경영성과가 최고경영자 교체에 미치는 영향에 대한 실증분석 : 최고경영자 유형에 따른 분석

초록

This study investigates empirically the relationship between firm performance measures and CEO changes. Analyses were carried out using 6,071 observations of firms listed in the Korea Stock Exchange during the period 1999-2010. The firm performance measures used in this study includes a number of financial ratios representing profitability, asset turnover and financial structure. The mean analysis and the logit analysis were employed to test hypotheses. This paper concludes that bad firm performance measures result in CEO changes. This result suggests that CEO turnovers are affected by various financial performances. Further, we find that owner CEOs are less likely to be replaced than professional CEOs when firm performance is relatively poor. Further, analyses report that CEO turnovers more frequently occur from professional CEOs to owner CEOs when firms have relatively good performance. These findings suggest that in Korea corporate governance may not still function appropriately when owners dominate corporate policy.

키워드