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Turnover of Senior Managers in Russian Privatised Firms

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  • Alexander Muravyev

    ()
    (European University Institute, Florence.)

Abstract

This paper studies determinants of CEO turnover in Russian privatised enterprises using data from a recent survey of 437 firms. Its main finding is an inverse relationship between past performance of firms (measured by labour productivity) and the probability of their CEO replacement. The paper also shows that insider ownership inhibits CEO turnover, while both state and private outside ownership are associated with higher turnover rates. Moreover, the greater the share of regional governments in company's equity, the stronger the performance–turnover relationship. The impact of board composition on CEO turnover is less pronounced. However, there is evidence that smaller boards strengthen the performance–turnover relationship. There is also evidence that CEO turnover is positively related to control changes as well as financial difficulties of companies. Comparative Economic Studies (2003) 45, 148–172. doi:10.1057/palgrave.ces.8100008

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 45 (2003)
Issue (Month): 2 (June)
Pages: 148-172

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Handle: RePEc:pal:compes:v:45:y:2003:i:2:p:148-172

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Cited by:
  1. Muravyev, Alexander & Talavera, Oleksandr & Weir, Charlie, 2014. "Performance Effects of Appointing Other Firms' Executive Directors to Corporate Boards: An Analysis of UK Firms," IZA Discussion Papers 7962, Institute for the Study of Labor (IZA).
  2. Kato, Takao & Long, Cheryl, 2006. "CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 796-817, December.
  3. Kato, Takao & Long, Cheryl, 2006. "CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data," IZA Discussion Papers 1914, Institute for the Study of Labor (IZA).
  4. Berezinets, Irina & Ilina, Yulia & Muravyev, Alexander, 2011. "CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange," IZA Discussion Papers 6256, Institute for the Study of Labor (IZA).
  5. Kato, Takao & Long, Cheryl, 2008. "Tournaments and Managerial Incentives in China's Listed Firms: New Evidence," IZA Discussion Papers 3730, Institute for the Study of Labor (IZA).
  6. Muravyev, Alexander & Talavera, Oleksandr & Bilyk, Olga & Grechaniuk, Bogdana, 2009. "Firm Performance and Managerial Turnover: The Case of Ukraine," IZA Discussion Papers 4372, Institute for the Study of Labor (IZA).
  7. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, Wiley Blackwell, vol. 21(5), pages 849-902, December.
  8. Tran Thi, Que Giang, 2008. "The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam," Economics Papers from University Paris Dauphine, Paris Dauphine University 123456789/3860, Paris Dauphine University.
  9. Muravyev, Alexander, 2003. "Обновление Директорского Корпуса На Российских Приватизированных Предприятиях
    [Turnover of managers in Russian privatized ente
    ," MPRA Paper 27230, University Library of Munich, Germany.
  10. Sergey Solntsev, 2013. "Senior management labor market: from economic growth to crisis. The case of Russia," HSE Working papers, National Research University Higher School of Economics WP BRP 10/MAN/2013, National Research University Higher School of Economics.

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