English, Article edition: CEO tenure, the risk of termination and firm value Brookman, Jeff; Thistle, Paul D.

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Bookmark: http://trove.nla.gov.au/version/31943
Physical Description
  • article
Language
  • English

Edition details

Title
  • CEO tenure, the risk of termination and firm value
Author
  • Brookman, Jeff
  • Thistle, Paul D.
Physical Description
  • article
Notes
  • We examine CEOs' risk of termination, its determinants and its effect on firm value. Using survival analysis, we find that the risk of termination increases for about thirteen years before decreasing slightly with CEO tenure; 82% of CEOs have tenure of less than thirteen years. We also find that tenure increases with performance and compensation and decreases with monitoring by the board. Changes in the risk of termination do not have a significant effect on firm value. Taken as a whole, our results are consistent with the view that corporate governance functions reasonably well for the vast majority of firms.
  • CEO termination Corporate governance CEO tenure CEO turnover Survival analysis
  • RePEc:eee:corfin:v:15:y:2009:i:3:p:331-344
Language
  • English
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