Ownership Structure and CEO Turnover: Empirical Results
Journal Title: Zarządzanie i Finanse - Year 2015, Vol 13, Issue 3
Abstract
According to agency theory non-performing CEOs should be replaced. But prior research showed that there are factors which prevent their employment. This research is focused on the examination of these factors. Its main aim is to investigate the relationships between ownership structures of Polish listed companies and CEO turnover. It employs three ownership variables, i.e. managerial ownership, institutional investors ownership and state ownership. The sample frame for this study consists of 292 companies and 1067 firm-year observations of Polish companies listed on the Warsaw Stock Exchange between 2008 and 2013. Data were analyzed using logit regression. They showed that there is negative association between managerial ownership and CEO turnover. It also indicates that moral hazard in companies with high managerial ownership exists.
Authors and Affiliations
Leszek Bohdanowicz
Keywords
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