Firm Performance and Managerial Turnover: The Case of Ukraine

32 Pages Posted: 15 Sep 2009

See all articles by Alexander Muravyev

Alexander Muravyev

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

Oleksandr Talavera

Swansea University - School of Management

Olga A. Bilyk

affiliation not provided to SSRN

Bogdana Grechaniuk

Kyiv School of Economics

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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

JEL Classification: G34, J40, L29

Suggested Citation

Muravyev, Alexander and Talavera, Oleksandr and Bilyk, Olga A. and Grechaniuk, Bogdana, Firm Performance and Managerial Turnover: The Case of Ukraine. IZA Discussion Paper No. 4372, Available at SSRN: https://ssrn.com/abstract=1472564

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

Oleksandr Talavera

Swansea University - School of Management ( email )

Haldane Building
Singleton Park
Swansea, SA2 8PP
United Kingdom

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

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