Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/239147 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 13 [Issue:] 3 [Publisher:] MDPI [Place:] Basel [Year:] 2020 [Pages:] 1-28
Publisher: 
MDPI, Basel
Abstract: 
This work expands the literature on a less studied topic, the Chief Executive Officer (CEO) turnover in post-communist economies, analyzed during an unstable and ambiguous economic and financial environment. For the period 2005-2010, the results indicate the political inference in CEO turnover decision for the Romanian listed companies. In this period, with great turmoil in the economy determined by the financial crisis of 2008, we also find that CEO gender helps to explain the probability of changing the CEO. Moreover, this paper empirically tests if the financial and corporate governance determinants that are validated in the existing literature work for the Romanian listed companies. We reinforce that CEO turnover decision is negatively related to accounting-based performance. We find evidence of the "voting with their feet" behavior of institutional investors, and of the lack of Board of Directors monitoring. The CEO-Chairman duality and the controlling power of the largest shareholder act as entrenchment mechanisms.
Subjects: 
CEO turnover
foreign CEO
female CEO
ownership structure
Romania
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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