1988
DOI: 10.1016/0304-405x(88)90053-0
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Outside directors and CEO turnover

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Cited by 3,608 publications
(2,262 citation statements)
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“…• capital market transactions, by reducing the cost of capital-e.g., [35][36][37]; • corporate control, by affecting the managers' turnover-e.g., [38,39]; • stock-based compensation plans, by correcting potential undervaluation-e.g., [40]; • development of litigation hypotheses, in turn impacting on the disclosure behaviors-e.g., [41,42]; • managers' recognition, spreading their talent-e.g., [43]; • competition in product markets, which is the only hypothesis assuming the absence of conflict of interest between management and ownership-see [13,44].…”
Section: Corporate Disclosure and Capital Markets: A Brief Literaturementioning
confidence: 99%
“…• capital market transactions, by reducing the cost of capital-e.g., [35][36][37]; • corporate control, by affecting the managers' turnover-e.g., [38,39]; • stock-based compensation plans, by correcting potential undervaluation-e.g., [40]; • development of litigation hypotheses, in turn impacting on the disclosure behaviors-e.g., [41,42]; • managers' recognition, spreading their talent-e.g., [43]; • competition in product markets, which is the only hypothesis assuming the absence of conflict of interest between management and ownership-see [13,44].…”
Section: Corporate Disclosure and Capital Markets: A Brief Literaturementioning
confidence: 99%
“…However, literature provides mixed findings as most studies indicated positive market reaction (Setiawan 2008;Dahya & McConnell 2005;Huson et al 2004;Kang & Shivdasani 1996;Denis & Denis 1995;Weisbach 1988), while other studies (Ishak & Abdul Latif 2012;Dedman & Lin 2002;Warner et al 1988) reported negative market reaction toward firms' share prices. These inconsistent results could be influenced by how investors' perceived the incoming CEO/MD. The appointment of new CEO may lead to a positive market reaction if the new CEO has new vision and strong aspiration to achieve better performance (Smith 2011); new leadership style (Kang & Shivdasani 1996) and implement new strategies and policies (Pessarossi & Weill 2013).…”
Section: Literature Review and Hypotheses Development The Effect Of Cmentioning
confidence: 97%
“…The board is also responsible for the process of hiring, firing, evaluating and compensating the CEO and thus the chairperson should preferably not be the same person whose performance is being assessed (Jensen, 1993). CEO duality is expected to lower the performance because CEOs would gain much power to further their own interests rather than the interests of shareholders (Weisbach, 1988). On the other hand steward theorists accept that managers are good stewards of company resources (Davis et al, 1997).…”
Section: Ceo Dualitymentioning
confidence: 99%