Does corporate performance matter for the changes
Author : briana-ranney | Published Date : 2025-06-27
Description: Does corporate performance matter for the changes in the Boards and the dismissal of CEO Strategic oversight of boards in emerging capital market of Russia Irina Ivashkovskaya Anastasia Stepanova Anastasia Suchkova EIASM workshop on
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Transcript:Does corporate performance matter for the changes:
Does corporate performance matter for the changes in the Boards and the dismissal of CEO? Strategic oversight of boards in emerging capital market of Russia Irina Ivashkovskaya Anastasia Stepanova Anastasia Suchkova EIASM workshop on Corporate Governance, Brussels, 29 October 2015 Corporate Finance research Center Center for Fundamental Studies National Research University Higher School of Economics, Moscow Agenda Higher School of Economics , Moscow, 2015 Strategic Oversight of Boards BOARD ROLES CONFORMANCE Short term monitoring PERFORMANCE Long term focused Strategic advice Monitoring ability to implement strategic decisions Monitoring ability to lead strategic changes Financial architecture Ownership concentration State ownership Outside/inside boards CEO Human capital Aim and objectives 4 Higher School of Economics , Moscow, 2015 Research question: Does firm performance influence CEO turnover and the changes in the Board of directors in emerging markets? To develop the models of CEO turnover- performance and boards changes- performance To find the drivers which mitigate CEO turnover- performance and boards changes- performance in Russian corporations 5 Higher School of Economics , Moscow, 2015 Show HOW performance measures influence CEO turnover and BD changes in EMERGING capital market Conformance –performance trade-off in CG in EM Demonstrate the influence of corporate financial architecture on performance-turnover-changes Show the role of CEO characteristics in performance-turnover relations Contribution Higher School of Economics , Moscow, 2015 photo photo photo CEO Turnover-Performance: Measures Higher School of Economics , Moscow, 2015 photo photo photo Financial architecture and performance-CEO turnover relationship photo photo Human capital perspective Collection of resources (all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment) possessed individually Total capacity of the people that represents a form of wealth. 2 types of human capital: general and firm-specific (Becker, 1964) Higher School of Economics , Moscow, 2015 Higher School of Economics , Moscow, 2015 photo photo photo Board changes photo photo Hypotheses Higher School of Economics , Moscow, 2015 Higher School of Economics , Moscow, 2015 11 Variables Higher School of Economics , Moscow, 2015 Higher School of Economics , Moscow, 2015 12 Higher School of Economics , Moscow, 2015 Models Higher School of Economics , Moscow, 2015 13 Data Higher School of Economics , Moscow, 2015 65 Russian public companies 10 years period: 2005-2014 14 Results. CEO turnover * - significance at 1% level; ** - significance at 5% level; *** - significance at 10% level Higher School of Economics , Moscow, 2015 Higher School of Economics , Moscow, 2015
