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  • Обновление высшего менеджмента Российских промышленных предприятий: интенсивность, каналы пополнения, основные определяющие факторы

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Обновление высшего менеджмента Российских промышленных предприятий: интенсивность, каналы пополнения, основные определяющие факторы

Капелюшников Р. И., Демина Н. В.

Concentrated ownership and management turnover: the case of Russia

The paper provides new survey evidence on effects of the firm’s performance and ownership profile on management turnover and succession patterns in Russian industrial firms. On the basis of the Russian Economic Barometer panel data authors analyze changes in average tenure of top managers in the REB respondent enterprises over 90's, estimate probabilities of their replacement and assess shares of incumbents and non'incumbents among CEOs and Chairmen of the Board of Directors. The major econometric findings are that managers’ entrenchment is positively related to insider ownership and negatively to outsider ownership. Besides, a probability to be replaced is higher for poorly performed than for well performed top executives. As for succession patterns, «outside» appointments seem to be more likely in distressed companies and in companies dominated by outsiders while «inside» appointments seem to be more likely in well performed companies and in companies dominated by insiders. The main conclusion following from the study is that in spite of numerous built'in defects, the Russian system of corporate governance is doing what it h

Обновление высшего менеджмента Российских промышленных предприятий: интенсивность, каналы пополнения, основные определяющие факторы