Do outside directors and new managers help improve firm performance ? An exploratory study in Russian privatization

  title={Do outside directors and new managers help improve firm performance ? An exploratory study in Russian privatization},
  author={Mike W. Penga and Trevor Buckb and Igor Filatotchevc},
  • Mike W. Penga, Trevor Buckb, Igor Filatotchevc
  • Published 2003
In the context of privatization and restructuring in Russia, we test two standard agency theory hypotheses, namely, (1) outside board members and (2) new managers are positively related to firm performance. Based on a survey of 314 privatized firms, the evidence offers little support for the hypotheses. Historically, results refuting theories have been launch pads for scientific progress. Our findings, therefore, raise interesting questions about whether the underlying theory is appropriate… CONTINUE READING
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