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Firm-Level Determinants of Board System Choice: Evidence from Russia

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  • Iwasaki, Ichiro

Abstract

In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company executives for a collective management system is a key driver for the formation of a collective executive board, while outside investors are generally indifferent toward its adoption as a means to strengthening the monitoring and control functions over top management. We also found that Russian firms in the pursuit of the internationalization of their business activities tend to avoid the establishment of a collective executive board, which is a diverse corporate organ from the viewpoint of the international standard of corporate governance systems.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25472/1/RRC_WP_No32.pdf
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Bibliographic Info

Paper provided by Russian Research Center, Institute of Economic Research, Hitotsubashi University in its series RRC Working Paper Series with number 32.

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Length: 28, [7] p.
Date of creation: Feb 2013
Date of revision:
Handle: RePEc:hit:rrcwps:32

Note: This version: Feb, 2013
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Keywords: board system choice; executive board; corporate governance; strategic management; Russia;

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References

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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. Iwasaki, Ichiro, 2008. "The determinants of board composition in a transforming economy: Evidence from Russia," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 532-549, December.
  3. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
  4. Tor Eriksson & Erik Strøjer Madsen & Mogens Dilling-Hansen & Valdemar Smith, 2001. "Determinants of CEO and Board Turnover," Empirica, Springer, vol. 28(3), pages 243-257, September.
  5. 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.
  6. 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.
  7. Hans van Ees & Theo J.B.M. Postma & Elmer Sterken, 2003. "Board Characteristics and Corporate Performance in the Netherlands," Eastern Economic Journal, Eastern Economic Association, vol. 29(1), pages 41-58, Winter.
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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.
  2. Iwasaki, Ichiro, 2014. "Global financial crisis, corporate governance, and firm survival:," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 178-211.

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