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Does CEO Replacement at State-Owned Enterprises Matter? Evidence from the Polish Capital Market

Katarzyna Byrka-Kita, Mateusz Czerwinski (), Agnieszka Preś-Perepeczo and Tomasz Wiśniewski

Eastern European Economics, 2021, vol. 59, issue 2, 125-147

Abstract: This study examines market reaction to CEO appointments at state-owned enterprises (SOEs) listed on the Warsaw Stock Exchange between 2000 and 2015. We find evidence that the market reaction to CEO turnover at SOEs is nonmonotonic. A negative market reaction dominates in a short window, whereas a positive market response prevails in a long window. In addition, we observe a significant inverted U-shaped relationship between the level of state ownership and shareholder reaction. Shareholders prefer CEO replacements at SOEs whose financial results are poor. We report a negative impact on abnormal returns if the CEO is in the pre-transition generation.

Date: 2021
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DOI: 10.1080/00128775.2020.1856684

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Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:125-147