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State Ownership in the Russian Economy. Part 2. Governance Problems and Performance Effects

  • Sprenger, C.

    (State University - Higher School of Economics, Moscow, Russia)

This article discusses the objectives and challenges for corporate governance of SOEs in Russia, and provides an international perspective of the performance of SOEs as compared to privately owned companies. Recent trends in the policy and management of state property are described. The problems of corporate governance in Russia are described in an agency perspective, and survey evidence on corporate governance and transparency of Russian SOEs is provided. Particular attention is given to the legal construction of the state corporation. The final section on the performance effects of state ownership summarizes the key contributions in the international economic literature in this field.

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File URL: http://www.econorus.org/repec/journl/2010-7-90-110r.pdf
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Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): (2010)
Issue (Month): 7 ()
Pages: 90-110

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Handle: RePEc:nea:journl:y:2010:i:7:p:90-110
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  1. Berger, Allen N. & Clarke, George R.G. & Cull, Robert & Klapper, Leora & Udell, Gregory F., 2005. "Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2179-2221, August.
  2. Maria Guadalupe & Francisco Perez-Gonzalez, 2006. "The Impact of Product Market Competition on Private Benefits of Control," Hi-Stat Discussion Paper Series d05-159, Institute of Economic Research, Hitotsubashi University.
  3. Estrin, Saul & Hanousek, Jan & Kocenda, Evzen & Svejnar, Jan, 2009. "Effects of privatization and ownership in transition economies," Policy Research Working Paper Series 4811, The World Bank.
  4. Chernykh, Lucy, 2008. "Ultimate ownership and control in Russia," Journal of Financial Economics, Elsevier, vol. 88(1), pages 169-192, April.
  5. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  6. Chen, Gongmeng & Firth, Michael & Xu, Liping, 2009. "Does the type of ownership control matter? Evidence from China's listed companies," Journal of Banking & Finance, Elsevier, vol. 33(1), pages 171-181, January.
  7. Dinc, I. Serdar, 2005. "Politicians and banks: Political influences on government-owned banks in emerging markets," Journal of Financial Economics, Elsevier, vol. 77(2), pages 453-479, August.
  8. Alexei Karas & Koen Schoors & Laurent Weill, 2008. "Are private banks more efficient than public banks ? Evidence from Russia," Working Papers of LaRGE Research Center 2008-15, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  9. J. David Brown & John S. Earle & Almos Telegdy, 2005. "The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia, and Ukraine," Upjohn Working Papers and Journal Articles 05-121, W.E. Upjohn Institute for Employment Research.
  10. Bai, Chong-En & Lu, Jiangyong & Tao, Zhigang, 2009. "How does privatization work in China?," Journal of Comparative Economics, Elsevier, vol. 37(3), pages 453-470, September.
  11. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
  12. Kole, Stacey R & Mulherin, J Harold, 1997. "The Government as a Shareholder: A Case from the United States," Journal of Law and Economics, University of Chicago Press, vol. 40(1), pages 1-22, April.
  13. Eskil Goldeng & Leo A. Grünfeld & Gabriel R. G. Benito, 2008. "The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure," Journal of Management Studies, Wiley Blackwell, vol. 45(7), pages 1244-1273, November.
  14. 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.
  15. Djankov, Simeon & Murrell, Peter, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," CEPR Discussion Papers 3319, C.E.P.R. Discussion Papers.
  16. A. Murav' Ev, 2003. "Federal State Shareholdings in Russian Companies," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 46(8), pages 66-95, December.
  17. Ann P. Bartel & Ann E. Harrison, 2005. "Ownership Versus Environment: Disentangling the Sources of Public-Sector Inefficiency," The Review of Economics and Statistics, MIT Press, vol. 87(1), pages 135-147, February.
  18. Yakovlev, Andrei, 2008. "State-business relations and improvement of corporate governance in Russia," BOFIT Discussion Papers 26/2008, Bank of Finland, Institute for Economies in Transition.
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