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Does CEO Replacement at State-Owned Enterprises Matter? Evidence from the Polish Capital Market

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  • Katarzyna Byrka-Kita
  • Mateusz Czerwiński
  • Agnieszka Preś-Perepeczo
  • Tomasz Wiśniewski

Abstract

This study examines market reaction to CEO appointments at state-owned enterprises (SOEs) listed on the Warsaw Stock Exchange between 2000 and 2015. We find evidence that the market reaction to CEO turnover at SOEs is nonmonotonic. A negative market reaction dominates in a short window, whereas a positive market response prevails in a long window. In addition, we observe a significant inverted U-shaped relationship between the level of state ownership and shareholder reaction. Shareholders prefer CEO replacements at SOEs whose financial results are poor. We report a negative impact on abnormal returns if the CEO is in the pre-transition generation.

Suggested Citation

  • Katarzyna Byrka-Kita & Mateusz Czerwiński & Agnieszka Preś-Perepeczo & Tomasz Wiśniewski, 2021. "Does CEO Replacement at State-Owned Enterprises Matter? Evidence from the Polish Capital Market," Eastern European Economics, Taylor & Francis Journals, vol. 59(2), pages 125-147, March.
    • Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:125-147
    DOI: 10.1080/00128775.2020.1856684
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    Cited by:

    1. Katarzyna Szarzec & Bartosz Totleben & Dawid Piątek, 2022. "Zróżnicowanie składów zarządów i rad nadzorczych polskich spółek akcyjnych," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 79-95.

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