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CEO turnover after acquisitions: are bad bidders fired?

We examine the relation between bidder returns and the probability of chief executive officer (CEO) turnover in acquiring firms. Using a sample of 714 acquisitions during 1990 and 1998, we find that 47% of CEOs of acquiring firms are replaced within 5 years, including 27% by internal governance, 16% by takeovers, and 4% by bankruptcy. A significant inverse relation exists between bidder returns and the likelihood of CEO turnover. This relation is not associated with governance structure. It is also not significantly different in stock versus cash acquisitions, which appears to be inconsistent with Shleifer and Vishny's theory of "stock market driven" acquisitions. .Printed Journal

Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit The American Finance Association.,
Edisi -
Subjek Chief executive officers
Statistical analysis
Correlation analysis
Employee turnover
Acquisitions & Mergers
studies
Bids
ISBN/ISSN 221082
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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