期刊名称：Asian Academy of Management Journal of Accounting and Finance
印刷版ISSN：1823-4992
电子版ISSN：2180-4192
出版年度：2020
卷号：16
期号：1
页码：126-153
语种：English
出版社：Universiti Sains Malaysia
摘要：This paper presents a fresh perspective on chief executive officer (CEO) turnover,where the impact of CEO turnover on firm value is analysed based on whether the removal is planned or unplanned. A total of 146 announcements for ten years in Malaysia is examined using an event study method. The results indicate that,in general,CEO turnover announcements cause a significant reaction due to changes in the firm’s investment decisions. Specifically,a significant positive impact exists when CEO turnover occurs as planned. In a planned turnover,the negative news of the removal of the CEO is immediately minimised with the positive news of a CEO appointment,indicating the positive impact of establishing a CEO succession plan on firm value. This finding adds new knowledge to the current literature and allows policymakers to examine the establishment of a CEO succession policy.
