TY  - JOUR
AU  - Kaplan,Steven N.
TI  - Top Executives, Turnover and Firm Performance in Germany
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4416
PY  - 1993
Y2  - August 1993
UR  - http://www.nber.org/papers/w4416
L1  - http://www.nber.org/papers/w4416.pdf
N1  - Author contact info:
Steven N. Kaplan
Booth School of Business
The University of Chicago
5807 South Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-4513
Fax: 773/702-0458
E-Mail: steven.kaplan@chicagobooth.edu
AB  - This paper examines executive turnover -- both for management and supervisory boards - - and its relation to firm performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year -- implying that top executives in Germany have longer tenures than their counterparts in the U.S. and Japan. Turnover of the management board increases significantly with stock performance and particularly poor (i.e. negative) earnings, but is unrelated to sales growth and earnings growth. Turnover of the supervisory board is not consistently related to any measure of performance.
ER  -