The Determinants of CEO Turnover: Evidence from France

Ali Dardour, R Bousaada, Sina Yekini, M Makhlouf

Research output: Contribution to journalArticlepeer-review


We investigate the effect of corporate performance, ownership structure and other governance mechanisms on CEO turnover. Based on data from 153 French listed firms between 2003 and 2012, we use logit estimation technique. Consistent with previous studies, we show that the fall of financial performance increases drastically the CEO turnover probability. In addition, we find differentiated direct and moderating effects, depending on the type of large shareholder involvement. However, the CEO pay cut does not influence the likelihood of CEO turnover.
Original languageEnglish
Article number6
Pages (from-to)29-55
Number of pages27
JournalRecherches en Sciences de Gestion - Management Sciences - Ciencias de Gestión
Publication statusPublished - 2018


  • Corporate performance
  • Governance mechanisms
  • CEO pay cut
  • CEO turnover

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