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Concentration of Ownership in Russian Industry: Firm-Level Evolution

Author

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  • Dolgopyatova, T.

    (IIMS HSE, Moscow, Russia)

Abstract

The paper describes dynamics of ownership concentration in Russian manufacturing, and factors of the dynamics against the background of economic growth of 2000s. The first signs of stock ownership de-concentration in some companies during 2005–2009 were revealed. Empirical analysis of determinants of changes in concentration was implemented. Significant positive factors of this decline are companies’ entry to securities markets, their work in competitive environment, and share of foreign investors. Negative influence of propensity to future investments and of the share of Russian owners was also found out. The study is based on the data of two rounds of monitoring of about 1000 large and medium-sized companies conducted by the Institute for Industrial and Market Studies from HSE in 2005 and 2009. Binary and ordinal regression models were used.

Suggested Citation

  • Dolgopyatova, T., 2010. "Concentration of Ownership in Russian Industry: Firm-Level Evolution," Journal of the New Economic Association, New Economic Association, issue 8, pages 80-99.
  • Handle: RePEc:nea:journl:y:2010:i:8:p:80-99
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    File URL: http://www.econorus.org/repec/journl/2010-8-80-99r.pdf
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    References listed on IDEAS

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    1. Irena Grosfeld & Iraj Hashi, 2007. "Changes in Ownership Concentration in Mass Privatised Firms: evidence from Poland and the Czech Republic," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(4), pages 520-534, July.
    2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    3. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    4. repec:hrv:faseco:30747162 is not listed on IDEAS
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    Cited by:

    1. Sprenger, C., 2012. "Corporate Governance Russia: of First-order Importance," Journal of the New Economic Association, New Economic Association, vol. 13(1), pages 154-157.

    More about this item

    Keywords

    stock ownership; concentration of ownership; corporate control;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy

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