Firm Performance and Managerial Turnover: The Case of Ukraine

37 Pages Posted: 2 Mar 2009

See all articles by Olga A. Bilyk

Olga A. Bilyk

affiliation not provided to SSRN

Bogdana Grechaniuk

Kyiv School of Economics

Alexander Muravyev

Saint Petersburg Branch National Research University Higher School of Economics; Institute for the Study of Labor (IZA)

Multiple version iconThere are 2 versions of this paper

Date Written: February, 28 2009

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 entrenchment 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

JEL Classification: G34, J40, L29

Suggested Citation

Bilyk, Olga A. and Grechaniuk, Bogdana and Muravyev, Alexander, Firm Performance and Managerial Turnover: The Case of Ukraine (February, 28 2009). Available at SSRN: https://ssrn.com/abstract=1350938 or http://dx.doi.org/10.2139/ssrn.1350938

Olga A. Bilyk

affiliation not provided to SSRN

Bogdana Grechaniuk

Kyiv School of Economics ( email )

vul. Yakira, 13, 3d floor, suite 334
Kyiv, 04119
Ukraine

Alexander Muravyev (Contact Author)

Saint Petersburg Branch National Research University Higher School of Economics ( email )

Kantemirovskaya str. 3a
St. Petersburg, 194000
Russia

HOME PAGE: http://https://www.hse.ru/en/org/persons/127811036

Institute for the Study of Labor (IZA) ( email )

Schaumburg-Lippe-Str. 5-9
Bonn, D-53113
Germany

HOME PAGE: http://www.iza.org/en/webcontent/index_html

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