Good News, Bad News and CEO Changes and Changes in Board of Directors

Accounting news have been studied from past until now in many articles and this issue has been considered from capital market and investors view in many researches, But effect of this news on top management changes has been studied in a few researches. Since accounting news can impact on board formation and also CEO chages, it can be a tool for consistency of managers. In this research we investigate the relationship between good or bad news and CEO changes and also changes in board of directors for a sample of 236 listed companies from 1387 to 1392 in Tehran Stock Exchange market. Our finding shows that when we use excess of ROA from rate of one year bank deposit as good news, there is no relationship between accounting news and changes in CEO and board of directors. Additionally we found that there is a significant positive relation between CEO changes and changes in board of directors. We found a significant negative relation between CEO changes and type of audit opinion too. Finally we found no relationship between changes in main stockholders and CEO changes and changes in board of directors.