The impact of managers on the company financial performance: A study on BIST firms

This study investigates the effect of Chief Executive Officer (CEO) and Chief Financial Officer (CFO) change, which is important for businesses, on firm financial performance. In this research, the effect of the new manager who came after the CEO or CFO change of 73 companies traded in BIST on the financial performance of the company was examined. Paired t test is used to analyze whether there is a significant difference in firm financial performance between the three periods before the CEO or CFO change and the three periods after the change. In the measurement of financial performance, ROA, ROE, operating margin, net profit margin, growth in sales and receivables collection period financial indicators were used. In this context, as a result of the analysis made on the CEO, it was determined that the CEO who came after the change had a positive effect on the growth in sales and return on equity compared to the previous CEO. In the analysis made on the CFO, it was observed that the new CFO, who came after the change, had a positive effect on the company's operating profit margin.