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Modern Russian corporate governance: convergent forces or product of Russia's history?

  • Buck, Trevor
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    Does Russian corporate governance in the new millennium amount to a gradual evolution towards US-style corporate governance, or can it be expected to continue to reflect historical institutions and national culture? When multinationals complain about State interference in firms' strategies and operations, can this be a permanent state of affairs, or is the situation likely to change? After 1991, Russia, in the middle of a huge crisis, embarked on a program of mass privatization, ostensibly with a view to creating full, market-based corporate governance, with open information disclosure, and enterprise ownership by outside investors having no relationship with the firm other then through their shares. In practice, however, it has become clear that a very different pattern has emerged, especially in manufacturing industries with relational investors, including managers and employees, as well as banks and other firms linked horizontally or vertically, little share liquidity. There is continued hostility towards active western and other genuinely 'outside' investors, and persistently strong State influence. This paper argues that this outcome can only be understood in the context of business history.

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    Article provided by Elsevier in its journal Journal of World Business.

    Volume (Year): 38 (2003)
    Issue (Month): 4 (November)
    Pages: 299-313

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    Handle: RePEc:eee:worbus:v:38:y:2003:i:4:p:299-313
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    1. Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
    2. Trevor Buck & Malcolm Tull, 2000. "Anglo-American Contributions to Japanese and German Corporate Governance after World War Two," Business History, Taylor & Francis Journals, vol. 42(2), pages 119-140.
    3. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
    4. Filatotchev, Igor & Wright, Mike & Buck, Trevor & Zhukov, Vladimir, 1999. "Corporate entrepreneurs and privatized firms in russia, ukraine, and belarus," Journal of Business Venturing, Elsevier, vol. 14(5-6), pages 475-492.
    5. Casson Mark, 1993. "Cultural Determinants of Economic Performance," Journal of Comparative Economics, Elsevier, vol. 17(2), pages 418-442, June.
    6. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
    7. McCarthy, Daniel & Puffer, Sheila, 2002. "Corporate Governance in Russia:: towards a European, US, or Russian Model?," European Management Journal, Elsevier, vol. 20(6), pages 630-640, December.
    8. McCarthy, Daniel J. & Puffer, Sheila M. & Naumov, Alexander I., 2000. "Russia's retreat to statization and the implications for business," Journal of World Business, Elsevier, vol. 35(3), pages 256-274.
    9. Igor Filatotchev & Mike Wright & Michael Bleaney, 1999. "Privatization, insider control and managerial entrenchment in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(2), pages 481-504, July.
    10. Susan J Linz, 1997. "Russian Firms in Transition: Champions, Challengers and Chaff*," Comparative Economic Studies, Palgrave Macmillan, vol. 39(2), pages 1-36, July.
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