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.
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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:
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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,"
WO Research Memoranda (discontinued)
761, Netherlands Central Bank, Research Department.
- R.T.A. de Haas & H.M.M. Peeters, 2004. "Firms' Dynamic Adjustment to Target Capital Structures in Transition Economies," Finance 0405014, EconWPA.
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