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Is Corporate Governance Effective in Ukraine?


  • Alexander Muravyev
  • Oleksandr Talavera
  • Olga Bilyk
  • Bogdana Grechaniuk


This paper studies whether and how chief executive officer turnover in Ukrainian firms is related to their performance. Based on a novel data set covering Ukrainian joint stock companies from 2002 to 2006, the paper finds a 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. Whereas the strength of the turnover-performance relationship does not seem to depend on factors such as managerial ownership and supervisory board size, we 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.

Suggested Citation

  • Alexander Muravyev & Oleksandr Talavera & Olga Bilyk & Bogdana Grechaniuk, 2010. "Is Corporate Governance Effective in Ukraine?," Eastern European Economics, Taylor & Francis Journals, vol. 48(2), pages 5-24, March.
  • Handle: RePEc:mes:eaeuec:v:48:y:2010:i:2:p:5-24

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    Cited by:

    1. Iwasaki, Ichiro & Ma, Xinxin & Mizobata, Satoshi, 2020. "Corporate ownership and managerial turnover in China and Eastern Europe: A comparative meta-analysis," Journal of Economics and Business, Elsevier, vol. 111(C).
    2. Horie, Norio & Kumo, Kazuhiro & 雲, 和広, 2019. "Socialist Legacies and Human Resource Management in European Transition Economies : An Analytical Survey," CEI Working Paper Series 2019-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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