State Capture and Controlling Owners of Firms
AbstractHow does the effect “state capture” depend the identity of the captor? We use a dataset on preferential treatment of selected firms by regional legislature and regulatory agencies in transitional Russia to show that the most effective and the least benign captors are “federal oligarchs” i.e., the firms within groups that have representation in more than two regions. Preferential treatments given to the federal oligarchs bring them higher than average benefits in terms of performance boost. Other firms in the region suffer more from capture by the federal oligarchs than when capture is carried out by other firms. In contrast, firms that are controlled by large regional owners do not have a strong effect of preferential treatments on either their own performance or performance of other regional firms.
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Bibliographic InfoPaper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0044.
Length: 37 pages
Date of creation: Jun 2004
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Find related papers by JEL classification:
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
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