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The Features of the Determinants of Cash Holdings in Inn

Student: Alena Khaydukova

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2019

In this paper, we study how performance measures influence the CEO turnover rate in Russia. We use a sample of Russia public companies in 8 years period from 2010 to 2018. We find that factors difference between before crisis and after the crisis. CEO turnover in companies with large shareholder (50%) depends on both performance measures, before the crisis it was accounting-based measure and after the crisis is market-value measure. And one more find, that after a crisis these companies have started to pay attention to human characteristics of CEO, such as age, MBA. Companies with institutional shareholder have changed during this period just performance measure, from market capitalization to EBIT. This finding connected with changing trends in Russia because market capitalization is not stable. Companies with state participant haven’t changed during all period, it means, that targets of these companies were not connected with raise performance.

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