Monitoring by the financial press and forced CEO turnover |
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| Authors: | Kathleen A Farrell David A Whidbee |
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| Institution: | a Department of Finance, College of Business, University of Nebraska–Lincoln, Lincoln, NE, USA;b Department of Finance, Insurance, and Real Estate, College of Business and Economics, Washington State University, Pullman, WA 99164-4746, USA |
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| Abstract: | This paper examines Wall Street Journal news stories about 79 firms that forced CEO turnover and a matched sample of firms that did not force CEO turnover. In the two years prior to turnover, firms in the forced-turnover sample were the subjects of 76% more news stories about poor firm performance despite being from the same industry, of similar size, and similar performance as a sample of matched firms. Overall, the evidence suggests that scrutiny of poor firm performance by the financial press increases the likelihood of forced CEO turnover. |
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| Keywords: | CEO turnover Corporate governance Earnings announcements |
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