Firm Performance and Managerial Turnover: The Case of Ukraine

Alexander Muravyev (), Oleksandr Talavera (), Olga Bilyk and Bogdana Grechaniuk ()
Additional contact information
Alexander Muravyev: Higher School of Economics, St. Petersburg Branch
Olga Bilyk: Kyiv School of Economics
Bogdana Grechaniuk: Kyiv School of Economics
Authors registered in the RePEc Author Service: Александр Муравьев

No 4372, IZA Discussion Papers from Institute of Labor Economics (IZA)

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: Ukraine; managerial labor market; transition; corporate governance (search for similar items in EconPapers)
JEL-codes: G34 J40 L29 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2009-08
New Economics Papers: this item is included in nep-cfn, nep-lab and nep-tra
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Published - published in: Eastern European Economics, 2010, 48(2), 5-24

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Working Paper: Firm Performance and Managerial Turnover: The Case of Ukraine (2009)
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