Organisational culture and corporate governance in Russia: a study of managerial turnover
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.
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Volume (Year): 22 (2010)
Issue (Month): 4 ()
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- T. Dolgopiatova, 2009. "Corporate Governance in Russian Companies," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 52(6), pages 76-92, October.