Journal of Guizhou University of Finance and Economics

›› 2018 ›› Issue (03): 64-71.

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The Research of the Relationship between SOE's Past Performance and CEO Forced Turnover under Multiple Situational Factors

WU Ming-xia1,2, XIE Yong-zhen1   

  1. 1. School of Management, Shandong University, Shandong Province, Jinan, Shandong 250010, China;
    2. Shandong University of Finance and Economics, Shandong Province, Jinan, Shandong 250014, China
  • Received:2018-01-05 Online:2018-05-15 Published:2018-05-22

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Abstract: Using comprehensive financial and accounting data on China's State-owned listed firms from 2007 to 2016, we estimate the relationship between past performance and CEO forced turnover in order to prove that China's State-owned listed firms have multiple goals. There is a significant negative relationship between past performance and CEO forced turnover in loss-making firms but no such relationship in profit-making firms. These results indicate State-owned enterprises' multiple goals have effects on the relationship between past performance and CEO forced turnover.

Key words: past performance, CEO forced turnover, state-owned enterprises' multiple goals, corporate governance efficiency

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