEMENT CHANGES

Arvind Mahajan · Scott L. Lummer

57 citations0/0 files storedJournal of Business Finance &amp Accounting

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Financial Markets and Investment Strategies Family Business Performance and Succession

Abstract

This paper analyzes the direction and magnitude of changes in stock prices resulting from the announcement of various types of changes in senior corporate management over a twelve‐year period. We find support for the view that instability resulting from executive succession adversely affects organizational performance. Furthermore, our results imply a clear preference by the market for a change in composition of the previous management team over its further entrenchment and a perception by the market that senior corporate executives and the board of directors may not be solely motivated by considerations of shareholder wealth maximization.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 57 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1980Agency Problems and the Theory of the Firm 1979Moral Hazard and Observability 1985Using daily stock returns 1978Vertical Integration, Appropriable Rents, and the Competitive Contracting Process 1988Outside directors and CEO turnover 1980Measuring security price performance 1988Stock prices and top management changes

Cited by

2013Does internationalization make a difference? Stock market reaction to announcements of international top executive appointments 2010CEO human capital, top management teams, and the acquisition of venture capital in new technology ventures: An empirical analysis 1999Impact of CEO Succession in Japanese Companies: A Coevolutionary Perspective 2000Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies 2014Can Management Turnover Restore the Financial Statement Credibility of Restating Firms? Further Evidence

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.