CEO’ turnover justifications: a study in Brazilian public companies with pension funds as shareholders
DOI:
https://doi.org/10.11606/rco.v11i30.134430Keywords:
CEO. Turnover. Justifications. Pension Funds.Abstract
The article provides the justifications for CEO´s turnover in Brazilian public (listed) companies from 2010 to 2014, and it measures the disclosure intensity of these justifications. An index in two dimensions for justification ‘voluntary and forced’ was proposed according to Parrino (1997). The index reliability was measured by KR-20 test. The sample covered 65 Brazilian public companies which have at least one pension fund as shareholder. Content analysis was applied to identify the CEO´s turnover justifications. Corroborating Kaplan and Minton (2012), the results for Brazilian companies presented a growing trend towards turnover for cases of unsatisfactory performance. The CEOs´ turnover occurred predominantly in companies in which the shareholder was a pension funds from State-owned companies. The main justifications disclosed by specialized press were ‘Unsatisfactory Performance’ and ‘act exclusively as board member’ (do not accumulate executive positions).
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