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Corporate Governance and Control in Russian Banks

Author

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  • Andrei Vernikov

    (Higher School of Economics, Moscow:)

Abstract

The Working Paper employs the paradigm of new institutional economics to examine peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors' control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.

Suggested Citation

  • Andrei Vernikov, 2007. "Corporate Governance and Control in Russian Banks," UCL SSEES Economics and Business working paper series 78, UCL School of Slavonic and East European Studies (SSEES).
    • Handle: RePEc:see:wpaper:78
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    References listed on IDEAS

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    Cited by:

    1. Andrei Vernikov, 2013. "Does Corporate Governance Really Predict Firms’ Market Values in Emerging Markets? The Case of Russian Banks," HSE Working papers WP BRP 12/MAN/2013, National Research University Higher School of Economics.
    2. Vernikov, Andrei, 2009. "Импорт В Россию Институтов Корпоративного Управления И Их Мутация [Corporate governance intitutions in Russia: import and mutation]," MPRA Paper 15379, University Library of Munich, Germany.
    3. Yakovlev, Andrei, 2008. "State-business relations and improvement of corporate governance in Russia," BOFIT Discussion Papers 26/2008, Bank of Finland Institute for Emerging Economies (BOFIT).
    4. Yakovlev, Andrei, 2008. "State-business relations and improvement of corporate governance in Russia," BOFIT Discussion Papers 26/2008, Bank of Finland, Institute for Economies in Transition.
    5. Vassily Bokov & Andrei Vernikov, 2008. "Possible impact of corporate governance profile on a Russian bank valuation," UCL SSEES Economics and Business working paper series 95, UCL School of Slavonic and East European Studies (SSEES).

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    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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