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State-business relations and improvement of corporate governance in Russia

  • Yakovlev, Andrei

    ()

    (BOFIT)

In this paper, we analyze the influence of the state on the improvement of corporate governance in Russia of the early 2000s. Taking into account the low quality of market institutions in the 1990s (i.e., the market failure phenomenon), we assume that state intervention as the “second best” institution had a positive impact in this case. Using a dataset of 822 joint-stock companies, we tested this hypothesis in two types of corporate models – state-owned or mixed firms and “politically connected” firms. The first model confirmed a strong positive influence of state ownership on the corporate governance in Russia in 2001-2004. The estimation results of this model are statistically robust in different specifications. We connect this result with attempts of the Russian government to use standard mechanisms and procedures of corporate governance to defend its property rights in its relations with state-owned and mixed enterprises.

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Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 26/2008.

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Length: 27 pages
Date of creation: 14 Dec 2008
Date of revision:
Handle: RePEc:hhs:bofitp:2008_026
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  1. Brian Pinto & Marek Belka & Stefan Krajewski, 1993. "Transforming State Enterprises in Poland: Evidence on Adjustment by Manufacturing Firms," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 213-270.
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  4. Jay Choi & Marcel Thum, 2009. "The economics of politically-connected firms," International Tax and Public Finance, Springer, vol. 16(5), pages 605-620, October.
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  7. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
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  13. Vernikov, Andrei, 2007. "Corporate governance and control in Russian banks," MPRA Paper 10028, University Library of Munich, Germany.
  14. Dilip Mookherjee & David McKenzie, 2001. "The Distributive Impact of Privatization in Latin America: Evidence from Four Countries," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-128, Boston University - Department of Economics, revised 2002.
  15. Perotti, Enrico, 2004. "State ownership - a residual role?," Policy Research Working Paper Series 3407, The World Bank.
  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. Irina Denisova & Markus Eller & Timothy Frye & Ekaterina Zhuravskaya, 2007. "Who Wants to Revise Privatization and Why? Evidence from 28 Post-Communist Countries," Working Papers w0105, Center for Economic and Financial Research (CEFIR).
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