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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

Suggested Citation

  • Alexander Muravyev, 2003. "Turnover of Senior Managers in Russian Privatised Firms," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 45(2), pages 148-172, June.
  • Handle: RePEc:pal:compes:v:45:y:2003:i:2:p:148-172
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    Citations

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    Cited by:

    1. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
    2. Alexander Muravyev & Oleksandr Talavera & Charlie Weir, 2016. "Performance effects of appointing other firms’ executive directors to corporate boards: an analysis of UK firms," Review of Quantitative Finance and Accounting, Springer, vol. 46(1), pages 25-45, January.
    3. Muravyev, Alexander & Berezinets, Irina & Ilina, Yulia, 2014. "The structure of corporate boards and private benefits of control: Evidence from the Russian stock exchange," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 247-261.
    4. Muravyev, Alexander & Bilyk, Olga & Grechaniuk, Bogdana, 2009. "Firm Performance and Managerial Turnover: The Case of Ukraine," MPRA Paper 13685, University Library of Munich, Germany.
    5. 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).
    6. 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.
    7. repec:dau:papers:123456789/3860 is not listed on IDEAS
    8. Sergey Solntsev, 2013. "Senior management labor market: from economic growth to crisis. The case of Russia," HSE Working papers WP BRP 10/MAN/2013, National Research University Higher School of Economics.
    9. Kato, Takao & Long, Cheryl, 2011. "Tournaments and managerial incentives in China's listed firms: New evidence," China Economic Review, Elsevier, vol. 22(1), pages 1-10, March.
    10. Muravyev, Alexander, 2003. "Обновление Директорского Корпуса На Российских Приватизированных Предприятиях
      [Turnover of managers in Russian privatized enterprises: A survey of evidence]
      ," MPRA Paper 27230, University Library of Munich, Germany.
    11. 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).
    12. Fan, Dennis K.K. & Lau, Chung-Ming & Young, Michael, 2007. "Is China's corporate governance beginning to come of age? The case of CEO turnover," Pacific-Basin Finance Journal, Elsevier, vol. 15(2), pages 105-120, April.

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