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Tham khảo tài liệu 'organization and development of russian business a firm level analysis_3', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Corporate Governance and Managerial Turnover 123 called the great transformation and the degree of adaptation by its citizens to the new principles of life in a market economy. Although the empirical results are mixed many financial economists confirm the statistically significant impacts of the governance mechanism and corporate performance on managerial turnover in developed countries.1 As we will discuss later ernpiei cal evidence does exist concerning thedoserela-ionship between ownooship ttruefure and . enmever inRuoiia With regard to the impactvf sotpotaie performance on the diirnisral oP poor performing managarhje owever therearo only h hanOeu of pco eos supporting the empirical relation between the two elements Muravyev 2001 2003a 2003b Kapelyush ev Demen0 20R0 . Ar many eereeo rs Russian economy havepotaeed ouu tPa iuoignitieens venadOne aiioolaeion between bad performance and managed al inreover énRurrienhrmrai Pee to the obstinate rnanagesiei ontianchmontin the Uackgrhpnd ofsubsSan-tial insider ownership ah 0 rheelt a the mass-psiuatizaaion heiihu wenVy functioning internal corporate organr ynVdsoptarormaVenol osyrnmeiiy between rnanagernentand outsSUe iaseholRers iheeuahi 2000 . Pishough their arguments are cdnutaetag ieRtaasye PeyrooeieoooTm-ctranoSetma-tion and he current sohial drcumhlavceoln Ros sio into coytideiotíon bn feel that there is roomfor 1 deaaiieOreeoar ch oo th isthpic . In this chapter we Voiibesolo eho poos-e elrnpaclsof o vemeey SRl and corporate performance on mo-agari. s Rustlm fienrr. Anin Other chapters of this boo- eae utiiioa therosuite oi rhe joim s itn asihe basis for our empirical analysis. c . . o. - .rr . e From a rnethodolonlyd ehspeedvo Shis rtssdy is different from rnostuihi Vious work in that we deo i e witu ceo dismit sit Ret alto umn eso n- agerial turnover in a coenpanyat y whoSo aroumtagiOotTiffos ent oyper e0 shareholders may haeh disipoe osOs on tee removgl of peorly verfosms tag managers.2 We rharnonpaRmenS o0 .
