Zmiana na stanowisku prezesa zarządu na polskim rynku kapitałowym
Ceo Turnover in The Polish Capital Market

Summary/Abstract: The purpose of the research was to analyse the phenomenon of succession in the managing director position (CEO) in the Polish capital market in the context of such characteristics as education, association with the company, sectoral and functional experience, sex, as well as the characteristics of the succession and the size of the board. The researched population constituted the CEO’s appointments in public companies, whose shares were traded in the Warsaw Stock Exchange in 2000–2015. As a result of the literature review we identified that no such detailed analysis of the CEO successions has been performed in relation to the Polish capital market. A number of 1904 CEO appointments, including 886 new successions, are the basis for rejecting the hypothesis that the scale of the phenomenon has historically been a factor of less scientific interest in the issue among Polish researchers. Based on the analysis conducted within the descriptive statistics of the population, it can be noted that the characteristic of the Polish CEOs differs from the description of the “typical” CEO in other capital markets, which can be considered as a contribution to further research of the phenomenon. The results may influence decision-making processes in companies and lead to a better understanding of how the CEO appointment process can impact market value. The findings can be used by both the owners and supervisory boards. They may influence the decisions to appoint top executives and contribute to a better understanding of how a CEO appointment impacts shareholder value creation. The results also provide important guidelines for institutions that oversee the financial system and legislator in the context of the gender parity. The study covers a full economic cycle of the capital market, including the financial crisis and bubble periods and fills a research gap regarding developing markets in Central and Eastern Europe.

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