Nonroutine CEO Turnover in Korean Chaebols

This study seeks to assess the relationship between firm performance and nonroutine CEO turnover in Korean conglomerates known as chaebols. Utilizing data collected from a period following the 1997 Asian financial crisis, findings indicate a negative relationship between performance and nonroutine CEO turnover. However, the status of CEOs as chaebol founding family members is also negatively correlated with nonroutine turnover. This research suggests areas where managerial accountability has been improved in chaebol and areas where further improvements are needed. The unique contribution of this study is that it considers corporate governance in chaebols after postfinancial crisis reforms and looks at CEO family membership as a factor.