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CEO Turnover and Firm Performance In Indonesia
Indonesian Capital Market Review Pub Date : 2017-01-31 , DOI: 10.21002/icmr.v9i1.6300
Doddy Setiawan , Lian Kee Phua , Hong Kok Chee , Irwan Trinugroho

We investigated the effect of changes in CEO position on subsequent firm performance by studying 91 CEO turnovers in Indonesia. Our results show that firm performance decreases during the turnover year. Moreover, the incoming CEO does not increase firm performance in subsequent years. Indeed, there is evidence that firm performance decreases after such turnovers. We ultimately conclude that CEO turnovers in Indonesia do not have a positive effect on firm performance. Going further, we divided CEO turnovers into routine and non-routine turnovers on the basis of the turnover process. Both routine and non-routine CEO turnovers show similar results with all samples, in which the incoming CEO in a routine or non-routine turnover does not have a positive effect upon firm performance. Further evidence suggests that the incoming CEO tends to upsize firm assets rather than downsize them.

中文翻译:

印尼的首席执行官流失和公司绩效

我们通过研究印度尼西亚91位CEO的离职率,研究了CEO职位变化对随后公司绩效的影响。我们的结果表明,营业额在年度内下降。而且,新任首席执行官在随后的几年中不会提高公司绩效。确实,有证据表明,这样的营业额之后公司的业绩会下降。我们最终得出结论,印度尼西亚的首席执行官更替不会对公司业绩产生积极影响。更进一步,我们根据离职流程将首席执行官的离职分为常规和非常规离职。在所有样本中,常规和非常规CEO流动都显示出相似的结果,其中常规或非常规流动中的新任CEO不会对公司绩效产生积极影响。
更新日期:2017-01-31
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