This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998—2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.
The article deals with the classification of institutions by the reporesentatives of modern Austrian economic school and its meaning for understanding the problems of development economics. The especially important role of institutional stickiness in the initially alien social environment is emphasized. Attention is drawn to the fact that the intention to impute progressive institutions in a backward country without adjustment to its endogenous institutions or changing the latter by formation of new beliefs may lead to their rejection. On this basis the modern Austrian school sees the economist not as an engineer, but as a researcher and beliefs affecting educator.
This article decomposes the perception of prices by Russian consumers. The data of in-depth interviews with economically active residents of Moscow demonstrates that the interpretation of price can be thematized according to four main areas: "not to be deceived," "it is not a poor person who checks prices, but a smart one," "people ‘like me’ buy at those prices," and "not every product can be bought without regard to the price." The study shows that Russian consumers are more and more artfully mastering the grammar of the market price. Prudence in relation to prices and expenses is obtaining its own place among the cultural values in Russia where the ability to prodigious waste as an indicator of social success had been prevailing.
Using the cross-country ESS (2008) data file, the author explores welfare attitudes of population of European countries. The paper argues that expectations associated with the social policy and willingness to accept higher taxation in order to receive more benefits as well as the gap between these two depend on institutional characteristics of the countries. Poor institutions feed corruption and fiscal illusion, therefore generating misperceptions and free rider behavior.
The article examines labor migration from small Russian towns: prevalence of the phenomenon, the direction and duration of trips, spheres of employment and earnings of migrants, social and economic benefits of migration for households. The representative surveys of households and migrant-workers by a standardized interview were conducted in four selected towns. Authors draw a conclusion about high labor spatial mobility of the population of small towns and existence of positive effects for migrant’s households and the economy of towns themselves. Keywords: small towns, Russian households, labor migration, wages.
The article provides an overview of current research in the field of sports economics. Sport is an area of special interest for economists due to the increasing economic and political significance of this industry. Many economic puzzles arise in sport, such as market failures, property rights, institutional design and many others. The author demonstrates and analyses opportunities for economic analysis in sports industry and formulates unsolved problems in this area.
The paper examines dynamics in demand and supply of skilled labor in the Russian economy over the transition period of 1990-2000-s. It shows that despite a huge inflow of workers with tertiary education demand for such workers grew in the Russian labor market even faster. This explains why unemployment for workers with high educational attainment remained low; why returns to education continued to be high; why a proportion of college graduates who occupied low-skilled jobs decreased rather than increased. However in the next decades a relationship between demand and supply might radically change so that the Russian economy could face with massive oversupply of highly educated workforce.