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取締役会構成とその内生性 : ロシア株式会社の実証分析, Endogenous board formation and its determinants in a transition economy: evidence from Russia

Author

Listed:
  • 岩﨑, 一郎
  • Iwasaki, Ichiro
  • イワサキ, イチロウ

Abstract

ロシア株式会社の典型的な取締役会は，執行役員と社外取締役の比率が均衡した適度に開放的な経営監督機関として特徴付けられる。しかし実際には，この統計的平均像に近い取締役会を組織する企業はむしろ少数派であり，社外取締役比率が極端に高いか，逆に経営陣が殆ど全ての役員ポストを占めるような取締役会を編成する企業が圧倒的に多数派である。取締役会構成のこうした分極化現象の背景には，経営陣と彼らに対峙する株主や社外取締役との熾烈な覇権争いがある。異なる企業統治機構の調和的な自己組織化によって会社経営の効果的な規律化を実現しうる先進諸国と較べて，深い相互不信の人間関係に依って立つロシアの企業システムは，明らかに会社当事者の時間とエネルギーを過剰に費消させる。この意味で，ロシアにおけるバーゲニング・モデルの際立った適合性は，体制転換の途上にある社会経済システムの未成熟さを反映するものである。

Suggested Citation

  • 岩﨑, 一郎 & Iwasaki, Ichiro & イワサキ, イチロウ, 2007. "取締役会構成とその内生性 : ロシア株式会社の実証分析, Endogenous board formation and its determinants in a transition economy: evidence from Russia," Discussion Paper Series a490_v2, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:a490_v2
    Note: 2007年1月（初稿）, 2007年8月（改訂稿）, First Draft: January 2007; This Version: August 2007
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/14613/DP490.pdf
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    More about this item

    Keywords

    Russia; board formation; endogeneity; agency theory; bargaining hypothesis;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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