Concentration of Ownership in Russian Industry: Firm-Level Evolution
AbstractThe paper describes dynamics of ownership concentration in Russian manufacturing, and factors of the dynamics against the background of economic growth of 2000s. The first signs of stock ownership de-concentration in some companies during 2005–2009 were revealed. Empirical analysis of determinants of changes in concentration was implemented. Significant positive factors of this decline are companies’ entry to securities markets, their work in competitive environment, and share of foreign investors. Negative influence of propensity to future investments and of the share of Russian owners was also found out. The study is based on the data of two rounds of monitoring of about 1000 large and medium-sized companies conducted by the Institute for Industrial and Market Studies from HSE in 2005 and 2009. Binary and ordinal regression models were used.
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Bibliographic InfoArticle provided by New Economic Association in its journal Journal of the New Economic Association.
Volume (Year): (2010)
Issue (Month): 8 ()
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stock ownership; concentration of ownership; corporate control;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
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