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The Russian corporation: patterns of behaviour during the crisis

Author

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  • Andrei Yakovlev
  • Yuri Simachev
  • Yuri Danilov

Abstract

This article considers the behaviour patterns of Russian firms before and during the financial crisis of 2008-09. To facilitate comparison, we define three main groups of actors at the firm level in the Russian economy - large, politically connected companies; medium-size firms that expanded in the 2000s with the help of administrative support, and successful medium-size firms driven by market factors. Many of the large companies practised highly risky financial policies and experienced a decrease in efficiency before the crisis, and the managers and owners of some Russian firms have been engaging in opportunistic behaviour during the crisis; the forms and causes of this behaviour are analysed here. We conclude by proposing some policy implications with emphasis on supporting successful medium-size firms driven by market factors.

Suggested Citation

  • 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.
  • Handle: RePEc:taf:pocoec:v:22:y:2010:i:2:p:129-140
    DOI: 10.1080/14631371003740555
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    References listed on IDEAS

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    1. Puffer, Sheila M. & McCarthy, Daniel J., 2003. "The emergence of corporate governance in Russia," Journal of World Business, Elsevier, vol. 38(4), pages 284-298, November.
    2. 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.
    3. Puffer, Sheila M. & McCarthy, Daniel J., 2007. "Can Russia's state-managed, network capitalism be competitive?: Institutional pull versus institutional push," Journal of World Business, Elsevier, vol. 42(1), pages 1-13, March.
    4. S. Aleksashenko., 2008. "Crisis-2008: Time to Set a Diagnosis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
    5. Wladimir Andreff, 2005. "Corporate Governance Structures in Postsocialist Economies: Toward a Central Eastern European Model of Corporate Governance?," Post-Print halshs-00270026, HAL.
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    Citations

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    Cited by:

    1. Yakovlev, Andrei & Govorun, Andrei, 2011. "Industrial Associations as a Channel of Business-Government Interactions in an Imperfect Institutional Environment: The Russian Case," IWH Discussion Papers 16/2011, Halle Institute for Economic Research (IWH).
    2. Sergey Solntsev, 2013. "Senior management labor market: from economic growth to crisis. The case of Russia," HSE Working papers WP BRP 10/MAN/2013, National Research University Higher School of Economics.
    3. Yakovlev, Andrei, 2011. "State-business relations in Russia in the 2000s: From the capture model to a variety of exchange models?," BOFIT Discussion Papers 10/2011, Bank of Finland, Institute for Economies in Transition.
    4. Andrei Yakovlev & Andrei Govorun, 2011. "Industrial Associations as a Channel of Business-Government Interactions in an Imperfect Institutional Environment: The Russian Case," UCL SSEES Economics and Business working paper series 116, UCL School of Slavonic and East European Studies (SSEES).
    5. Iwasaki, Ichiro, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    6. Ichiro Iwasaki, 2015. "Global Financial Crisis, Ownership Change, and Corporate Governance Evolution Firm-Level Evidence from Russia," KIER Working Papers 925, Kyoto University, Institute of Economic Research.

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