Corporate Ownership and Managerial Turnover in China and Eastern Europe: A Comparative Meta-Analysis

In this paper, we perform a meta-analysis of 736 estimates extracted from 31 previous studies to compare China and Eastern Europe from the viewpoint of the relationship between corporate ownership and managerial turnover. Our results strongly suggest the presence of asymmetric circumstances between the two: Namely, in Eastern Europe, private outside investors and large shareholders exert a positive influence on managerial discipline of the companies they invest in, and the government is also actively involved in the corporate governance of state-owned enterprises. In contrast, the Chinese government and the Communist Party of China have such significant control over companies as corporate owners that private shareholders only have limited influence over top management. In this sense, Chinese firms are more likely than their East European counterparts to face a greater problem in corporate governance.Joint Usage and Research Center of the Institute of Economic Research, Hitotsubashi University (FY2018)Japan Center for Economic ResearchZengin Foundation for Studies on Economics and Finance29 , [17] p