환대산업 CEO교체가 재무성과에 미치는 영향

다국어 초록 (Multilingual Abstract)

Because of the key economic role played by CEO, there is very interest in CEO turnover, and in the causes and consequences of managerial changes in particular. Therefore, CEO turnover has become a subject of widespread attention in the literature of management research. This paper investigated the change of financial performance following hospitality firm`s CEO turnover in Korea. In this study, 1,521 firms were used as the sample from 1996 to 2006. The author examined firms` financial performance, measured by OROA(operating return on assets) from year -3 to year ＋3 around CEO turnover. The results of the study were as follows: First, the performance of pre-turnover was low, that of post-turnover was improved up to year ＋2. Second, there were significantly difference in the change of performance between forced turnover and voluntary turnover. Third, OROA change-variable of pre-turnover have a negative effect on that of post-turnover, while debt ratio was observed on the positive effect with the statistical significance.

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