Los consejeros dominicales y la rotación del primer ejecutivo
- Stein, Guido
- Susaeta, Lourdes
- Gallego, Manuel
- Cuadrado, Marta
ISSN: 1139-7608
Argitalpen urtea: 2013
Alea: 16
Zenbakia: 2
Orrialdeak: 33-79
Mota: Artikulua
Beste argitalpen batzuk: Revista empresa y humanismo
Laburpena
This study advances research on CEO successions and board monitoring of senior executives by examining how proprietary directors can affect the probability of CEO dismissal. Drawing on our newly developed database covering all CEO successions occurring in all Spanish listed firms during the period 2007- 2010, we propose that proprietary directors may increase the board’s monitoring efforts over the chief executive, forcing him to resign in situations of poor performance. The study also addresses belonging to multiple board of directors, offering evidence of the beneficial effects provided by these boards, to allow accumulating experiences and learning by first-hand in other companies. Hypotheses are tested longitudinally, using CEO succession data taken from 111 publicly-traded firs in the Spanish “Mercado continuo” over a fouryear period.