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| Tekijä: | Fidrmuc, J.P. Fidrmuc, J. |
| Otsikko: | Fire the manager to improve performance? |
| Lehti: | Economics of transition
2007 : VOL. 15:3, p. 505-533 |
| Asiasana: | corporate governance privatization managers incentives restructuring company performance transition economies Czech Republic |
| Vapaa asiasana: | managerial change |
| Kieli: | eng |
| Tiivistelmä: | In this study the authors show the consequences of the introduction of managerial incentives and new managers after privatization in the Czech Republic. The evaluation draws mainly upon a panel of 917 privatized Czech corporations. The results reveal that past firm performance does not have significantly effect on the probability of the managing director change. Privatization is not an adequate situation for improved performance and restructuring. The findings highlight the importance of institutional context, therefore managerial turnover improves performance only if the management is closely interconnected with the board of directors and holds executive authority over the firm. |
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