Corporate governance and firm performance in Russia: an empirical study
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.
Volume (Year): 38 (2003)
Issue (Month): 4 (November)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/620401/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/journaldescription.cws_home/620401/bibliographic|
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.:
- 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.
- 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.
- 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.
- Jiahua Che & Yingyi Qian, 1998. "Insecure Property Rights and Government Ownership of Firms," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 467-496.
- 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.
- 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.
- 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.
- Band, David, 1992. "Corporate governance: Why agency theory is not enough," European Management Journal, Elsevier, vol. 10(4), pages 453-459, December.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:eee:worbus:v:38:y:2003:i:4:p:385-396. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.