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The Re-Emerging Role of the State in Contemporary Russia

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  • Nadia Vanteeva

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    Abstract

    I examine ownership structure of Russian firms during the 1998–2006 period, where a greater emphasis is placed on motivations behind increased government ownership in the latter years, when oligarchs’ opportunistic influence on the firm diminished as state ownership correspondingly increased. As this phenomenon is also correlated with improved corporate growth during the period, I argue that state participation in corporate governance acted as an effective substitute mechanism to constrain wealth-tunnelling behaviour of corporate insiders and local bureaucrats in a country defined by a weak property rights system. Copyright Springer-Verlag 2012

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    File URL: http://hdl.handle.net/10.1007/s11300-012-0227-5
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    Bibliographic Info

    Article provided by Springer in its journal Transition Studies Review.

    Volume (Year): 19 (2012)
    Issue (Month): 1 (September)
    Pages: 23-34

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    Handle: RePEc:spr:trstrv:v:19:y:2012:i:1:p:23-34

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    Related research

    Keywords: State co-ownership; Corporate governance; Russia; G32; P26; P27;

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    1. Carsten Sprenger, 2002. "Ownership and corporate governance in Russian industry: a survey," Working Papers 70, European Bank for Reconstruction and Development, Office of the Chief Economist.
    2. Andrzej Rapaczynski, 1996. "The Roles of the State and the Market in Establishing Property Rights," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 87-103, Spring.
    3. Kuznetsov, Pavel & Muravyev, Alexander, 2001. "Ownership Structure and Firm Performance in Russia: The Case of Blue Chips of the Stock Market," MPRA Paper 27231, University Library of Munich, Germany.
    4. Fox, Merritt & Heller, Michael, 2000. "Lesson from Fiascos in Russian Corporate Governance," Berkeley Olin Program in Law & Economics, Working Paper Series qt42z3f7z0, Berkeley Olin Program in Law & Economics.
    5. Puffer, Sheila M. & McCarthy, Daniel J., 2003. "The emergence of corporate governance in Russia," Journal of World Business, Elsevier, vol. 38(4), pages 284-298, November.
    6. Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 131-150, Winter.
    7. Sylvain Rossiaud & Catherine Locatelli, 2009. "The obstacles in the way of stabilising the Russian oil model," Post-Communist Economies, Taylor & Francis Journals, vol. 21(4), pages 425-438.
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