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Organisational culture and corporate governance in Russia: a study of managerial turnover


  • Naohito Abe
  • Ichiro Iwasaki


In 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.

Suggested Citation

  • Naohito Abe & Ichiro Iwasaki, 2010. "Organisational culture and corporate governance in Russia: a study of managerial turnover," Post-Communist Economies, Taylor & Francis Journals, vol. 22(4), pages 449-470.
  • Handle: RePEc:taf:pocoec:v:22:y:2010:i:4:p:449-470 DOI: 10.1080/14631377.2010.518455

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    References listed on IDEAS

    1. T. Dolgopiatova, 2009. "Corporate Governance in Russian Companies," Problems of Economic Transition, Taylor & Francis Journals, vol. 52(6), pages 76-92.
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    Cited by:

    1. Ichiro Iwasaki, 2013. "Firm-Level Determinants of Board System Choice: Evidence from Russia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 55(4), pages 636-671, December.
    2. repec:eee:ecosys:v:41:y:2017:i:1:p:26-40 is not listed on IDEAS
    3. Ichiro Iwasaki & Keiko Suganuma, 2015. "The impact of FDI and socio-cultural similarity on international trade: Poisson pseudo-maximum likelihood estimation of a Russian trade model," Economics Bulletin, AccessEcon, vol. 35(2), pages 1020-1033.
    4. 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.
    5. Dulyak, Yulia, 2015. "Empirical Analysis of the Boards of Directors’ Impact on the Corporate Performance of Russian Companies," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 126-148, February.

    More about this item

    JEL classification:

    • 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


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