The Working Paper examines the 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.
The results of the interrogative psycholinguistic experiment described in this article is part of a broader research of how soci-ocultural knowledge influences communication in the Internet discussions by readers of American press. The experiment allows obtaining a complex model of positively/negatively evaluated events in the American society, paying special attention to the value-evaluation component. This model can further be a basis for explanation of the communicative strategies of argumentation and manipulation used in verbal description of events. The type of sociocultural mental structures described in the article is viewed as a dynamic cognitive gestalt that can be potentially split into a number of parameters, but is not reducible to their sum, which is characterized by both individual existence in the mind of a native speaker and distributed existence in a sociocultural community as an abstract social invariant. The article discusses advantages of psycholinguistic approach to modeling the fragments of this background knowledge compared to using exclusively introspective text analysis, as it allows to separate methodologically the research of mental structures and particular instances of verbal communication that are based on those structures and gives an opportunity to avoid the vicious circle of studying communicative strategies used in the text exclusively modeled from the same text material.
A joint research project carried out by an interdisciplinary group of Russian and Swedish linguists, sociologists and educators-psychologists (the Swedish Institute grant), besides solving pragmatic tasks of finding out relative quantitative-qualitative specificity of national cognitive representations of values, first of all, had methodological goals. They were to check the efficiency of the linguistic methods developed in this study (and, thus, to prove the theoretical ideas that served the basis for it) of getting factual data that allow reconstructing and comparing of the corresponding areas of cognitive representations.
This paper uses the banking industry case to show that the boundaries of public property in Russia are blurred. A messy state withdrawal in 1990s left publicly funded assets beyond direct reach of official state bodies. While we identify no less than 50 state-owned banks in a broad sense, the federal government and regional authorities directly control just 4 and 12 institutions, respectively. 31 banks are indirectly state-owned, and their combined share of state-owned banks’ total assets grew from 11% to over a quarter between 2001 and 2010. The state continues to bear financial responsibility for indirectly owned banks, while it does not benefit properly from their activity through dividends nor capitalization nor policy lending. Such banks tend to act as quasi private institutions with weak corporate governance. Influential insiders (top-managers, current and former civil servants) and cronies extract their rent from control over financial flows and occasional appropriation of parts of bank equity.
Considering specifi city of modernization processes in Russia, caused both by internal problems and Russias place in global economy, the author brings an attention to the question of features of standard-values system of Russian reformers. Results of the analysis of 12 values-blocks forming a basis of the variety of the standard-valuable systems of Russians are given.