evidence from a stakeholder environment ; presented at the 25th annual
international conference Strategic Management Society, 2005, Orlando, USA
Bresser, Rudi K. F.; Valle Thiele, Reynaldo; Biedermann, Annette; Lüdeke, Holger
Year of publication:
Based on a sample of large, publicly traded German companies, we study
performance implications of CEO dismissals. We find that measures of
accounting performance are good predictors of CEO dismissal events: Low pre-
succession accounting performance increases the probability of dismissals.
However, replacement CEOs do not manage to turn things around because they do
not experience significant increases in either operating or market performance
during a two-year post-succession period.