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Corporate governance and firm performance in Russia: an empirical study

  • Judge, William Q.
  • Naoumova, Irina
  • Koutzevol, Nadejda
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    Using the agency and institutional perspectives, this study advances several hypotheses about the board structure-firm performance relationship within Russia. We tested these hypotheses using survey data. Despite a relatively small sample size, predictions from both theoretical perspectives were supported. Specifically, we found a negative relationship between "informal" CEO duality and firm performance. This finding is noteworthy given the 1996 Russian Federal law which prohibits the CEO from also serving as board chair. Also, we found that the more vigorously the firm pursues a retrenchment strategy, the more negative the relationship between proportion of inside directors and firm performance. Overall, these findings suggest that effective corporate governance may be essential to firm performance in Russia.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1090951603000579
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    Article provided by Elsevier in its journal Journal of World Business.

    Volume (Year): 38 (2003)
    Issue (Month): 4 (November)
    Pages: 385-396

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    Handle: RePEc:eee:worbus:v:38:y:2003:i:4:p:385-396
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    1. Gregory Maassen & Frans van den Bosch, 1999. "On the Supposed Independence of Two-tier Boards: formal structure and reality in the Netherlands," Corporate Governance: An International Review, Wiley Blackwell, vol. 7(1), pages 31-37, 01.
    2. Chris Mallin, 2000. "Developments in Corporate Governance in Central and Eastern Europe," Corporate Governance: An International Review, Wiley Blackwell, vol. 8(1), pages 43-51, 01.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    4. Dan R Dalton & Idalene F Kesner, 1987. "Composition and CEO Duality in Boards of Directors: An International Perspective," Journal of International Business Studies, Palgrave Macmillan, vol. 18(3), pages 33-42, September.
    5. James Gillies & Jaak Leimann & Rein Peterson, 2002. "Making a Successful Transition from a Command to a Market Economy: the lessons from Estonia," Corporate Governance: An International Review, Wiley Blackwell, vol. 10(3), pages 175-186, 07.
    6. Jiahua Che & Yingyi Qian, 1998. "Insecure Property Rights And Government Ownership Of Firms," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 467-496, May.
    7. Dawna L. Rhoades & Paula L. Rechner & Chamu Sundaramurthy, 2001. "A Meta-analysis of Board Leadership Structure and Financial Performance: are "two heads better than one"?," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(4), pages 311-319, October.
    8. Enrique Rueda-Sabater, 2000. "Corporate Governance: And the Bargaining Power of Developing Countries to Attract Foreign Investment," Corporate Governance: An International Review, Wiley Blackwell, vol. 8(2), pages 117-124, 04.
    9. Peter Clifford & Robert Evans, 1997. "Non-Executive Directors: A Question of Independence," Corporate Governance: An International Review, Wiley Blackwell, vol. 5(4), pages 224-231, October.
    10. Band, David, 1992. "Corporate governance: Why agency theory is not enough," European Management Journal, Elsevier, vol. 10(4), pages 453-459, December.
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