Ayla Jafarzade
Undergraduate student in business administration · ADA University
Baku, Azerbaijan
Biography
Ayla Jafarzade is a third-year undergraduate student of business administration at ADA University in Baku, Azerbaijan, with interests in business and management. She led a group research project on the relationship between executive turnover and firm performance. She takes part in student organisations including the Erasmus Student Network, supporting international students during their stay in Azerbaijan, and will spend a semester at Bogazici University as an exchange student.
Publications with ICRR
This study explores how CEO turnover can affect short-term firm performance. Using a cross- sectional analysis, performance was measured using changes in return on assets (ROA), while CEO turnover is taken as a dummy variable. The study includes descriptive statistics, visual analysis, t-tests, correlation analysis, and Ordinary Least Squares (OLS) regression. Results show that firm performance differs across the sample and includes some extreme values. At the initial stage, companies that have had a change of CEO tend to show worse results. This observation is supported by the t-test results, which reveal a statistically significant difference in average performance between firms with and without CEO turnover. However, once other important factors, such as firm size, leverage, and industry type, are considered in the regression analysis, the effect of CEO turnover is no longer statistically significant. Additional diagnostic and robustness tests confirm stability of regression results. Overall, the findings suggest that CEO turnover does not have a significant impact on firm performance in the short run.