The Effects Of Performance, Contractual Characteristics To Listed Companies CEO’s Turnover

In the background of the current economic system, with the gradual growth of company size, listed companies often make a separation management structure-separation of ownership and management rights in order to make a great development of the company. The occurrence of a listed company’s CEO turnover behavior will inevitably lead to significant changes for the company, no matters in terms of short-term business objectives and long-term development strategy. Due to the present stage of China’s economic system is not as well developed as western countries, therefore the factors that affecting Chinese CEO’s behavior is particularly important. Therefore this paper discusses the impact of the performance of listed companies and contractual characteristics for the CEO’s turnover.In this paper, the research mainly selected data from year 2007 to 2013 in Shenzhen and Shanghai Stock Exchange issued by all A-share listed companies. This paper makes a regression model to analyze the impact of the performance and the CEO’s personal characteristics for a listed company CEO turnover, focused on the following two questions:Firstly, if the performance of listed companies in China has a significant impact on CEO’s turnover; secondly, if contractual characteristics of China’s listed company CEO (including salary, shareholding, whether CEO duality, term limits) have a great effect on their turnover. This paper is divided into six parts as followed:The first part is the introduction of the article. This part mainly introduces the research background, and pointed out the purpose and significance of this paper, research methods in this paper.The second part of this paper is literature review. This part summarizes some major domestic and foreign scholars about listed companies performance and their contractual characteristics effecting on their turnover.The third part of the article is the theoretical analysis and research hypothesis. This part mainly analysis the contract theory, principal-agent theory, corporate governance theory, as described further herein proposed theoretical assumptions bedding. Also proposes the listed company CEO turnover behavior hypotheses.The fourth part is the research design of the article. This section describes the work before conducting empirical research article.The fifth part is empirical analysis and the results of this paper. This part is the most important part of this paper, mainly containing four aspects.This part describes descriptive statistical analysis of variables, correlation analysis, analysis of the empirical results, and robustness testThe sixth part is findings and recommendations of this article, as well as the limitations of this study.