Separation of Management and Control in SMEs from Emerging Markets: The Role of Institutions
Demand by growing ownerrun SMEs for specialized management knowledge is resolved primarily through the separation of ownership and control, using top management labor market and agency contracts. Under certain environmental institutional conditions, owners of Russian SMEs face difficulties separating ownership and control. Using a dataset of 500 companies from fast growing industries in St. Petersburg and Moscow, this study analyzes how various perceived characteristics of the institutional environment influence the probability of separation of ownership and control. Executive summary is available at pp. 27.
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