Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2006
consistently for all performance measures including both stock return and various accounting measures that: (i) overall, CEO … turnover is significantly and inversely related to firm performance though the magnitude of the relationship is modest; (ii …) CEO turnover-performance link is stronger when the percentage of company shares owned by the largest shareholder is larger …