CEO 교체가 경영성과에 미치는 영향

In this study I compare management performance change after CEO turnover separating poor-performance group and good-performance group in KOSPI and KOSDAQ company from Asian financial crisis to 2006. Our study has a distinction in analysing to use all KOSPI and KOSDAQ company and in enhancing analysis' robustness to present a various management performance indicators(CAR, industry-adjusted CAR, ∆ROA, industry-adjusted ∆ROA). It appears that management performance improvement effect in poor-performance succession company is significant in 1 year management performance of KOSPI and KOSDAQ company. On the other hand it appears that KOSPI good-performance succession company is rapidly decreasing management performance. KOSDAQ good-performance succession company is not significant management performance after succession except 2 years industry-adjusted CAR performance after CEO turnover. Namely, there is no significant decrease in management performance of KOSDAQ good-performance succession company. It shows that turnover cost in KOSDAQ good-performance succession company is more low than that of KOSPI good-performance succession company. When board size is large in poor-performance succession company or the large shareholder and his relatives ownership is high in poor-performance succession company or the large shareholder and his relatives participate in management of board of director in poor-performance succession company, it is significantly improved management performance. In this study it shows that management efficiency of CEO turnover in poor-performance company is in connection with coincidence of interests obtained to own large shares.