Advanced Search
MyIDEAS: Login

After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry


Author Info

  • Earle, John S
  • Estrin, Saul


This paper analyses the ownership structure emerging from the Russian privatization process, using information from a sample survey of 439 state and privately-owned manufacturing companies conducted in July 1994, just after the voucher programme was completed. The Russian ownership structure calls for a new approach to the analysis of corporate control because of the presence of multiple types of owners pursuing conflicting objectives and facing different constraints, and because of the weakness of other corporate governance mechanisms in the Russian economy. We distinguish four important categories of owners: the state, workers, managers, and outside investors (of which we consider several types). Our empirical results include new findings on the distribution of ownership across these categories, on the implications of alternative privatization methods for ownership structure, on the incidence of non-voting and voting shares, and on the extent of concentration of ownership within groups (with a particular focus on outside blockholders). As potential determinants of the ownership structure, we investigate measures of the size, complexity, capital intensity, and industrial relations of firms, the impact of regulation and other state actions, and the heterogeneity of the firm’s productive activities and of its work-force. Finally, we examine the effects of ownership structure on enterprise performance, measured by labour productivity, several types of restructuring, and an overall index of restructuring activity. We find evidence of positive effects of private ownership on enterprise performance. The effects vary across types of private owners, however, with managerial and institutional investor ownership having the strongest and most robust impacts, the latter accounted for mostly by investment fund ownership, which has an impact estimated to be quite large in a number of specifications. Remarkably, the impact on performance of outsider blockholders appears to be strengthened in the instrumental variables (IV) estimates compared to the ordinary least squares (OLS) estimates, suggesting that the privatization process may have contained a negative selection bias with respect to ownership by outside investors.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1736.

as in new window
Date of creation: Dec 1997
Date of revision:
Handle: RePEc:cpr:ceprdp:1736

Contact details of provider:
Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820

Order Information:

Related research

Keywords: Corporate Governance; Privatization; Russia;

Find related papers by JEL classification:


No references listed on IDEAS
You can help add them by filling out this form.


Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.


This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:1736. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.