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Статья

Ownership concentration and Russian company development: Empirical evidence

Problems of Economic Transition. 2007. Vol. 50. No. 5. P. 7-24.

At the time of completion of mass privatization, practically all researchers characterized the shareholdings of Russian firms as dispersed and insiderowned. 1 In the post-privatization period and against the background of the concentration of ownership, the share capital of firms was redistributed from ordinary employees to managers and from work collectives to external owners.
Restrictions on the exercise of property rights under conditions of deep transformational decline and high inflation (nonliquidity of shares, absence of dividends, and also the removal of assets from the firm in the interests of managers or of a few owners) prompted shareholders to concentrate their holdings in order to obtain legitimate control over joint-stock companies.