CEO Turnover in Russian Companies

Student: Musinov Danila

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

In this paper we investigate the dynamics and determinants of CEO turnover events in Russia. The research is based on the unique data that contains observations of all turnover events of publicly traded companies, which were traded in the RTS/MICEX/MOEX for 21 years, from 1998 to 2018. The analysis reveals two patterns in the dynamics of turnover events, which are associated with the renewal of management. By conducting econometric analysis with probit models it is shown that favorable firm performance is negatively associated with turnover events. Nevertheless, this link is noticeable only after 2008. The analysis highlights that CEO ownership decreases the probability of turnover event, while the age of more than 65 years highly increases that probability. Finally, testing for structural breaks shows that the results vary over different periods.

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