Key Executive Succession and Stockholder Wealth: The Influence of Successorys Origin, Position, and Age

Wallace N. Davidson; Dan L. Worrell; Tsz Wan Cheng

doi:10.1177/014920639001600309

Key Executive Succession and Stockholder Wealth: The Influence of Successorys Origin, Position, and Age

Wallace N. Davidson, Dan L. Worrell, Tsz Wan Cheng

Research output: Journal article publication › Journal article › Academic research › peer-review

70 Citations (Scopus)

Abstract

This study uses event time methodology to test the reaction of the stock market to announcements of the appointments of 367 key executive officers in a sample of 1986 Fortune 500 companies. We found significant, positive market reactions for the total top management sample. In addition, we found differences for successor's origin, position, and age at the time of appointment. The results highlight the importance of specifying the conditions under which succession will have its different effects.

Original language	English
Pages (from-to)	647-664
Number of pages	18
Journal	Journal of Management
Volume	16
Issue number	3
DOIs	https://doi.org/10.1177/014920639001600309
Publication status	Published - 1 Jan 1990
Externally published	Yes

ASJC Scopus subject areas

Finance
Strategy and Management

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10.1177/014920639001600309

Cite this

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Key Executive Succession and Stockholder Wealth: The Influence of Successorys Origin, Position, and Age

Abstract

ASJC Scopus subject areas

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