The Cadbury Committee, Corporate Performance, and Top Management Turnover
分析1992年英国凯德伯里委员会发布《最佳实践准则》后，CEO更替与公司绩效的关系变化，发现准则发布后CEO更替增加，且更替对绩效的敏感性增强，尤其在采纳准则的企业中。
ABSTRACT In 1992, the Cadbury Committee issued the Code of Best Practice which recommends that boards of U.K. corporations include at least three outside directors and that the positions of chairman and CEO be held by different individuals. The underlying presumption was that these recommendations would lead to improved board oversight. We empirically analyze the relationship between CEO turnover and corporate performance. CEO turnover increased following issuance of the Code ; the negative relationship between CEO turnover and performance became stronger following the Code's issuance; and the increase in sensitivity of turnover to performance was concentrated among firms that adopted the Code .