Organisational culture and corporate governance in Russia: a study of managerial turnover
AbstractIn this article we investigate the possible impact of ownership structure and corporate performance on managerial turnover using a unique dataset of Russian corporations. We argue that Russia is regarded as a country with a highly authoritarian and collectivism-oriented national culture and this peculiarity is the key to disentangling the puzzle of the statistically weaker relationship between firm performance and CEO renewal in Russian firms. We deal not only with CEO dismissal but also managerial turnover within a company as a whole. By conducting multinomial analysis that incorporates both factors, we found a significant relationship between firm performance and CEO dismissal, while, consistent with most previous studies, a standard logit analysis of CEO turnover revealed no clear relationships. We also found that the presence of a dominant shareholder significantly increased the likelihood of turnover of the whole management team, while foreign ownership tended to cause partial (CEO only) turnover.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Post-Communist Economies.
Volume (Year): 22 (2010)
Issue (Month): 4 ()
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Other versions of this item:
- Abe, Naohito & Iwasaki, Ichiro, 2010. "Organizational Culture and Corporate Governance in Russia : A Study of Managerial Turnover," RRC Working Paper Series 21, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
- P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- T. Dolgopiatova, 2009. "Corporate Governance in Russian Companies," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 52(6), pages 76-92, October.
- Ichiro Iwasaki, 2013.
"Firm-Level Determinants of Board System Choice: Evidence from Russia,"
Comparative Economic Studies,
Palgrave Macmillan, vol. 55(4), pages 636-671, December.
- Iwasaki, Ichiro, 2013. "Firm-Level Determinants of Board System Choice: Evidence from Russia," RRC Working Paper Series 32, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- Ichiro Iwasaki & John van Reenen & Toby Wolfe, 2011. "Economic transition, firm organisation and internal control: determinants of audit structure in Russian firms," Working Papers 126, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Iwasaki, Ichiro & Suganuma, Keiko, 2013. "A Gravity Model of Russian Trade: The Role of Foreign Direct Investment and Socio-Cultural Similarity," RRC Working Paper Series 40, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
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