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Les facteurs de changement des dirigeants:une étude empirique sur le NASDAQ

Author

Listed:
  • Alain Finet

    (Université de Mons-Hainaut)

  • Réal Labelle

    (HEC Montréal)

Abstract

(VF)Résumé : Cette étude analyse la relation présumée entre certaines caractéristiques d’entreprises de la nouvelle économie et de leur PDG et la proba-bilité de leur remplacement lors d’une chute de performance. Sur un échantillon de 100 entreprises du NASDAQ ayant subi une chute boursière entre mars 2000 et janvier 2003, nous mettons en évidence 55 cas de changements de PDG. Ceux-ci sont associés à la durée des fonctions du PDG, la proportion d’investisseurs institutionnels, la taille et le cumul de fonctions. (VA) This study examines the hypothesized relationship between certain characteristics of new econ-omy firms and their CEO and the decision to replace the latter following a performance decline. A sample of one hundred companies listed on the NASDAQ and showing a decline in their stock price during the bear market period from March 2000 to January 2003 brings out 55 CEO changes. The replacement decision is associated with the time a position is held, the proportion of institutional investors, the size of the firm and the number of mandates.

Suggested Citation

  • Alain Finet & Réal Labelle, 2004. "Les facteurs de changement des dirigeants:une étude empirique sur le NASDAQ," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 233-251, June.
    • Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:233-251
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    References listed on IDEAS

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    Cited by:

    1. Siala Bouaziz Souha & Jarboui Anis & David McMillan, 2016. "Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150407-115, December.
    2. Yves Mard & Sylvain Marsat, 2008. "Les stratégies comptables précédant un changement de dirigeant en France," Revue Finance Contrôle Stratégie, revues.org, vol. 11(4), pages 111-136, December.
    3. Yves Mard & Sylvain Marsat, 2008. "Accounting Policies preceding CEO Changes in France [Les stratégies comptables précédant un changement de dirigeant en France]," Post-Print hal-02156579, HAL.

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    More about this item

    Keywords

    changement de dirigeants; enracinement; NASDAQ; gouvernance; management turnover; manager entrenchment; NASDAQ; corporate governance.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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