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WHY TURNOVERS? EXAMINING THE DRIVERS OF CEO TURNOVER IN FAMILY FIRMS

Gautam, Himal
Master thesis
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https://hdl.handle.net/11250/2687295
Date
2020
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  • Master of Science [963]
Abstract
I examine the potential drivers for replacement of CEOs in privately held firms in

Norway emphasizing on family firms. I studied how different family-related

characteristics and change in firm performance are related to CEO turnover. On

average, turnover events follow a trend of deteriorating performance. Turnovers are

more likely in family firms in two specific circumstances; firstly in the presence of

large non-family shareholders and secondly, when the incumbent CEO does not belong

to the family. The likeliness of turnover after a period of declining performance

increases in non-family firms but decreases in family firms. This positive relationship

between prior-performance and turnover in family firms holds even in the presence of

outside shareholders or a non-family CEO. My analysis suggests that turnover

decisions in family firms are driven differently than in non-family firms.
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Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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