Board Empowerment: What Motivates Board Members of Founder-Owned Companies?
This article investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The literature frequently suggests that in this type of companies, boards have little influence on the corporate decision making. The article conducts a case study of AFK Sistema—a large Russian founder-managed firm with concentrated ownership. We observe that, contrary to the expectations, in this company, the founder provided real authority to the board, at the same time focusing on recruiting independent (mainly foreign) members. Based on this case, we argue that selectively empowering boards in this type of ownership setting could be beneficial for the firm: Selective empowerment is a source of intrinsic motivationfor the independent board members, making them proactively search for new projects and assist in their implementation on behalf of the firm. As a result, the company can overcome a number of important barriers in its development.
The purpose of this paper is to describe how the food embargo influenced changes in the relationships among Russian agricultural companies. To achieve the objectives the qualitative research – focus group was conducted. The participants were selected from the companies of Russian agro-industrial complex, who at the time of the study held the position the position of senior or middle management personnel in the companies operating in Russia. The research identified that there are desires for long-term partnerships, priority of such characteristics as reliability and confidence in the company and its reputation among Russian agribusiness. That illustrates that the companies of the Russian agroindustrial complex are oriented to use the relational approach. The research identified that among agricultural companies in Russia the relevance of the Relationship marketing approach is increasing.
Game-theoretic model of election to a corporate board of directors is proposed. It is shown that the equilibrium distribution of seats is unique. The uniqueness guarantees nonmanipulability of elections. The distribution is obtained by the d’Hondt method of seats distribution in proportional representation problem. The model is tested on real data from a Russian company.
Emerging markets, to which Russia belongs to, represent a significant part of the world economy and have a tendency to expand their share. According to Sheth (Sheth, 2011), emerging markets have common marketing features. At the same time, each country has a number of specific marketing features that distinguish it from other countries and leave their mark on marketing activities of companies in this country. Understanding of marketing practices is important because it helps to analyze peculiarities of company's marketing activities, adjust existing theories and models of marketing and create new ones, that relevant to the reality of emerging markets. Also it allows adjusting the existing marketing activities to the market more efficiently. Thus, the purpose of this paper is to identify the specifics of marketing practices of Russian companies.
Building long-term customer relations plays a pivotal role in contemporary management practice. Customer relationship management process in a company involves various different actors ranging from top management to line-level employees. One of the key areas of it is related to the utilization of corporate CRM system which serves as crucial information source in providing better customer insight. This article explores directions for improving the use of CRM system through analyzing the gaps between its perception by managers and sales representatives in a multinational pharmaceutical company. The field research is based on a quantitative data from online questionnaires. The sample consists of 219 representatives based in four emerging markets. These initial findings could be useful for other pharmaceutical companies in emerging markets.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.
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