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CEO Turnover in Russian Corporations

Author

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  • Larisa Sh. KUDIN

    (Ural State University of Economics)

Abstract

The paper examines CEO turnover in Russian corporations, provides an overview of the relevant literature, describes the research method and presents empirical results. The methodological basis of the study is the theories of strategic and corporate management, principal-agent problem, etc. The literature review allows us to characterize the mechanisms of CEO turnover. The author distinguishes the factors behind CEO turnover, such as characteristics of the board of directors, business ownership structure, stock yield and managerial entrenchment. The information base of the study is RUSLANA database. The article uses a database formation technique that takes into account the results of previous research. An analysis of CEO turnover is founded on the following information: CEO appointment date, the number of positions that a top manager holds in different companies and whether they is the company’s owner. The paper conducts an empirical analysis of the characteristics of Russian corporations and their CEOs and determines the intensity of CEO turnover. It reveals that, over the past 10 years, nearly 18 percent of corporations in Russia have not changed their CEOs, which may exhibit the signs of managerial entrenchment.

Suggested Citation

  • Larisa Sh. KUDIN, 2018. "CEO Turnover in Russian Corporations," Upravlenets, Ural State University of Economics, vol. 9(5), pages 65-73, October.
    • Handle: RePEc:url:upravl:v:9:y:2018:i:5:p:65-73
    DOI: 10.29141/2073-1019-2018-9-5-7
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    References listed on IDEAS

    as
    1. Lixiong Guo & Ronald W. Masulis, 2015. "Board Structure and Monitoring: New Evidence from CEO Turnovers," The Review of Financial Studies, Society for Financial Studies, vol. 28(10), pages 2770-2811.
    2. Dirk Jenter & Katharina Lewellen, 2021. "Performance-Induced CEO Turnover [The “Wall Street Walk” and shareholder activism: Exit as a form of voice]," The Review of Financial Studies, Society for Financial Studies, vol. 34(2), pages 569-617.
    3. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    4. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    5. Kim, Yungsan, 1996. "Long-Term Firm Performance and Chief Executive Turnover: An Empirical Study of the Dynamics," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 12(2), pages 480-496, October.
    6. 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.
    7. Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, April.
    8. Denis, David J & Denis, Diane K, 1995. "Performance Changes Following Top Management Dismissals," Journal of Finance, American Finance Association, vol. 50(4), pages 1029-1057, September.
    9. 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.
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    More about this item

    Keywords

    CEO TURNOVER; MANAGERIAL ENTRENCHMENT; CORPORATION; CORPORATE GOVERNANCE; BOARD OF DIRECTORS; AGENCY PROBLEM;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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