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...

Resolving the tension between theories E and O of change / Michael Beer & Nitin Nohria -- Purpose of change. Value maximization and the corporate objective function / Michael C. Jensen -- The puzzles and paradoxes of how living companies create wealth: why single-valued objective functions are...