IDEAS home Printed from https://ideas.repec.org/a/ags/polgne/356720.html
   My bibliography  Save this article

Rotacje zarządów polskich spółek publicznych w warunkach kryzysu gospodarczego

Author

Listed:
  • Urbanek, Piotr

Abstract

The paper examines selected aspects of management reshuffles in Poland’s exchange-listed companies. Specifically, the analysis focuses on the dismissal and appointment of chief executive officers by the companies’ supervisory boards in 2006-2009. The author identifies the possible causes for these changes. The research shows that company chairmen come and go. According to Urbanek, these reshuffles did not intensify after an economic crisis hit companies and their shareholders in 2008, leading to falling sales, lower profitability and a decreased market value. The frequency of management reshuffles at a time of crisis is similar to that observed under an economic boom, Urbanek says. He concludes that the form of ownership has a greater influence on staffing decisions made by supervisory boards than the company’s economic performance.

Suggested Citation

  • Urbanek, Piotr, 2010. "Rotacje zarządów polskich spółek publicznych w warunkach kryzysu gospodarczego," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2010(1-2), February.
    • Handle: RePEc:ags:polgne:356720
    DOI: 10.22004/ag.econ.356720
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/356720/files/Urbanek.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.356720?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Martin J. Conyon, 1998. "Directors' Pay and Turnover: An Application to a Sample of Large UK Firms," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 60(4), pages 485-507, November.
    2. Mark Kroll & Peter Wright & Leslie Toombs & Hadley Leavell, 1997. "Form Of Control: A Critical Determinant Of Acquisition Performance And Ceo Rewards," Strategic Management Journal, Wiley Blackwell, vol. 18(2), pages 85-96, February.
    3. Baysinger, Barry D & Butler, Henry N, 1985. "Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(1), pages 101-124, Spring.
    4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    5. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    6. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    7. Allgood, Sam & Farrell, Kathleen A, 2000. "The Effect of CEO Tenure on the Relation between Firm Performance and Turnover," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 373-390, Fall.
    8. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    9. repec:bla:obuest:v:60:y:1998:i:4:p:485-507:a is not listed on IDEAS
    10. Sam Allgood & Kathleen A. Farrell, 2000. "The Effect Of Ceo Tenure On The Relation Between Firm Performance And Turnover," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(3), pages 373-390, September.
    11. Peggy M. Lee & Erika Hayes James, 2007. "She'‐e‐os: gender effects and investor reactions to the announcements of top executive appointments," Strategic Management Journal, Wiley Blackwell, vol. 28(3), pages 227-241, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Piotr Urbanek, 2010. "Rotacje zarządów polskich spółek publicznych w warunkach kryzysu gospodarczego," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1-2, pages 19-34.
    2. Peter Wright & Mark Kroll, 2002. "Executive Discretion and Corporate Performance as Determinants of CEO Compensation, Contingent on External Monitoring Activities," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 6(3), pages 189-214, September.
    3. Thanida Chitnomrath & Robert Evans & Theo Christopher, 2011. "Corporate governance and post‐bankruptcy reorganisation performance," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 19(1), pages 50-67, May.
    4. Mamdouh Abdulaziz Saleh Al-Faryan, 2021. "The effect of board composition and managerial pay on Saudi firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 57(2), pages 693-758, August.
    5. Kennedy Mwengei B. Ombaba & David Kosgei, 2017. "Board Composition and Financial Distress of Listed Firms in Kenya. An Empirical Analysis," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 6(4), pages 1-4.
    6. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, July.
    7. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
    8. Muhammad Asif Joyo & Waqas Mahmood & Wajahutallh Khan, 2018. "Investigating The Stochastic Relationship Between Ownership And Firm Financial Performance: An Evidence From Listed Psx (Pakistan Stock Exchange) Sugar Companies Of Pakistan," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 14(1), pages 14-16.
    9. Etienne Redor & Magnus Blomkvist, 2021. "Do all inside and affiliated directors hold the same value for shareholders?," Economics Bulletin, AccessEcon, vol. 41(3), pages 882-895.
    10. Theodore Syriopoulos & Michael Tsatsaronis, 2012. "Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 1-30, June.
    11. Ferrell, Allen & Liang, Hao & Renneboog, Luc, 2016. "Socially responsible firms," Journal of Financial Economics, Elsevier, vol. 122(3), pages 585-606.
    12. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    13. Chiraz Ben Ali & Frederic Teulon, 2014. "CEO Monitoring and board effectiveness: Resolving CEO compensation issue," Working Papers 2014-45, Department of Research, Ipag Business School.
    14. Panagiotis Staikouras & Christos Staikouras & Maria-Eleni Agoraki, 2007. "The effect of board size and composition on European bank performance," European Journal of Law and Economics, Springer, vol. 23(1), pages 1-27, February.
    15. Yusuf, Fatima & Yousaf, Amna & Saeed, Abubakr, 2018. "Rethinking agency theory in developing countries: A case study of Pakistan," Accounting forum, Elsevier, vol. 42(4), pages 281-292.
    16. Sandvik, Jason, 2020. "Board monitoring, director connections, and credit quality☆," Journal of Corporate Finance, Elsevier, vol. 65(C).
    17. Martin Conyon & Annita Florou, 2002. "Top executive dismissal, ownership and corporate performance," Accounting and Business Research, Taylor & Francis Journals, vol. 32(4), pages 209-225.
    18. Theeravanich, Amnaj, 2013. "Director compensation in emerging markets: A case study of Thailand," Journal of Economics and Business, Elsevier, vol. 70(C), pages 71-91.
    19. Neeraj Gupta & Jitendra Mahakud, 2020. "CEO characteristics and bank performance: evidence from India," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 35(8), pages 1057-1093, August.
    20. Maug, Ernst, 1997. "Boards of directors and capital structure: Alternative forms of corporate restructuring," Journal of Corporate Finance, Elsevier, vol. 3(2), pages 113-139, April.

    More about this item

    Keywords

    Labor and Human Capital; Public Economics;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:polgne:356720. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/irsghpl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.