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Antecedent and consequence factors of CEO turnover in Indonesia

机译：印度尼西亚首席执行官离职的前因和后果因素

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Purpose - The purpose of this paper is to examine the usefulness of accounting and market information when considering the issue of CEO turnovers in Indonesia. Design/methodology/approach - The samples used in this research were corporations identified to have undergone (routinely or non-routinely) top management turnovers (which in this case were President Directors). This study used samples from all corporations that experienced CEO turnover during the period of 1998-2006 and determined the accounting variables that were thought to explain the turnovers. Corporations that did not experience CEO turnovers throughout the observed period were used as the control group. The final samples for both data sources were decided after considering data availability and confounding effects within the period of observation and were tested by using the LOGIT (separately) model, due to the fact that the dependent variables used were binary variables: 1 for turnover and 0 for no-turnover. Findings - The overall results indicated that decreasing accounting and market performance within a company, in an average period of three years, encouraged CEO turnovers. Research limitations/implications - This paper did not take into account the wider reasons for turnovers, such as CEOs hitting pension age (retirement), death, or forced or voluntary turnovers, all of which in previous research were areas that showed considerable influence. In future research, it would be important to consider those characteristics, along with the personalities of the CEOs who left the firms and those who were brought in. Practical implications - Owners of firms have to be careful when making decisions to turnover CEOs because the action can generate significant reactions from the market. This market reaction, of course, is the factor that influences the prosperity of the company. Originality/value - This paper demonstrates that when accounting and market performance is good, the probability that the presiding CEO will not be fired is higher, and vice versa.
机译：目的-本文的目的是在考虑印度尼西亚CEO换岗问题时研究会计和市场信息的有用性。设计/方法/方法-本研究中使用的样本是经识别具有（经常或非常规）高层管理人员离职（在本例中为总裁）的公司。这项研究使用了1998年至2006年期间经历过CEO流动的所有公司的样本，并确定了被认为可以解释营业额的会计变量。在整个观察期间内未经历CEO更换的公司用作对照组。考虑到在观察期内的数据可用性和混杂效应，决定了这两个数据源的最终样本，并使用LOGIT（单独）模型进行了测试，原因是所使用的因变量是二元变量：1的营业额和0为无营业额。调查结果-总体结果表明，平均三年内，公司内部会计和市场绩效的下降会鼓励CEO的离职。研究的局限性/意义-本文没有考虑更替的更广泛原因，例如CEO达到退休年龄（退休），死亡，强迫或自愿离职等，而在先前的研究中所有这些都显示出相当大的影响力。在未来的研究中，重要的是要考虑到这些特征，以及离开公司和被引入公司的CEO的个性。实际意义-公司所有者在对离职CEO做出决策时必须小心谨慎会引起市场的重大反应。当然，这种市场反应是影响公司繁荣的因素。原创性/价值-本文证明，当会计和市场绩效良好时，首席执行官不会被解雇的可能性更高，反之亦然。

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