TY - UNPB
T1 - The Governance of Industrial Foundations
T2 - Executive and Director Turnover
AU - Børsting, Christa
AU - Kuhn, Johan
AU - Poulsen, Thomas
AU - Thomsen, Steen
N1 - Previous version of this paper was presented at a seminar held by Center for Corporate Governance, Copenhagen Business School, 1. December 2013
PY - 2014/6/2
Y1 - 2014/6/2
N2 - We study turnover among executives and directors in companies owned by Danish industrial foundations, which are held to be long term owners. Executives are members of the management board (direktionen), whereas directors a members of the supervisiory board (bestyrelsen). As expected, we find that both director and executive turnover is lower in foundation-owned companies. Foundation-owned companies are more likely to replace directors, but not executives, when performance is bad (negative profits). Thus, we find some evidence of long-termism in foundation-owned companies.
AB - We study turnover among executives and directors in companies owned by Danish industrial foundations, which are held to be long term owners. Executives are members of the management board (direktionen), whereas directors a members of the supervisiory board (bestyrelsen). As expected, we find that both director and executive turnover is lower in foundation-owned companies. Foundation-owned companies are more likely to replace directors, but not executives, when performance is bad (negative profits). Thus, we find some evidence of long-termism in foundation-owned companies.
M3 - Working paper
BT - The Governance of Industrial Foundations
PB - Center for Corporate Governance. Copenhagen Business School
CY - Frederiksberg
ER -