| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2021-12-06 |
| タイトル |
|
|
タイトル |
Do Family CEOs “Dump” Firms with Declining Value to Professional CEOs?: Evidence from CEO Turnover |
|
言語 |
en |
| 作成者 |
Kang, Hyung Cheol
Lee, Ji Hye
Byun, Hee Sub
|
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
family management |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
private benefit |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
CEO turnover |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
dumping |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
shareholder wealth |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
Dividingchief executive officers (CEOs) into two distinct categories, family CEOs and professional CEOs, this study analyzes the value of family management based on an event study of CEO turnover. Empirical analysis on Korean firms reveals that stock price reaction to all events of CEO turnover is not significant. However, a significantly negative stock price reaction is observed only when a family CEO is replaced with a professional CEO. Additionally, we find that family ownership reduces significantly after this type of CEO turnover. These results suggest that family CEOs pursue private benefits rather than responsible management from a long-term perspective, thus “dumping” a firm with declining value to a professional CEO. We provide academic implications by findingnew empirical evidence that family management could hurt firm value. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Hitotsubashi University |
|
言語 |
en |
| 日付 |
|
|
日付 |
2021-12 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_6501 |
|
資源タイプ |
departmental bulletin paper |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| selfDOI |
|
|
ID登録 |
10.15057/hje.2021004 |
|
ID登録タイプ |
JaLC |
| 収録物識別子 |
|
|
収録物識別子タイプ |
ISSN |
|
収録物識別子 |
2436-097X |
| 収録物識別子 |
|
|
収録物識別子タイプ |
NCID |
|
収録物識別子 |
AA12909202 |
| 収録物名 |
|
|
収録物名 |
Hitotsubashi Journal of Economics |
| 巻 |
|
|
巻 |
62 |
| 号 |
|
|
号 |
2 |
| 開始ページ |
|
|
開始ページ |
74 |
| 終了ページ |
|
|
終了ページ |
100 |
| JEL |
|
|
値 |
G32 |
| JEL |
|
|
値 |
G34 |
| JEL |
|
|
値 |
L22 |
HJeco0620200740.pdf (597.9 KB)
