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Mass Layoffs and CEO Turnover

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Abstract

We investigate the relationship between layoff announcements and CEO turnover over a 31-year period. We find that layoffs significantly increase CEO turnover in the following year, and, in some time periods, CEO changes are strongly positively associated with layoff announcements two years earlier. We proceed to show how this relationship has changed over time, and offer several possible explanations. Finally, we find strong evidence that layoffs that are associated with negative stock price reactions are much more likely to lead to CEO turnover than those associated with positive stock price reactions, especially in the earlier years in our sample.

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2005-07-01

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executive compensation; executive turnover; pay and performance; stock price reactions

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Required Publisher Statement: Copyright by Wiley-Blackwell Publishing. Final article published as Billger, S. M. & Hallock, K. F. (2005). Mass layoffs and CEO turnover. Industrial Relations 44(3), 463-489.

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