Interactive Effect Between Disciplinary Top Manager Turnover And Listed Companies' Performance

Under the sever competition of market, disciplinary top manager turnover is caused by the corporate governance. The paper is to study the relation between disciplinary top manager turnover and performance of listed companies, and examine how it influences the top managers.On the basis of related research, this paper discusses the effect of performance, board related characteristics, firm size, lever of capital debt, managers taking two jobs on disciplinary top manager turnover. According to listed companies'information, we redefine the disciplinary top manager turnover to match the situation of China, and collect a sample of disciplinary top manager turnover and a control sample as well.The paper chooses five indexes and establishes an empirical model, and the results is as follows: Firstly, there is a remarkable negative relationship between performance of companies and the disciplinary top manager turnover, and disciplinary top manager turnover could not enhance corporate performance in the long run; Secondly, performance enhancement one year after top manager turnover results from surplus management of the top manager; Thirdly, When the top manager is a member of board, the probability of his dismissal would be reduced; Fourthly, there is a remarkable negative relationship between firm size and the probability of disciplinary top manager turnover; Lastly, there is a remarkable positive relationship between lever of capital and the probability of disciplinary top manager turnover.According to the results, this paper gives some advices to strengthen the monitoring the top manager in the end.