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1、ARTICLEINPRESSJournalofFinancialEconomics74(2004)237–275$Managerialsuccessionandfirmperformanceabc,MarkR.Huson,PaulH.Malatesta,RobertParrino*aDepartmentofFinanceandManagementScience,SchoolofBusiness,UniversityofAlberta,Edmonton,Alta.,CanadaT6G2R6bDepartme
2、ntofFinanceandBusinessEconomics,UniversityofWashingtonBusinessSchool,UniversityofWashington,Seattle,WA98195,USAcDepartmentofFinance,McCombsSchoolofBusiness,UniversityofTexasatAustin,Austin,TX78712,USAReceived25April2003;accepted19August2003AbstractWeexam
3、ineCEOturnoverandfirmfinancialperformance.AccountingmeasuresofperformancerelativetootherfirmsdeterioratepriortoCEOturnoverandimprovethereafter.Thedegreeofimprovementispositivelyrelatedtothelevelofinstitutionalshareholdings,thepresenceofanoutsider-dominatedb
4、oard,andtheappointmentofanoutsider(ratherthananinsider)CEO.Turnoverannouncementsareassociatedwithsignificantlypositiveaverageabnormalstockreturns,whichareinturnsignificantlypositivelyrelatedtosubsequentchangesinaccountingmeasuresofperformance.Thissuggestst
5、hatinvestorsviewturnoverannouncementsasgoodnewspresagingperformanceimprovements.r2004ElsevierB.V.Allrightsreserved.JELclassification:G30;G32;G34Keywords:Corporategovernance;CEOturnover;CEOsuccession;Firmperformance$WethankJonathonKarpoff,CharlesKahn,semin
6、arparticipantsatUniversityofAlberta,ArizonaStateUniversity,ClemsonUniversity,UniversityofIllinois,IndianaUniversity,UniversityofMaryland,RutgersUniversity,UniversityofTexasatAustin,andUniversityofWesternOntario,andananonymousrefereeforhelpfulcomments.Hus
7、onacknowledgesfinancialsupportfromtheCanadianUtilitiesFellowshipattheUniversityofAlbertaandParrinoacknowledgesfinancialsupportfromtheBureauofBusinessResearchattheUniversityofTexasatAustin.*Correspondingauthor.Tel.:+1-512-471-5788;fax:+1-512-471-5073.E-mail
8、address:parrino@mail.utexas.edu(R.Parrino).0304-405X/$-seefrontmatterr2004ElsevierB.V.Allrightsreserved.doi:10.1016/j.jfineco.2003.08.002ARTICLEINPRESS238M.R.Husonetal./JournalofFinancialEconomics74(2004)237–2751.Introducti
