Existing tests of tournament theory have recently been criticized for their failure to distinguish tournaments from other theories that have similar effects like standards and marginal productivity theory (Gibbs, 1994, 1996; Prendergast, 1999). In this paper, we propose a series of empirical tests...

This paper analyses the causes of managerial change and the impact of different reforms on firm performance, using survey data from 300 Ukrainian firms. The main findings are: (i) Ownership and competition are linked to managerial change: de novo firms but also privatised firms experienced less...

This paper analyses the causes of managerial change and the impact of different reforms on firm performance, using survey data from 300 Ukrainian firms. The main findings are: 1) ownership and competition are linked to managerial change: de novo firms but also privatised firms experienced less...