Performance Changes Following Top Management Dismissals
研究发现高管强制离职前公司业绩大幅下滑，离职后业绩显著改善，但强制离职多由外部因素引发，且伴随业务收缩和控制权活动增加。
ABSTRACT We document that forced resignations of top managers are preceded by large and significant declines in operating performance and followed by large improvements in performance. However, forced resignations are rare and are due more often to external factors (e.g., blockholder pressure, takeover attempts, etc.) than to normal board monitoring. Following the management change, these firms significantly downsize their operations and are subject to a high rate of corporate control activity. Normal retirements are followed by small increases in operating income and are also subject to a slightly higher than normal incidence of postturnover corporate control activity.