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Dergiler / Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi / 2026 / Sayı: 60

THE EFFECT OF CEO CHANGE ON STOCK RETURN WITHIN THE PERSPECTIVE OF UPPER ECHELONS THEORY

Beste Altınçubuk(UFUK ÜNİVERSİTESİ, MESLEK YÜKSEKOKULU)0000-0002-0894-2372
Serkan Unal(UFUK ÜNİVERSİTESİ, MESLEK YÜKSEKOKULU)0000-0002-7060-979X
Sayfa
91–102
Yayın Tarihi
2024-01-17
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

According to the results obtained from the research; there is no statistically significant relationship between CEO change, CEO turnover frequency and CEO tenure and stock price performance.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:The Upper Echelons Theory states that the characteristics of individuals in top management have a significant impact on firm performance and strategies.
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Temel Bulgular & Veri:In line with this, in this study, the relationship between CEO change, frequency of CEO change, CEO tenure, and stock price performance has been examined.
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Sonuç & Katkı:According to the results obtained from the research; there is no statistically significant relationship between CEO change, CEO turnover frequency and CEO tenure and stock price performance.
🔬Tür:Araştırma Makalesi
📍Kapsam:2011-2021 Verileri
⚙️Değişkenler:CEO Değişimi · Hisse Getirisi · Borsa İstanbul

Özet

The Upper Echelons Theory states that the characteristics of individuals in top management have a significant impact on firm performance and strategies. In line with this, in this study, the relationship between CEO change, frequency of CEO change, CEO tenure, and stock price performance has been examined. In the research, the year of the CEO change and the stock performance in the following year were used as dependent variables. CEO change, the frequency of CEO change and the year the CEO spent in the same position were used as independent variables. In the research, the CEO position of the companies in the BIST100 index in the years 2011-2021 and the stock performance data in the years 2011-2022 were used. According to the results obtained from the research; there is no statistically significant relationship between CEO change, CEO turnover frequency and CEO tenure and stock price performance.

Abstract

The Upper Echelons Theory states that the characteristics of individuals in top management have a significant impact on firm performance and strategies. In line with this, in this study, the relationship between CEO change, frequency of CEO change, CEO tenure, and stock price performance has been examined. In the research, the year of the CEO change and the stock performance in the following year were used as dependent variables. CEO change, the frequency of CEO change and the year the CEO spent in the same position were used as independent variables. In the research, the CEO position of the companies in the BIST100 index in the years 2011-2021 and the stock performance data in the years 2011-2022 were used. According to the results obtained from the research; there is no statistically significant relationship between CEO change, CEO turnover frequency and CEO tenure and stock price performance.

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Bu Makaleye Atıf Yap

Altınçubuk, B., Unal, S. (2024). THE EFFECT OF CEO CHANGE ON STOCK RETURN WITHIN THE PERSPECTIVE OF UPPER ECHELONS THEORY. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı: 60, 91–102. https://doi.org/10.30794/pausbed.1353644

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