Board Formation and Its Endogeneity: An Empirical Study of Russian Firms
The statistically typical form of the board of directors in a Russian joint-stock corporation can be characterized as an open managerial supervisory body with a balanced membership of executive corporate officers and outsider directors. In reality, however, there are only a very limited number of Russian firms with this "average" type of corporate boards. The vast majority of Russian joint-stock corporations are either governed by a board of directors with an extremely high outsider directorship or completely dominated by insider directors. Behind this polarization in board composition lie heated struggles for supremacy among management, stockholders, and outsider directors. In stark contrast to corporate systems in developed countries, which ensure effective managerial discipline through the spontaneous systemization of a well-balanced corporate governance structure, those in Russia, which are entrenched by deep-seated mutual distrust between insiders and outsiders, tend to cause excessively time- and energy-consuming conflicts. In this sense, the distinctive adaptability of the bargaining model in transitional Russia reflects the underdevelopment of its social and economic system.
|Length:||36,  p.|
|Date of creation:||Apr 2007|
|Note:||First Draft April, 2007|
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