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Title:Firm performance and managerial turnover: the case of Ukraine PDF Logo
Authors:Muravyev, Alexander
Talavera, Oleksandr
Bilyk, Olga
Grechaniuk, Bogdana
Issue Date:2009
Series/Report no.:IZA Discussion Papers 4372
Abstract:The paper studies whether and how CEO turnover in Ukrainian firms is related to their performance. Based on a novel dataset covering Ukrainian joint stock companies in 2002-2006, the paper finds statistically significant negative association between the past performance of firms measured by return on sales and return on assets, and the likelihood of managerial turnover. While the strength of the turnover-performance relationship does not seem to depend on factors such as managerial ownership and supervisory board size, we do find significant entrenchments effects associated with ownership by managers. Overall, our analysis suggests that corporate governance in Ukraine operates with a certain degree of efficiency, despite the well-known lacunas in the country's institutional environment.
Subjects:Managerial labor market
corporate governance
transition
Ukraine
JEL:G34
J40
L29
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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