Firm performance and managerial turnover: the case of Ukraine

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IZA Discussion Papers ; No. 4372

Classification and Topics

• Classification: Wirtschaft ; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance ; Particular Labor Markets: General ; Firm Objectives, Organization, and Behavior: Other
• Subject: Managerial labor market ; corporate governance ; transition ; Ukraine ; Führungskräfte ; Arbeitsmobilität ; Kündigung ; Unternehmensentwicklung ; Corporate Governance ; Ukraine

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Muravyev, Alexander ; Talavera, Oleksandr ; Bilyk, Olga ; Grechaniuk, Bogdana
• Event: Veröffentlichung
• (who): Institute for the Study of Labor (IZA)
• (where): Bonn
• (when): 2009

Further information

• Handle: http://hdl.handle.net/10419/36067
• Last update: 10.03.2025, 11:42 AM CET