Kato, Takao; Long, Cheryl - Institute for the Study of Labor (IZA) - 2006
on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find … consistently for all performance measures including both stock return and various accounting measures that: (i) overall, CEO …) CEO turnover-performance link is stronger when the percentage of company shares owned by the largest shareholder is larger …