Academics Research on Annual turnover

• Corporate performance, corporate takeovers, and managementturnover, Martin, K. J., & McConnell, J. J. (1991). Corporate performance, corporate takeovers, and management turnover.The Journal of Finance,46(2), 671-687. This paper examines the hypothesis that an important role of corporate takeovers is to discipline the top managers of poorly performing target firms. We document that the turnover rate for the top manager of target firms in tender offertakeovers significantly increases following completion of the takeover and that prior to the takeover these firms were significantly underperforming other firms in their industry as well as other target firms which had no posttakeover change in the top executive. We interpret the results to indicate that the takeover market plays an important role in controlling the nonvalue maximizing behavior of top corporate managers. 
• Home bias and highturnover, Tesar, L. L., & Werner, I. M. (1995). Home bias and high turnover.Journal of international Money and Finance,14(4), 467-492. This paper documents the available evidence on international portfolio investment in five OECD countries. We draw three conclusions from the data. First, there is strong evidence of a home bias in national investment portfolios despite the potential gains from international diversification. Second, the composition of the portfolio of foreign securities seems to reflect factors other than diversification of risk. Third, the high volume of cross-border capital flows and the high turnover rate on foreign equity investments relative to turnover on domestic equity markets suggests that variable transactions costs are an unlikely explanation for home bias. 
• What Does Fortune 500 Turnover Mean?, Stangler, D., & Arbesman, S. (2012). What Does Fortune 500 Turnover Mean?. In The Princess Bride, the lead kidnapper, Vizzini, dismisses missteps in his ill-fated scheme with a frustrated exclamation, Inconceivable! At length, his soft-spoken mercenary, Inigo Montoya, ventures: You keep using that word. I do not think it means what you think it means. An equivalent asymmetry in the world of economic analysis is the use of turnover on the Fortune 500 list. For years, many people have cited turnover and ostensibly rising turnover as a proxy for positive economic churn and rapid changes in the U.S. economy that are supposed to reflect underlying strengths in innovation and productivity. We find that, while annual turnover on the list has, on average, increased since the early 1980s, it doesnt quite mean what many people think it means. 
• Ownership structure and top executive turnover, Denis, D. J., Denis, D. K., & Sarin, A. (1997). Ownership structure and top executive turnover.Journal of financial economics,45(2), 193-221. We report that ownership structure significantly affects the likelihood of a change in top executive. Controlling for stock price performance, the probability of top executive turnover is negatively related to the ownership stake of officers and directors and positively related to the presence of an outside blockholder. In addition, the likehood of a change in top executive is significantly less sensitive to stock price performance in firms with higher managerial ownership. Finally, we document an unusually high rate of corporate control activity in the twelve months preceding top executive turnover. We conclude that ownership structure has an important influence on internal monitoring efforts and that this influence stems in part from the effect of ownership structure on external control threats. 
• Firm performance, corporate governance, and top executiveturnoverin Japan, Kang, J. K., & Shivdasani, A. (1995). Firm performance, corporate governance, and top executive turnover in Japan.Journal of financial economics,38(1), 29-58. We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outside succession in Japan is more likely for firms with large shareholders and a main bank relationship. We document performance improvements subsequent to nonroutine turnover and outside succession.