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State-business relations and improvement of corporate governance in Russia

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Author Info
Yakovlev, Andrei () (BOFIT)

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Abstract

In this paper, we analyze the influence of the state on the improvement of corporate governance in Russia of the early 2000s. Taking into account the low quality of market institutions in the 1990s (i.e., the market failure phenomenon), we assume that state intervention as the “second best” institution had a positive impact in this case. Using a dataset of 822 joint-stock companies, we tested this hypothesis in two types of corporate models – state-owned or mixed firms and “politically connected” firms. The first model confirmed a strong positive influence of state ownership on the corporate governance in Russia in 2001-2004. The estimation results of this model are statistically robust in different specifications. We connect this result with attempts of the Russian government to use standard mechanisms and procedures of corporate governance to defend its property rights in its relations with state-owned and mixed enterprises.

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Publisher Info
Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 26/2008.

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Length: 27 pages
Date of creation: 13 Jan 2009
Date of revision:
Handle: RePEc:hhs:bofitp:2008_026

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Related research
Keywords: corporate governance; market institutions; state-owned companies; Russia;

Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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References listed on IDEAS
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.:
  1. Vining, Aidan R & Boardman, Anthony E, 1992. " Ownership versus Competition: Efficiency in Public Enterprise," Public Choice, Springer, vol. 73(2), pages 205-39, March.
  2. Mara Faccio, 2006. "Politically Connected Firms," American Economic Review, American Economic Association, vol. 96(1), pages 369-386, March. [Downloadable!]
  3. Denisova, Irina & Eller, Markus & Frye, Timothy & Zhuravskaya, Ekaterina, 2007. "Who Wants to Revise Privatization and Why? Evidence from 28 Post-Communist Countries," CEPR Discussion Papers 6603, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. J. David Brown & John S. Earle & Almos Telegdy, 2005. "The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia, and Ukraine," Staff Working Papers 05-121, W.E. Upjohn Institute for Employment Research. [Downloadable!] (restricted)
    Other versions:
  5. Tian, Lihui & Estrin, Saul, 2008. "Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value?," Journal of Comparative Economics, Elsevier, vol. 36(1), pages 74-89, March. [Downloadable!] (restricted)
  6. Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007. "Why do countries matter so much for corporate governance?," Journal of Financial Economics, Elsevier, vol. 86(1), pages 1-39, October. [Downloadable!] (restricted)
    Other versions:
  7. Pohl, G. & Anderson, R.E. & Claessens, S. & Djankov, S., 1997. "Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options," Papers 368, World Bank - Technical Papers.
  8. Dilip Mookherjee & David McKenzie, 2001. "The Distributive Impact of Privatization in Latin America: Evidence from Four Countries," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-128, Boston University - Department of Economics, revised 2002. [Downloadable!]
  9. Andrei Yakovlev, 2004. "Evolution of corporate governance in Russia: government policy vs. real incentives of economic agents," Post-Communist Economies, Taylor and Francis Journals, vol. 16(4), pages 387-403, December. [Downloadable!] (restricted)
  10. Sergei Guriev & Olga Lazareva & Andrei Rachinsky & Sergei Tsukhlo, 2004. "Corporate Governance in Russian Industry," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 47(3), pages 6-83, July. [Downloadable!] (restricted)
  11. Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1993-1), pages 213-270. [Downloadable!]
  12. Jay Pil Choi & Marcel Thum, 2007. "The Economics of Politically Connected Firms," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  13. Vernikov, Andrei, 2007. "Corporate governance and control in Russian banks," MPRA Paper 10028, University Library of Munich, Germany. [Downloadable!]
  14. Perotti, Enrico, 2004. "State ownership - a residual role?," Policy Research Working Paper Series 3407, The World Bank. [Downloadable!]
  15. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June. [Downloadable!] (restricted)
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