Purpose

The current study aims to investigate the relationship between relative performance and change manager in Iran.

Design/methodology/approach

For this study, the reasons for CEO change and the contributing factors to performance were defined based on the industry type. A systematic elimination approach is applied to select the study sample among listed companies on the Tehran Stock Exchange during 2012–2016. Finally, a 390 firm-year population was tested using multiple regression.

Findings

The results of hypothesis testing indicate that the possibility of managerial change is less likely after a positive return of the market performance. Moreover, hypothesis testing results reveal that peer firms and specific-firm performance do not contribute to managerial change. The findings also demonstrate that systematic risk has a negative impact on managerial change, whereas unsystematic risks do not significantly play a part in managerial change.

Originality/value

As the present study is the pioneer study on the impact of managerial change factors on Iranian firms' relative performance, the findings of this study can contribute to the realm of this study and the related literature.

中文翻译：

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相对绩效与管理变动之间的关系

目的

当前的研究旨在调查伊朗相对绩效与变更经理之间的关系。

设计/方法/方法

在本研究中，根据行业类型定义了CEO变更的原因和绩效的影响因素。在2012-2016年期间，采用了系统的消除方法在德黑兰证券交易所的上市公司中选择研究样本。最后，使用多元回归对390个公司年人口进行了测试。

发现

假设检验的结果表明，在市场绩效获得正回报之后，管理层变动的可能性较小。此外，假设检验结果表明，同业公司和特定公司的业绩对管理人员的变动没有贡献。研究结果还表明，系统性风险对管理变革具有负面影响，而非系统性风险在管理变革中并未发挥重要作用。

创意/价值

由于本研究是关于管理变革因素对伊朗公司相对绩效影响的开创性研究，因此本研究的发现可为本研究领域和相关文献做出贡献。