Firm Performance and Managerial Turnover: The Case of Ukraine

Alexander Muravyev, Olga Bilyk and Bogdana Grechaniuk
Authors registered in the RePEc Author Service: Александр Муравьев

MPRA Paper from University Library of Munich, Germany

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.

Keywords: corporate governance; managerial labor market; transition; Ukraine (search for similar items in EconPapers)
JEL-codes: G34 J40 L29 (search for similar items in EconPapers)
Date: 2009-01
New Economics Papers: this item is included in nep-eff, nep-lab and nep-tra
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Related works:
Working Paper: Firm Performance and Managerial Turnover: The Case of Ukraine (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13685

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