Purpose - This paper investigates how past performance changes, prior CEO replacements and changes in the chairperson impact CEO turnover in public and large private businesses. Design/methodology/approach - We analyze 1,679 CEO replacements documented in a sample of 1,493 Spanish public and...

This paper examines the relationship between performance and CEO turnover in Spanish listed and large unlisted firms for the period 1998-2004. Following the Bover and Arellano (1997) approach, we carry out a dynamic binary choice model where the decision to replace a CEO includes lags of the...