Corporate Performance, Corporate Governance and Top Executive Turnover in Finland
实证研究芬兰上市公司中公司治理和绩效如何影响CEO、高管和董事会的更替，发现股价表现差和经营亏损会提高更替概率，且董事会结构和控股股东身份会调节这一关系。
Abstract This paper empirically investigates how corporate governance forces and firm performance affect top executive turnover in Finnish listed companies. I document an increase in CEO, top management, and board turnover in response to poor stock price performance and operating losses. The sensitivity of the relation between stock price performance and CEO turnover is significantly higher in firms with a two‐tier board structure (when the CEO is not the chairman), but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers.