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Economic transition, firm organisation and internal control: determinants of audit structure in Russian firms

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Author Info

  • Ichiro Iwasaki

    (University College London)

  • John van Reenen

    (University College London and Institute for Fiscal Studies)

  • Toby Wolfe

Abstract

With a unique dataset of joint-stock companies, this paper describes the corporate audit structure in Russia and empirically analyses its determinants. When compared to the international standard, Russian firms have a weak audit structure in terms of the independence and expertise of the board of auditors and the accounting auditor. We found that board composition, affiliation with a business group and presence of foreign investors are the most important factors determining the audit structure of Russian firms. The scope of the impact of these three factors, however, differed considerably. We also found that government ownership, company size, fund procurement activities and overseas advancement have significant effects on the corporate audit structure in Russia.

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Bibliographic Info

Paper provided by European Bank for Reconstruction and Development, Office of the Chief Economist in its series Working Papers with number 126.

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Length: 47 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:ebd:wpaper:126

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  1. Naohito Abe & Ichiro Iwasaki, 2010. "Organisational culture and corporate governance in Russia: a study of managerial turnover," Post-Communist Economies, Taylor & Francis Journals, vol. 22(4), pages 449-470.
  2. 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.
  3. Frye, Timothy M. & Iwasaki, Ichiro, 2011. "Government directors and business–state relations in Russia," European Journal of Political Economy, Elsevier, vol. 27(4), pages 642-658.
  4. S. Avdasheva, 2007. "Russian Holding Groups: New Empirical Evidence," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 50(5), pages 24-43, September.
  5. I. Iwasaki, 2007. "Legal Forms of Joint-Stock Companies and Corporate Behavior in Russia," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 50(5), pages 73-86, September.
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Cited by:
  1. Iwasaki, Ichiro, 2013. "Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience," RRC Working Paper Series 37, Russian Research Center, Institute of Economic Research, Hitotsubashi University.

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