CEO Turnover Ownership Structure and Corporate Performance

[[abstract]]本研究主要探討公司總經理異動與公司績效之關係，以及除異動原因外，股權結構變數是否會對公司績效造成影響。研究對象為1998-2007年十年間曾發生過總經理異動之上市櫃公司，研究結果發現，全體異動樣本總經理異動與公司績效呈顯著負相關。而若為自願性的總經理異動，則異動發生後其公司績效並不會有明顯改變；但若為強迫性的總經理異動，則異動發生後將使公司績效呈負向反應。而股權結構與異動後公司績效之研究結果顯示，總經理持股比率愈高則異動後公司績效將愈差，呈負相關；而機構持股比率愈高亦會使異動後公司績效呈負向反應，顯示其監督功能可能並不理想。[[abstract]]We study the impacts of CEO turnover on corporate performance We also try to find some other factors that also affect corporate performance and focus on the relationship between ownership structure and post-turnover performance Our sample includes the event companies listed on TSE and OTC during 1998-2007 The results show that CEO turnover is significantly negative related to corporate performance Additionally the forced CEO turnover is significantly negative announcement effect; however voluntary CEO turnover is not significant Moreover the results show that more manager shareholding and institution shareholding are related to lower post-turnover performance The empirical results suggest the supervision function of institution stockholding may not so goo