Changements de dirigeants et richesse des actionnaires:une analyse explicative multivariée

Abstract

This paper investigates French market reactions to announcements of top managers successions over the period 1988-1992. The impact is examined from two different perspectives:1) in relation to the type of the change (the predecessor's departure may be forced or not and the successor may be an insider or an outsider); 2) in relation to the context in which the succession takes place (this is examined through three main variables:the company's size, its performance, and the degree of homogeneity of its industrial sector). The methodology used is the multiple linear regression with interactive effects.top manager;succession;shareholder wealth;event study;performance.