Does Corporate Governance Reform Necessarily Boost Firm Performance? Recent Evidence from Russia
AbstractThis paper examines whether and how introducing corporate governance measures like transparency-and-disclosure (T&D) rules can boost firm performance. It is argued that the success of corporate governance reforms not only depends on resolving the conflict of interest between the controlling and the minority owner, but also on whether the reforms initiate a conflict of interest between the state and the controlling owner. Using unique data from Russia for 1995-2007, we find that the introduction of corporate governance codes in Russia has boosted firm performance of both energy and non-energy sector firms in our sample. However, the introduction of transparency and disclosure rules has been met with limited success in the country as it triggers the conflict of interest between the state and the controlling owner.
Download InfoIf 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.
Bibliographic InfoPaper provided by Centre for Economic Development and Institutions(CEDI), Brunel University in its series CEDI Discussion Paper Series with number 11-06.
Length: 34 pages
Date of creation: Apr 2011
Date of revision:
Contact details of provider:
Postal: CEDI, Brunel University,West London,UB8 3PH,United Kingdom
Phone: +44 (0)1895 266649
Fax: +44 (0)1895 266649
Web page: http://www.cedi.org.uk
More information through EDIRC
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-24 (All new papers)
- NEP-CIS-2011-05-24 (Confederation of Independent States)
- NEP-TRA-2011-05-24 (Transition Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- R.T.A. de Haas & H.M.M. Peeters, 2004.
"Firms' Dynamic Adjustment to Target Capital Structures in Transition Economies,"
- R.T.A. de Haas & H.M.M. Peeters, 2004. "Firms' dynamic adjustment to target capital structures in transition economies," WO Research Memoranda (discontinued) 761, Netherlands Central Bank, Research Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sarmistha Pal).
If references are entirely missing, you can add them using this form.