TY  - RPRT
        AU  - Muravyev, Alexander
AU  - Talavera, Oleksandr
AU  - Bilyk, Olga
AU  - Grechaniuk, Bogdana
        TI  - Firm Performance and Managerial Turnover: The Case of Ukraine
        PY  - 2009/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 4372
        UR  - https://www.iza.org/publications/dp4372
        AB  - 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.
        KW  - Ukraine
KW  - managerial labor market
KW  - transition
KW  - corporate governance
        ER  -