Abstract
CEO turnover, whether voluntary or forced, affects corporate decisions. This study investigates the relationship between voluntary CEO turnover and idiosyncratic return volatility, as well as the influence of online information on this relationship. We find that voluntary CEO turnover leads to higher idiosyncratic volatility, the volume and positive tone of online information can mitigate the positive effect, while negative tone fails to do so. Additional analysis shows that voluntary CEO turnover increases noise trading, whereas online information decreases noise trading, verifying the non-information view in China's stock market.
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