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If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913

Author

Listed:
  • Christian Bayer

    (Universität Dortmund)

  • Carsten Burhop

    (Universität Münster)

Abstract

We analyze the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover are unrelated, wheras after the reform more succesfull managers leave firms more seldom. However, only short run performance matters.

Suggested Citation

  • Christian Bayer & Carsten Burhop, 2005. "If only I could sack you! Management turnover and performance in large German Banks between 1874 and 1913," Economic History 0502006, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpeh:0502006
    Note: Type of Document - pdf; pages: 9
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/eh/papers/0502/0502006.pdf
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    References listed on IDEAS

    as
    1. Kaplan, Steven N, 1994. "Top Executives, Turnover, and Firm Performance in Germany," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 10(1), pages 142-159, April.
    2. repec:bla:obuest:v:60:y:1998:i:4:p:485-507:a is not listed on IDEAS
    3. Franks, Julian & Mayer, Colin, 2001. "Ownership and Control of German Corporations," The Review of Financial Studies, Society for Financial Studies, vol. 14(4), pages 943-977.
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    6. Steven N. Kaplan, 1995. "Corporate governance and incentives in German companies: Evidence from top executive turnover and firm performance," European Financial Management, European Financial Management Association, vol. 1(1), pages 23-36, March.
    7. Christian Bayer & Carsten Burhop, 2008. "A Corporate Governance Reform as a Natural Experiment for Incentive Contracts," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 60(4), pages 378-399, October.
    8. Clifford G. Holderness & Randall S. Kroszner & Dennis P. Sheehan, 1999. "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression," Journal of Finance, American Finance Association, vol. 54(2), pages 435-469, April.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Management turnover; Performance; Banking; late 19th century Germany;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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