| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 95 === Top managers’ professionalism and inputs are very important and effect corporations’ operation. In order to find that how top managers’ turnover effects corporations’
operation and meanings. This study analyzes top managers’ turnover before 2004. In five years research period, only one time change accord with samples. This study divides top managers’ changes into three parts, and they are routine and non-routine exchange, internal and external succession, and high or low holding shares succeed. And uses average ROA changes, average ROE and average EPS to evaluate that how top managers’ turnover effects corporations’ operation.
The results show that different top managers’ changing reasons effects different corporations’ operation. For routine and non-routine, using average ROA changes, average ROE and average EPS to be performance indicators and the results show non-routine top managers’ changing is better than routine top managers’ changing in corporations’ operation. For routine top managers’ changing, corporations’ operation and policies does not change too much, so not effects corporations’ operation. For non-routine top managers’ changing, it selects more professionalism and more training well ones. So the new ones change corporations’ operation and policy. It causes changing of corporations’ operation. For internal and external succession, using average ROA changes, average ROE and average EPS to be performance indicators and the results show internal and external succession do not effects corporations’ operation. For high or low holding shares succeed, using average ROE to be performance indicator and the results show low holding shares succeed is better than high holding shares succeed in corporations’ operation. This result may be when low holding shares succeed, it concerns professional ability of low holding shares succeed. But the real reasons should be researched. The empirical results of this study connect with top managers’ turnover and corporations’ operation. It can be reference by future relative
research.
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