Suchergebnisse

This paper studies determinants of CEO turnover in Russian privatised enterprises using data from a recent survey of 437 firms. Its main finding is an inverse relationship between past performance of firms (measured by labour productivity) and the probability of their CEO replacement. The paper also shows that insider ownership inhibits CEO turnover, while both state and private outside ownership are associated with higher turnover rates. Moreover, the greater the share of regional governments in company's equity, the stronger the performance-turnover relation-ship. The impact of board composition on CEO turnover is less pronounced. However, there is evidence that smaller boards strengthen the performance-turnover relationship. There is also evidence that CEO turnover is positively related to control changes as well as financial difficulties of companies. (Comparative Economic Studies / SWP)

Abstract
This paper uses firm-level survey data to study labor reallocation and firm growth in the transition countries over 1996–2005, including benchmarking against developed market economies. The data shows rapid growth of the new private sector and of the micro- and small-firm sectors, with the size distribution of firms moving towards the pattern observed in comparable surveys of developed market economies. Throughout, the regional patterns suggest greater convergence in the transition countries that joined the European Union in 2004 than in the other, lower-income transition economies. We also find evidence of Kuznet-Chenery type structural change across sectors.

JEL codes

L11, O12, P31.

This paper uses firm-level survey data to study labor reallocation and firm growth in the transition countries over 1996 - 2005, including benchmarking against developed market economies. The data shows rapid growth of the new private sector and of the micro- and small-firm sectors, with the size distribution of firms moving towards the pattern observed in comparable surveys of developed market economies. Throughout, the regional patterns suggest greater convergence in the transition countries that joined the European Union in 2004 than in the other, lower-income transition economies. We also find evidence of Kuznet-Chenery type structural change across sectors.