Download or read book Corporate Performance, Corporate Governance, and Top Executive Turnover in Finland written by Benjamin Maury and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates how corporate governance forces and firm performance affect top executive turnover in Finnish listed companies. I document an increase in CEO, top management, and board turnover in response to poor stock price performance and operating income losses. The sensitivity of the relation between stock price performance and CEO turnover is significantly higher in firms with a two-tier board structure (when the CEO is not the Chairman), but significantly lower when the CEO or a board member is the controlling shareholder. These results suggest that both the ownership structure and the board design have implications for the disciplining of managers.