Succession Planning Versus Agency Theory : A Test of Harris and Helfat's Interpretation of Plurality Announcement Market Returns  

Oleh:

Davidson, Wallace N. ; Nemec, Carol ; Worrell, Dan L.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 22 no. 2 (2001), page 179-184.
Topik: PLANNING; agency costs; CEO succession; duality; succession planning

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In this note we respond to harris and helfat's (1998) reinterpretation of the results in worrell, nemec and davidson (1007). Harris and helfat argued that the negative stock market response associated with plurality announcements could be the result of inadequate corporate succession planning rather than with the agency cost explanation, Our results here, show that duality and plurality announcements do not hurt shareholder wealth as long as tere is an heir apparent and therefore are most consistent with the succession planning explanation than with agency theory.

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