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Journals / İşletme ve Ekonomi Araştırmaları Dergisi / 2016 / Cilt: 7 - Sayı: 2

Determining Factors on CEO Turnover and Its Impact on Financial Performance in Turkey

Türkiye'de CEO Değişimine Etki Eden Faktörler ve Değişiminin Finansal Performans Üzerindeki Etkisi

Mesut DOĞAN
Veysel AĞCA
Mete KARAYEL
Pages
15–28
Publication Date
2022-10-18
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

However, it was determined that CEO turnover adversely affects the companies' profitability

📌 3 Key Takeaways

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Objective & Hypothesis:The main responsibility of the CEO is to create and execute effective strategies that will achieve the goals and objectives determined in line with the company's vision and mission.The purpose of this study is to determine financial factors that determine CEO turnover and to determine the effects of CEO turnover on the financial performance of the firms traded in Istanbul Stock Exchange (BIST).
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Key Findings & Data:In the research, data from 136 firms trading in the BIST Manufacturing Industry Index between the dates 2004-2012 was used.
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Conclusion & Impact:However, it was determined that CEO turnover adversely affects the companies' profitability
🔬Design:Research Article
📍Scope:2004-2012 Verileri
⚙️Variables:Domain Parameters

Abstract

The main responsibility of the CEO is to create and execute effective strategies that will achieve the goals and objectives determined in line with the company's vision and mission.The purpose of this study is to determine financial factors that determine CEO turnover and to determine the effects of CEO turnover on the financial performance of the firms traded in Istanbul Stock Exchange (BIST). In the research, data from 136 firms trading in the BIST Manufacturing Industry Index between the dates 2004-2012 was used. In the empirical analysis, logistic regression method was used with the purpose of determining the factors causing CEO turnover. The paired t-test was used for determining the differences before and after the CEO turnover periods. At the end of the analysis; it was determined that reduction of accounting and market based performance indicators; increase of the debt burden, decrease of the sales and assets of BIST Manufacturing Industry Index firms increase the probability of CEO turnover. However, it was determined that CEO turnover adversely affects the companies' profitability

Özet

CEO'nun temel sorumluluğu; şirketin vizyon ve misyonu doğrultusunda belirlediği hedef ve amaçları başaracak etkili stratejiler oluşturmak ve uygulamaktır. Bu araştırmanın amacı Borsa İstanbul'da (BİST) işlem gören firmaların CEO değişimini belirleyen finansal faktörleri ve CEO değişimin finansal performans üzerindeki etkisini tespit etmektir. Araştırmada 2004-2012 yılları arasında BİST İmalat Sanayi Endeksi'nde işlem gören 136 firmanın verilerinden yararlanılmıştır. Ampirik analizlerde CEO değişimine neden olan faktörleri tespit etmek amacıyla lojistik regresyon yönteminden yararlanılmıştır. CEO değişimi öncesi ve sonrası dönemlerde finansal performanstaki farklılıkları belirlemek amacıyla Eşleştirilmiş (Paired) T-testi kullanılmıştır. Yapılan analizler sonucunda BIST İmalat Sanayi Endeksi firmalarının muhasebe ve piyasa temelli performans göstergelerinin azalması, borç yükünün artması, satışlarının ve varlıklarının azalması CEO değişimi ihtimalini artırdığı tespit edilmiştir. Bununla birlikte CEO değişiminin firmaların karlılıklarını olumsuz yönde etkilediği belirlenmiştir

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Cite This Article

DOĞAN, M., AĞCA, V., KARAYEL, M. (2022). Determining Factors on CEO Turnover and Its Impact on Financial Performance in Turkey. İşletme ve Ekonomi Araştırmaları Dergisi, Cilt: 7 - Sayı: 2, 15–28. https://ajindex.com/articles/556518

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