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Modern Russian corporate governance: convergent forces or product of Russia's history?

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  • Buck, Trevor
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    Abstract

    Does Russian corporate governance in the new millennium amount to a gradual evolution towards US-style corporate governance, or can it be expected to continue to reflect historical institutions and national culture? When multinationals complain about State interference in firms' strategies and operations, can this be a permanent state of affairs, or is the situation likely to change? After 1991, Russia, in the middle of a huge crisis, embarked on a program of mass privatization, ostensibly with a view to creating full, market-based corporate governance, with open information disclosure, and enterprise ownership by outside investors having no relationship with the firm other then through their shares. In practice, however, it has become clear that a very different pattern has emerged, especially in manufacturing industries with relational investors, including managers and employees, as well as banks and other firms linked horizontally or vertically, little share liquidity. There is continued hostility towards active western and other genuinely 'outside' investors, and persistently strong State influence. This paper argues that this outcome can only be understood in the context of business history.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of World Business.

    Volume (Year): 38 (2003)
    Issue (Month): 4 (November)
    Pages: 299-313

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    Handle: RePEc:eee:worbus:v:38:y:2003:i:4:p:299-313

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    Related research

    Keywords: Russian privatization Corporate governance Business history Convergence State control;

    References

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    1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
    2. McCarthy, Daniel & Puffer, Sheila, 2002. "Corporate Governance in Russia:: towards a European, US, or Russian Model?," European Management Journal, Elsevier, vol. 20(6), pages 630-640, December.
    3. McCarthy, Daniel J. & Puffer, Sheila M. & Naumov, Alexander I., 2000. "Russia's retreat to statization and the implications for business," Journal of World Business, Elsevier, vol. 35(3), pages 256-274.
    4. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
    5. Igor Filatotchev & Mike Wright & Michael Bleaney, 1999. "Privatization, insider control and managerial entrenchment in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(2), pages 481-504, July.
    6. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
    7. Susan J Linz, 1997. "Russian Firms in Transition: Champions, Challengers and Chaff*," Comparative Economic Studies, Palgrave Macmillan, vol. 39(2), pages 1-36, July.
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    Cited by:
    1. Melkumov, Dmitri, 2009. "Institutional background as a determinant of boards of directors' internal and external roles: The case of Russia," Journal of World Business, Elsevier, vol. 44(1), pages 94-103, January.
    2. Luo, Yadong & Sun, Jinyun & Wang, Stephanie Lu, 2011. "Comparative strategic management: An emergent field in international management," Journal of International Management, Elsevier, vol. 17(3), pages 190-200, September.
    3. Iwasaki, Ichiro, 2014. "Global financial crisis, corporate governance, and firm survival:," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 178-211.
    4. Lau, Chung-Ming & Fan, Dennis K.K. & Young, Michael N. & Wu, Shukun, 2007. "Corporate governance effectiveness during institutional transition," International Business Review, Elsevier, vol. 16(4), pages 425-448, August.
    5. Adegbite, Emmanuel & Amaeshi, Kenneth & Nakajima, Chizu, 2013. "Multiple influences on corporate governance practice in Nigeria: Agents, strategies and implications," International Business Review, Elsevier, vol. 22(3), pages 524-538.
    6. Puffer, Sheila M. & McCarthy, Daniel J., 2007. "Can Russia's state-managed, network capitalism be competitive?: Institutional pull versus institutional push," Journal of World Business, Elsevier, vol. 42(1), pages 1-13, March.
    7. McCarthy, Daniel J. & Puffer, Sheila M., 2003. "Corporate governance in Russia: a framework for analysis," Journal of World Business, Elsevier, vol. 38(4), pages 397-415, November.

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