The Stock Market Effects of CEO Succession in Bankrupt Firms

Wallace N. Davidson · Dan L. Worrell · Dipa Dutia

72 citations0/0 files storedJournal of Management

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 Corporate Insolvency and Governance Family Business Performance and Succession

Abstract

This article examines the effects of CEO successions on stockholder wealth in large firms that are also experiencing bankruptcy. Succession announcements that occurred prior to and subsequent to bankruptcy announcements are associated with positive abnormal returns, and we found a greater incidence of outside succession near bankruptcy than for successions in general. The market’s reaction was also more positive for outsiders than for insiders, and this was especially so when the succession happened after bankruptcy.

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 — 72 citations exist upstream.

References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 2011External Control of Organizations: Resource Dependence Perspective 1980Agency Problems and the Theory of the Firm 1988Outside directors and CEO turnover 1955Patterns of Industrial Bureaucracy.1988Stock prices and top management changes 1985Executive compensation, management turnover, and firm performance 1989Management turnover and financial distress

Cited by

2004Reexamining the Value Relevance of E-Commerce Initiatives 2001Valuation of mergers and acquisitions in the telecommunications industry: a study on diversification and firm size 1994Bankruptcy in Strategic Studies: Past and Promise 2013Strength in numbers or guilt by association? Intragroup effects of female chief executive announcements 2011Leadership change and shareholder value: How markets react to the appointments of women 2018Should Declining Firms Be Aggressive During the Retrenchment Process?

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.