Is corporate governance effective in Kazakhstan?

Masterarbeit , 2013 , 52 Seiten , Note: 61

BWL - Unternehmensführung, Management, Organisation

The loud corporate failures have seriously shaken the public belief in modern corporate system and challenge the arguments of agency theorists. While modern corporate system in the developed economies has been built for centuries, the issues stemming of separation of ownership and control threaten to be-come considerable for post-transitional countries.

This dissertation aims is to assess the effectiveness of corporate governance mechanisms in Kazakhstan. Taking the agency perspective, the assessment is carried out by examining the management turnover – performance relationship in 73 Kazakh firms listed on Kazakhstan Stock Exchange for the period of 2011-2013. The negative association between past performance of firms and management turnover was found significant at borderline line of 5% level, which cannot be interpreted as evidence of strong relationship

Table of Contents

Abstract

Acknowledgements

Table of Contents

Appendices

1 Introduction

2 Literature review
2.1 The separation of ownership from control
2.2 The agency theory, market efficiency and management competition
2.3 The role of large shareholders and legal protection
2.4 Empirical research in the Developed and Emerging markets
2.5 Transitional economies
2.6 Summary
2.7 Hypothesis development

3 Methodology
3.1 Research design and data collection
3.2 Variables measurement
3.2.1 CEO turnover
3.2.2 Board size
3.2.3 Independent directors
3.2.4 CEO ownership
3.2.5 Performance measures
3.2.6 Firm size
3.2.7 Firm leverage
3.2.8 Model Specification
3.2.9 Summary

4 Results and Discussion
4.1 Descriptive statistics
4.2 Regression results
4.3 Limitations

5 Conclusions and recommendations

6 Personal learning and development

7 The list of references

8 Appendices

• Hochschule: University of Sheffield (Management)
• Veranstaltung: Accounting and Finance
• Note: 61
• Autor: Nurken Buralkiyev (Autor:in)
• Erscheinungsjahr: 2013
• Seiten: 52
• Katalognummer: V432232
• ISBN (eBook): 9783668748545
• ISBN (Buch): 9783668748552
• Sprache: Englisch
• Schlagworte: kazakhstan, KASE, corporate governance, management turnover, kz, kaz