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Corporate control market: stages, specific features, regulation

Author

Listed:
  • Radygin Alexandr

    (Gaidar Institute for Economic Policy)

  • Apevalova Elena

    (RANEPA)

  • Polezhaeva Natalia

    (RANEPA)

Abstract

Russia’s market for mergers and acquisitions came into being in the early 1990s when mass privatization of state-owned property gained momentum. More specifically, it was not until after the Russian financial crisis of 1998 that mergers and friendly takeovers took place in Russia. Up until then there were ‘acquisitions through privatization’ that can be regarded as a primary manifestation of the initial stage of building a market for corporate control (from 1992 till the onset of the financial crisis of 1998). Reorganization proceeded privatization in 1/3 of cases, was coupled with privatization in 1/3 of cases and followed privatization in 1/3 of cases. Also, the practice of consolidating Russian assets through both M&A and outsider shareholding was adopted in the mid-1990s. In 1998, the equity of about 40% of surveyed enterprises was partially held by outside corporate shareholders, and more than 13% of those enterprises were integrated with suppliers or consumers.

Suggested Citation

  • Radygin Alexandr & Apevalova Elena & Polezhaeva Natalia, 2017. "Corporate control market: stages, specific features, regulation," Published Papers ppaper-2017-288, Gaidar Institute for Economic Policy, revised 2017.
    • Handle: RePEc:gai:ppaper:ppaper-2017-288
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    More about this item

    Keywords

    Russian economy; bankruptcy; public enterprises;
    All these keywords.

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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