SHAREHOLDER WEALTH EFFECTS OF MANAGEMENT CHANGES Academic Article

abstract

• This paper analyzes the direction and magnitude of changes in stock prices resulting from the announcement of various types of changes in senior corporate management over a twelveyear period. We find support for the view that instability resulting from executive succession adversely affects organizational performance. Furthermore, our results imply a clear preference by the market for a change in composition of the previous management team over its further entrenchment and a perception by the market that senior corporate executives and the board of directors may not be solely motivated by considerations of shareholder wealth maximization.

authors

• Mahajan, Arvind

published proceedings

• Journal of Business Finance & Accounting

altmetric score

• 3

author list (cited authors)

• Mahajan, A., & Lummer, S.

citation count

• 33

complete list of authors

• Mahajan, Arvind||Lummer, Scott

publication date

• April 1993

publisher

• Wiley  Publisher

published in

• Journal of Business Finance & Accounting  Journal

keywords

• 35 Commerce, Management, Tourism And Services
• 3501 Accounting, Auditing And Accountability
• 3502 Banking, Finance And Investment
• 3507 Strategy, Management And Organisational Behaviour

Digital Object Identifier (DOI)

• 10.1111/j.1468-5957.1993.tb00263.x

start page

• 393

end page

• 410

volume

• 20

issue

• 3

URL

• http://dx.doi.org/10.1111/j.1468-5957.1993.tb00263.x