We empirically investigate whether target ratcheting increases before branch managers are changed. We also examine that the characteristics of branch managers such as gender and work experience affect the relationship between branch manager turnover and target ratcheting. Using 195 branch-year data of a securities company in Korea from 2015 to 2018, we perform ordinary least square regression and White-corrected regression analysis to test the research models. We find evidence that prior-year performance relative to target has significantly positive effect on increase in current year sales target. This test result implies that target ratcheting exists. We also find that the association between target change and performance is higher when previous performance falls short of target. These test results imply that the target ratcheting exists as well as the asymmetric pattern of target ratcheting occurs. In addition, we present evidence that the association between target changes and performance is significantly higher before branch managers are changed. Moreover, the effect of branch manager turnover on the association between target changes and performance is weaken when the branch manager is female. However, the effect of branch manager turnover on the relationship between target changes and performance is strengthen when the work experience of branch manager increases. These test results provide the new empirical evidence on the effect of manager turnover on target ratcheting. Furthermore, these test results present the characteristics of branch managers such as gender and work experience affecting the association between branch manager turnover and target ratcheting. Therefore, this study can not only provide new determinant of target ratcheting, but also present the moderating variables affecting the association between branch manager turnover and target ratcheting. Moreover, the study helps practitioners to understand the characteristics that affect the goal setting and to develop control mechanism in budgeting process.