MANAGEMENT TURNOVER AND CORPORATE PERFORMANCE IN TAIWANESE ELECTRONIC INDUSTRIES

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Abstract

This paper analyzes the impacts of management turnover in Taiwanese electronic industries during 1996-2006 using the price and the trading volumes of underlying stock around the TSE announcement date. These results provide evidences that market participator would hold an active position following the appointment of a specialized, innovative, and self-motivated CEO. Hence, positive abnormal stock returns and trading volumes were expected. However, chairman turnover suggests that the corporate power structure of Board of Directors is unbalanced, thus, market participators would hold a conservative position.

Keywords: CEO Turnover, Information Disclosure, Abnormal Return

How to cite this paper: Wang, Y.-H., Lin, C.-Y. (2009). Management turnover and corporate performance in Taiwanese electronic industries. Corporate Ownership & Control, 6(3-4), 482-488. https://doi.org/10.22495/cocv6i3c4p7