The Re-Emerging Role of the State in Contemporary Russia
AbstractI 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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Bibliographic InfoArticle provided by Springer in its journal Transition Studies Review.
Volume (Year): 19 (2012)
Issue (Month): 1 (September)
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Web page: http://www.springerlink.com/link.asp?id=112913
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
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
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- 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.
- 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.
- 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.
- 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.
- 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.
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