Is corporate governance effective in Kazakhstan?

Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 61, University of Sheffield (Management), course: Accounting and Finance, language: English, abstract: 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