Ibadan Journal of the Social Sciences
Volume 7, No. 2, 2009
Pages 98-110

DOI: 10.36108/ijss/9002.70.0220

Firm Performance Around Announcements of Changes in Corporate Leadership: Evidence from Nigeria

Olatundun Janet Adelegan

Department of Economics, University of Ibadan, Nigeria



This study analyzes changes in firm performance around announcements of changes in the top management of corporate firms in Nigeria from 1997to 2005. Data was obtained from the Nigerian Stock i:xchange (NSE) and the Securities and Exchange Commission (SEC). The study covers all companies, drawn from all sectors, quoted on the first and second tiers of the Nigerian Capital Market that made changes in their board composition during the study period. The study concludes that a change in the top management of a company affects the organization’s performance.

Keywords: top management changes, firm performance, announcement effects


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