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How Does CEO Turnover Affect Performance in Energy Companies?

Johansen, Bent Christian; Johannessen, Andreas Langberg
Master thesis
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URI
https://hdl.handle.net/11250/2686795
Date
2020
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  • Master of Science [1555]
Abstract
In this paper, we investigate the impact of CEO turnovers on company

performance in the energy industry. In the first part, we perform an event study

for various event windows where we estimate the abnormal returns from stock

price reactions in companies which experience CEO turnovers. In this analysis our

sample comprise Nordic energy companies from Oslo Stock Exchange. We find

evidence that CEO turnovers affect the abnormal returns negatively for the first

event windows, i.e. the day of the event and the day posterior to the event. In the

second part we use accounting related measures. Here, our data comprise private

Norwegian energy companies. Moreover, we assess how the performance

measures impact CEO turnovers, and if CEO turnovers lead to changes in the

performance measures. We find that one out of two accounting measures impact

the probability of a CEO turnover occurring, and that CEO turnovers on average

do not lead to changes in performance. We conclude that CEO turnovers affect

company performance if we look at stock price reactions, however, there is no

impact when studying the accounting related measures.
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Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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