Firm Performance and Managerial Turnover:The Case of Ukraine

The paper studies whether and how CEO turnover in Ukrainian firms is related to theirperformance. Based on a novel dataset covering Ukrainian joint stock companies in 2002-2006, the paper finds statistically significant negative association between the pastperformance of firms measured by return on sales and return on assets, and the likelihood ofmanagerial turnover. While the strength of the turnover-performance relationship does notseem to depend on factors such as managerial ownership and supervisory board size, we dofind significant entrenchments effects associated with ownership by managers. Overall, ouranalysis suggests that corporate governance in Ukraine operates with a certain degree ofefficiency, despite the well-known lacunas in the country’s institutional environment....

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Year of publication:	2009-08-01
Authors:	Muravyev, Alexander ; Talavera, Oleksandr ; Bilyk, Olʹga A. ; Grečanjuk, Bogdana V.
Institutions:	Institut zur Zukunft der Arbeit <Bonn>
Subject:	Corporate Governance \| Unternehmen \| Arbeitsmarkt \| Labour Market \| Übergang

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Extent:	233472 bytes 32 p. application/pdf
Series:	Institut zur Zukunft der Arbeit (IZA) - Discussion Paper IZA Discussion Paper No. 4372
Type of publication:	Book / Working Paper
Language:	English
Classification:	G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; J40 - Particular Labor Markets. General ; L29 - Firm Objectives, Organization, and Behavior. Other ; Management and organisation. Other aspects ; Ergonomic job analysis ; Individual Working Papers, Preprints ; Ukraine
Source:	USB Cologne (business full texts)