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Evolution of corporate governance in Russia: government policy vs. real incentives of economic agents

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  • Andrei Yakovlev

Abstract

This article is devoted to analysing the evolution of corporate governance mechanisms in Russia. Special attention is paid to the causes of dramatic discrepancies between the expected outputs of institutional reforms implemented by the Russian government with World Bank and IMF support and the actual behaviour of Russian companies. Why was the model of interaction between enterprises and investors, owners and managers, which had been successful in other countries, rejected by Russian business in the 1990s? And how can we evaluate certain positive changes that have occurred recently in corporate policies of major Russian companies? These questions are answered on the bases of analysis of economic agents' motivation at different stages of development of corporate structures in Russia. The article argues that the need for comprehensive organisational and technological restructuring of enterprises led to the need for a concentrated ownership structure. The formation of such a structure in the late 1990s (which occurred, in fact, contrary to the government's activities) created preconditions for extending the time horizon of dominant owners and managers and for positive qualitative changes in the relations between major Russian companies and their shareholders and investors.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/1463137042000309520
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

Volume (Year): 16 (2004)
Issue (Month): 4 ()
Pages: 387-403

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Handle: RePEc:taf:pocoec:v:16:y:2004:i:4:p:387-403

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Cited by:
  1. Yakovlev, Andrei, 2008. "State-business relations and improvement of corporate governance in Russia," BOFIT Discussion Papers 26/2008, Bank of Finland, Institute for Economies in Transition.
  2. Dimiter Ialnazov & Nikolay Nenovsky, 2011. "A Game Theory Interpretation of the Post-Communist Evolution," Journal of Economic Issues, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 45(1), pages 41-56, March.
  3. Andreas Heinrich & Aleksandra Lis & Heiko Pleines, 2007. "Factors Influencing Corporate Governance in post-Socialist Companies: an Analytical Framework," William Davidson Institute Working Papers Series wp896, William Davidson Institute at the University of Michigan.
  4. Avdasheva, Svetlana & Golikova, Victoria & Sugiura, Fumikazu & Yakovlev, Andrei, 2007. "External Relationship of Russian Corporations," Discussion Paper Series, Institute of Economic Research, Hitotsubashi University b37, Institute of Economic Research, Hitotsubashi University.
  5. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.

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