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Does Corporate Governance Reform Necessarily Boost Firm Performance? Recent Evidence from Russia

  • Mihails Kuznecovs

    ()

  • Sarmistha Pal

    ()

This paper examines whether and how introducing corporate governance measures like transparency-and-disclosure (T&D) rules can boost firm performance. It is argued that the success of corporate governance reforms not only depends on resolving the conflict of interest between the controlling and the minority owner, but also on whether the reforms initiate a conflict of interest between the state and the controlling owner. Using unique data from Russia for 1995-2007, we find that the introduction of corporate governance codes in Russia has boosted firm performance of both energy and non-energy sector firms in our sample. However, the introduction of transparency and disclosure rules has been met with limited success in the country as it triggers the conflict of interest between the state and the controlling owner.

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File URL: http://www.brunel.ac.uk/__data/assets/pdf_file/0009/342765/CEDI_11-06.pdf
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Paper provided by Centre for Economic Development and Institutions(CEDI), Brunel University in its series CEDI Discussion Paper Series with number 11-06.

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Length: 34 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:edb:cedidp:11-06
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  1. Yu, Fan, 2005. "Accounting transparency and the term structure of credit spreads," Journal of Financial Economics, Elsevier, vol. 75(1), pages 53-84, January.
  2. R.T.A. de Haas & H.M.M. Peeters, 2004. "Firms' dynamic adjustment to target capital structures in transition economies," WO Research Memoranda (discontinued) 761, Netherlands Central Bank, Research Department.
  3. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
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  9. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University.
  10. Bernard S. Black & Inessa Love & Andrei Rachinsky, 2005. "Corporate Governance and Firms' Market Values: Time Series Evidence from Russia," Working Papers w0053, Center for Economic and Financial Research (CEFIR).
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  12. Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
  13. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance And Equity Prices," The Quarterly Journal of Economics, MIT Press, vol. 118(1), pages 107-155, February.
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  15. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  16. Sergei Guriev & Olga Lazareva & Andrei Rachinsky & Sergei Tsukhlo, 2004. "Corporate Governance in Russian Industry," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 47(3), pages 6-83, July.
  17. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
  18. Katharina Pistor & Martin Raiser & Stanislav Gelfer, 2000. "Law and finance in transition economies," Working Papers 48, European Bank for Reconstruction and Development, Office of the Chief Economist.
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