CEO retention, firm performance and corporate governance

John L. Fizel, Kenneth K.T. Louie

Research output: Contribution to journalArticlepeer-review

48 Scopus citations


This paper seeks to determine if CEO turnover is a function of firm performance, and therefore attempts to gauge the extent to which CEO interests are aligned with those of stockholders. The methodology in this paper focuses primarily on estimating the relationship between the probability of CEO exit and indices of firm performance and corporate governance structure. A major finding of the paper is that the accountability of CEOs to stockholders is significantly limited by CEO power, and CEO turnover is influenced more by internal governance structure than by firm profit or sales performance.

Original languageEnglish (US)
Pages (from-to)167-176
Number of pages10
JournalManagerial and Decision Economics
Issue number3
StatePublished - 1990

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation


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