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The Specificity of Boards of Directors in Russian Companies

Author

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  • Fiedorczuk Monika

    (University of Bialystok, Faculty of Economics and Management, 63 Warszawska St., 15-062 Bialystok, Poland)

Abstract

Purpose: The primary purpose of the article is to present the specificity of Russian boards of directors, critically analyze their main characteristics, and consider their relations to selected corporate governance mechanisms in Russia. Methodology: The article was prepared based on specialist literature, which pertains to the theoretical aspects of the boards of directors’ activity and the changes in the corporate governance system in Russia. The qualitative research on the boards of directors’ key characteristics in the Russian public companies was based on SPARK data. Findings: The central features of the boards of directors in the Russian companies depend on the key events in the Russian economy - such as financial and economic crises - changes in the companies’ ownership structure, including the participation of the state in ownership, as well as on their activity on the Russian and international financial market. Research limitations: Research limitations resulted mainly from the lack of access to all the data about the directors of the companies under examination, including their independence from or obligation to the state institutions. Originality: The research on the Russian joint-stock companies - that is, corporate governance in Russia with its mechanisms - is a relatively new issue in the Polish specialist literature. They may be an important trigger for comparative studies in the field of corporate governance in Central and Eastern European economies.

Suggested Citation

  • Fiedorczuk Monika, 2017. "The Specificity of Boards of Directors in Russian Companies," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 25(4), pages 96-118, December.
    • Handle: RePEc:vrs:jmbace:v:25:y:2017:i:4:p:96-118:n:5
    DOI: 10.7206/jmba.ce.2450-7814.209
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    References listed on IDEAS

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    2. Iwasaki, Ichiro, 2008. "The determinants of board composition in a transforming economy: Evidence from Russia," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 532-549, December.
    3. 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.
    4. Sprenger, C., 2010. "State Ownership in the Russian Economy. Part 1. Its Magnitude And Sectoral Distribution," Journal of the New Economic Association, New Economic Association, issue 6, pages 120-140.
    5. 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.
    6. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    7. Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008. "A Survey of Corporate Governance in Russia," Springer Books, in: Robert W. McGee (ed.), Corporate Governance in Transition Economies, chapter 32, pages 315-349, Springer.
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