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Firm Performance and Managerial Turnover: The Case of Ukraine

Author

Listed:
  • Bilyk Olga
  • Grechaniuk Bogdana
  • Murav'ev Aleksandr

Abstract

The paper studies whether and how CEO turnover in Ukrainian firms is related to their performance. Based on a novel dataset covering Ukrainian joint stock companies in 2002-2006, the paper finds 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. While the strength of the turnover-performance relationship does not seem to depend on factors such as managerial ownership and supervisory board size, we do find significant entrenchments 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. Our results are of particular interest in view of the ongoing changes in Ukrainian corporate law, and in particular, the recent enactment of Law on Joint-Stock Companies.

Suggested Citation

  • Bilyk Olga & Grechaniuk Bogdana & Murav'ev Aleksandr, 2009. "Firm Performance and Managerial Turnover: The Case of Ukraine," EERC Working Paper Series 09/04e, EERC Research Network, Russia and CIS.
    • Handle: RePEc:eer:wpalle:09/04e
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    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
    • L29 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Other

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