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Does Firm Performance Improve After CEO Turnover?

Sharma, Arvind; Skolt, Svein
Master thesis
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https://hdl.handle.net/11250/2686732
Date
2020
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  • Master of Science [1539]
Abstract
Several papers have evaluated the relationship between firm performance and CEO

turnover. There is robust evidence that the separation between forced and voluntary

resignations affects performance changes in the US. However, research on

Norwegian companies is still an untouched territory, as far as we know. This paper

seeks to analyze whether firm performance increases following a CEO turnover,

taking into account forced and voluntary resignations. We have used two methods

to gain knowledge on the topic. An event study uses daily stock returns, while

profitability is evaluated through quarterly reported operating income. The results

in this paper suggest that the announcement of a CEO turnover creates negative

abnormal returns in the short run, for both forced and voluntary resignations. Forced

turnovers experience an immediate improvement in operating performance after the

turnover. Profitability seems to slightly improve in the long run, even though the

estimates can be argued to be relatively small for both turnover characteristics

evaluated.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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