최고경영자 교체가 기업의 장단기성과에 미치는 영향

참고문헌 (22)

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22. . We examine firms' financial performance, "The Impact of CEO Turnover on Short-run and Long-run PerformancePark Joon Woo*<Abstract>This paper investigates the short-run and long-run performance change following CEO turnover in Korea. In this study 202 firms are used as our sample from 1999 to 2003. The estimate of announcement effect is based on the market model and the estimate of the long-run performance is based on the three-factor model developed by Fama-French from year -3 to year +3 around CEO turnover. The results of the study are as follows there are insignificantly negative abnormal returns on the announcement day of CEO turnover and significant negative CARs surrounding the event day. This suggests that investors view CEO turnover announcements as bad news. Second long-run performance is positive for three years. Third firms' financial performance is the worst in year -1 but post-turnover financial performance improves up to year +2. Last has a negative effect on OROA.", post-ceo tur pre-tur(ver ver) (1993), including OROA and ROS

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