CEO and director turnover in failing firms: an illusion of change?

Article Abstract:

Companies on the verge of bankruptcy are likely to feel compelled to adopt effective governance structures to retain the support of their valued external constituents and to initiate a recovery. Among the changes in management structure usually observed in failing organizations is the replacement of CEOs and board directors. A study is conducted to examine if CEO and director turnover affects the composition and structure of the board of troubled companies. Specifically, it investigates the incidence and form of governance changes that commonly occur during the five-year period preceding a bankruptcy filing. The results of the study show that the rate of director turnover is higher for companies facing imminent bankruptcy than for healthy firms, and that these changes do not necessarily follow the recommendations of reform advocates and institutional investors.

Corporate governance, Appointments, resignations and dismissals, Chief executive officers, Organizational change, Bankruptcy, Employee turnover

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Meta-analytic reviews of board composition, leadership structure, and financial performance

Article Abstract:

A study was conducted to provide a meta-analytic examination of systematic governance structure and financial performance relationships between board composition, board leadership structure, and firm financial performance. The meta-analytic procedures for board composition was influenced by the size of the firm, nature of the performance indicators and specific operationalizations of board composition. Moreover, the meta-analyses were conducted according to guidelines that permitted the aggregation of results across studies. These guidelines were related to observed correlation requirements, total variability and standard deviation estimates. Results showed no relationship between governance structure and financial performance. They also suggested that the true population relationship in the metal-analyses was near zero.

Management Dynamics NEC, Performance, Usage, Finance, Corporations, Management techniques, Strategic planning (Business), Corporate finance, Meta-analysis

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Meta-analysis of post-acquisition performance: indications of unidentified moderators

Article Abstract:

The merger and acquisition (M&R) activity has a negative effect on the long-term financial performance of acquiring firms. The meta-analytic techniques is developed to assess the impact of the most commonly researched antecedent variables on post-acquisition performance.

Economic aspects, Acquisitions and mergers, Influence, Business sale

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