Abstract
In this article, I examine CEO turnover and its relationship to firm performance in Japan by using a newly assembled longitudinal data set. The longitudinal data allow me to analyze the effect of long-run performance of individual executives on their turnover. I find that while contemporaneous poor sales growth and employment growth increase turnover probability, other contemporaneous firm performance measures are not significantly related to CEO turnover. On the other hand, the long-run performance measures of individual CEOs (the annualized average of cumulative performance as a CEO) are significantly related to turnover.J. Japan. Int. Econ.,March 1997,11(1), pp. 2–26. Faculty of Economics, Nagoya City University, Yamanohata, Mizuho-cho, Mizuho-ku, Nagoya 467, Japan
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