Managerial Turnover in Russian Companies: the Role of State Ownership

Student: Taymazova Dzerassa

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2019

The paper, basing on the sample of 464 public Russian companies, examines the factors affecting the probability of managerial turnover. In particular, it explores the influence of the state participation in the company's share capital through its decomposition on direct and indirect state ownership. Regression analysis using binary models confirmed the hypothesis of the positive impact of the state ownership on the probability that the CEO will leave his post. There was also revealed the stable inverse relationship between the company's financial performance and top-executives’ replacement, which is a common result in the academic literature. In addition, the research showed that as the age of the CEO and his share stake increase, the probability of CEO dismissal decreases.

Full text (added May 16, 2019)

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