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Evolution of corporate governance in Russia: government policy vs. real incentives of economic agents

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  • Andrei Yakovlev

Abstract

This article is devoted to analysing the evolution of corporate governance mechanisms in Russia. Special attention is paid to the causes of dramatic discrepancies between the expected outputs of institutional reforms implemented by the Russian government with World Bank and IMF support and the actual behaviour of Russian companies. Why was the model of interaction between enterprises and investors, owners and managers, which had been successful in other countries, rejected by Russian business in the 1990s? And how can we evaluate certain positive changes that have occurred recently in corporate policies of major Russian companies? These questions are answered on the bases of analysis of economic agents' motivation at different stages of development of corporate structures in Russia. The article argues that the need for comprehensive organisational and technological restructuring of enterprises led to the need for a concentrated ownership structure. The formation of such a structure in the late 1990s (which occurred, in fact, contrary to the government's activities) created preconditions for extending the time horizon of dominant owners and managers and for positive qualitative changes in the relations between major Russian companies and their shareholders and investors.

Suggested Citation

  • Andrei Yakovlev, 2004. "Evolution of corporate governance in Russia: government policy vs. real incentives of economic agents," Post-Communist Economies, Taylor & Francis Journals, vol. 16(4), pages 387-403.
  • Handle: RePEc:taf:pocoec:v:16:y:2004:i:4:p:387-403
    DOI: 10.1080/1463137042000309520
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    References listed on IDEAS

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    1. Djankov, Simeon & Glaeser, Edward & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2003. "The new comparative economics," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 595-619, December.
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    Cited by:

    1. Nadia Vanteeva & Charles Hickson, 2016. "The Effect of State-Private Co-partnership System on Russian Industry," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 48(3), pages 333-356, May.
    2. Andreas Heinrich & Aleksandra Lis & Heiko Pleines, 2007. "Factors Influencing Corporate Governance in post-Socialist Companies: an Analytical Framework," William Davidson Institute Working Papers Series wp896, William Davidson Institute at the University of Michigan.
    3. Andrei Yakovlev & Yuri Simachev & Yuri Danilov, 2010. "The Russian corporation: patterns of behaviour during the crisis," Post-Communist Economies, Taylor & Francis Journals, vol. 22(2), pages 129-140.
    4. Dimiter IALNAZOV & Nikolay NENOVSKY, 2010. "The Evolution of Post-Communist Countries: An Interpretation from the Perspective of Cooperation," LEO Working Papers / DR LEO 1600, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    5. Avdasheva, Svetlana & Golikova, Victoria & Sugiura, Fumikazu & Yakovlev, Andrei, 2007. "External Relationship of Russian Corporations," Discussion Paper Series b37, Institute of Economic Research, Hitotsubashi University.
    6. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
    7. Dimiter Ialnazov & Nikolay Nenovsky, 2011. "A Game Theory Interpretation of the Post-Communist Evolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(1), pages 41-56.
    8. 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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