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EFFECT OF GENERATIONAL CEO TURNOVERS ON FINANCIAL PERFORMANCE OF PRIVATE NORWEGIAN FAMILY FIRMS IN THE OIL INDUSTRY

Bernaldez, Maximino Avendano; Brenna, Petter
Master thesis
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2640781.pdf (2.767Mb)
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https://hdl.handle.net/11250/2689169
Utgivelsesdato
2020
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  • Master of Science [963]
Sammendrag
Using data of private Norwegian family firms in the oil industry, we study

the effect of generational CEO turnovers –between 2000 and 2017– on companies’

financial performance. We analyze firm performance by examining changes in

operating return on assets in the years surrounding the CEO changes. We identify

that, on average, family CEO successions: turn over the company to a younger

generation, happen in smaller firms, and do not occur after a period of declining

performance. More importantly, we find that family firms that undergo a family

CEO succession experience no significant change in financial performance after the

turnover compared to non-family CEO successions. Moreover, when controlling

for firm age, CEO age, and year type, our findings suggest that family firms that

undergo a family CEO succession experience a positive and significant change in

profitability. Finally, given that the oil industry poses great importance to the

Norwegian economy, we conclude that the effects in performance are attributed to

CEOs acting as stewards of their firms and having a pressure to behave and maintain

stable financial performance to contribute to the industry’s wellbeing.
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Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2020
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