Corporate Governance in Russian Companies
AbstractThe article studies the development of corporate governance in Russian companies in the contexts of both economic growth and world crisis. The interests of domestic or foreign shareholders and top managers work as incentives for improving corporate governance tools. These interests are determined by a number of economic and institutional conditions. In the 2000s, Russian businesses entered world financial markets (including stock exchanges) and mergers and acquisitions markets. The participation of foreign shareholders in equity and control of domestic companies has been growing. These trends have resulted in intense use of corporate governance standards under the impact of stock market regulations and the disciplined influence of foreign shareholders, managers, and nonexecutive (independent) directors. The crisis has dramatically reduced the decision-making horizon, discredited IPOs, violated minor shareholders' rights, and increased management opportunism and stockholders' return to executive management.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Problems of Economic Transition.
Volume (Year): 52 (2009)
Issue (Month): 6 (October)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106047
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- Alexander Radygin & Georgy Malginov, 2008. "Mixed Ownership in Corporative Sector: Evolution, Management, Regulation," Working Papers 0021, Gaidar Institute for Economic Policy, revised 2008.
- Naohito Abe & Ichiro Iwasaki, 2010.
"Organisational culture and corporate governance in Russia: a study of managerial turnover,"
Taylor & Francis Journals, vol. 22(4), pages 449-470.
- Abe, Naohito & Iwasaki, Ichiro, 2010. "Organizational Culture and Corporate Governance in Russia : A Study of Managerial Turnover," RRC Working Paper Series 21, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
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