CEO Turnover in Times of Crisis

Student: Lyuleva Sofya

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2020

The paper investigates CEO turnover during financial crisis 2007-2009 in non-financial institutions. The primary goal of the research is to determine difference between the way certain CEO and firm characteristics affect probability of turnover during the crisis. The sample of 520 firms and 10 568 firm-quarters is used to estimate the model. It was found that turnover is more sensitive to market-adjusted performance during crisis. Moreover, chief executives who also hold the title of chairmen have smaller chance of being fired in crisis which could be explained by need of powerful leadership during uncertainty. Results are robust to choice of the model and crisis period.

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