Perceived control and performance in Russian privatized enterprises: Western implications
In a detailed study of 20 newly-privatized Russian enterprises, Igor Gurkov and Shlomo Maital ask two important questions concerning ownership and performance. First, who really controls the newly-privatized enterprises and who is generally thought to control them - are they the same? Second, what is the relationship between the type of control - in particular, does one form of control lead to superior performance?
The authors find that, for nearly half of the firms, managers were perceived to be the real owners and controllers. But this perception is not borne out by reality. In all of the 20 companies surveyed, across a variety of industries, 51 per cent or more of the stock was found to be distributed among the employees. The implications of this situation for Western firms seeking partners with Russian privatized enterprises is spelled out.
The review provides a detailed analysis of main trends in Russia's economy in 2013. The paper contains 6 big sections that highlight single aspects of Russia's economic development: the socio-political context; the monetary and credit spheres; financial sphere; the real sector; social sphere; institutional challenges. The paper employs a huge mass of statistical data that forms the basis of original computation and numerous charts.
This article is intended to summarize the key works on Quality Management in order to obtain a unified theoretical basis. Applicability to Russian companies is discussed. Differences between the classic quality paradigm and the TQM ideas are focused and studied thoroughly. Basing on the most recognized works of Crosby, Juran and Deming, the history of Quality Management ideas development is shown. Mechanisms of impact of implemented quality management systems on company results are shown, since it is required in order to perform an empirical study of quality management effectiveness. Also several aims for empirical studies are proposed. Possibility of Quality Management implementation for Russian companies is also discussed.
Few economic events have caused such controversy as the privatization process in Russia. Some see it as the foundation of political and economic freedom. For others it was economics gone wrong, and ended in "Russians stealing money from their own country". As Russia reasserts itself, and its new brand of capitalism, it is ever more important that policy makers and scholars understand the roots of the economic structure and governance of that country; what was decided, who made the decisions and why, what actually transpired, and what implications this has for the future of Russia.
This work, written by two senior advisors to the Russian government, has unique access to documentation, tracking the decision making process in the Russian Mass Privatization process. By close reference to events, and supplemented by interviews with many of the key participants, it shows that the policies adopted were often influenced and shaped by different forces than those cited by current popular accounts. The book challenges the interpretation of Russian privatization by some of the West’s most eminent economists. It underlines that economists of all schools, who bring assumptions from the West to the analysis of Russia, may reach false or misleading conclusions. It is an essential guide for anyone interested in Russian economic reform, and anyone who seeks to understand this enigmatic country, and its actions today.
This book is about twenty-year's experience of privatization in different countries including Russia. The book also includes sestematozation of academic views at the problems of state failures and effectiveness of the state owership.
We review the transition of the Russian banking sector focusing on the interplay between ownership change and institutional change. We find that the state's withdrawal from commercial banking has been inconsistent and limited in scope. To this day, core banks have yet to be privatized and the state has made a comeback as owner of the dominant market participants. We also look at the new institutions imported into Russia to regulate banking and finance, including rule of law, competition, deposit insurance, confidentiality, bankruptcy, and corporate governance. The unfortunate combination of this new institutional overlay and traditional local norms of behavior have brought Russia to an impasse - the banking sector's ownership structure hinders further advancement of market institutions. Indeed, we may now be witnessing is a retreat from the original market-based goals of transition.
Polish model of system transformation and its flexible approach to privatization of state-owned enterprises appeared to be successful. While the vast majority of East European countries as well as Russia suffered a GDP contraction, Poland goes on ahead, though at a slower pace. The article analyses concepts and mechanisms of privatization in Poland, reveals its strong points and opportunities which may provide Russian decision-makers with a necessary insight to develop strategies under Russian reality.
Researchers of the Russian economy have unanimously identified the most important features of stock ownership and control (NССG 2008: 12-16). First, the concentration of capital in the corporate sector resulting from its aggressive redistribution for more than 15 years tends to be high. Secondly, the high concentration of ownership affected the development of corporate control and evolution of the mechanisms of corporate governance. This high concentration provides the basis for control by the majority shareholder or a consolidated group of such shareholders exercised by various formal and informal means. Majority shareholders are constrained only by the need to comply with the formal legal provisions and often imitate the activities of intra-corporate tools.
The authors explore mechanisms, which help practice partnership relations between the state and private business, and show that partnership projects are part of privatization and nationalization variants.
The author analyzes the most widely applied risk management standards in Russia, emphasizing the lack of a clear system for operational risk management. Reviewing the challenges emerging on European markets due to the introduction of the Solvency II directive, he suggests approaches to the solution of possible problems for Russian insurers.
портовый менеджмент, показатели деятельности, анализ эффективности, система учета, распределение издержек, методы анализа деятельности портовой системы
At present many industries reveal tendency for setting up of vertically integrated companies (VIC) the structure of which unites all technological processes. This tendency proved its efficiency in oil industry where coordination of all successive stages of technological process, namely, oil prospecting and production -oil transportation - oil processing - oil chemistry - oil products and oil chemicals marketing, is necessary. The article considers specific features of introduction of "personnel management" module at enterprises of oil and gas industry.
vertically integrated companies; personnel management