The article is devoted to the assessment of the impact of three large-scale horizontal mergers — in the production of aluminum, in the production of cement and in the production of grain-oriented steel, — on the prices, which are quoted by the companies for the buyers. All mergers resulted in market structure close to monopoly in domestic market. Using differencein-difference estimation of price increase it was shown that in six out of nine products analyzed mergers influenced prices significantly. But only in two out of six cases statistical significant price increase is reported. We consider these results as an evidence, though indirect, that despite the serious competition concerns the most important effects of mergers are efficiency gains in contrast to monopolistic price increase.
This article aims to develop econometric model suitable for valuation of synergies in Russian domestic M&A deals. The authors test several empirical hypotheses about factors of synergy creation in 2006–2014. The article looks into various ways to estimate synergies based on financial statements of companies that participated in the deal. Success rate of deals and synergy structure is estimated for the whole sample and for growth and crisis periods. Most important factors of synergy are estimated, and robustness of these factors during growth and crisis periods is analyzed.
The article presents the overview and main findings of the "Report on Social Investments in Russia - 2014: Creating Value for Business and Society". Based on the analysis of data provided by the group of 60 leading Russian companies, the article doscovers the peculiarities of CSR concepts interpretation by Russian businesses, as well as the main features of the related strategies' purposes, corporate social performance management, and the stakeholder interactions. The article concludes that the CSR development in Russian business is generally in line with the global trend of making corporate social performance more strategic and value creation for business and society oriented, but the manifestation of this trend in Russia are uneven and controversial.
The research is based on the case-study of public joint stock company “KAMAZ PTC” which is the largest Russian automotive corporation (the group of companies). The qualitative study was focused on lean production system development within this company. The case revealed factors and conditions, difficulties and effects of the implementation of this management system. Informational base included in-depth interviews with managers of the company, its annual reports, internal (close) documents, web-site, and other open sources. The role of business internationalization was revealed both as an incentive for lean production implementation against the background of increasing competition and as a prerequisite for possible success based on cooperation with world tracks producer Daimler AG. The problems in lean management development determined by weak communications, motivation of company personnel, and Russian labor market features are discussed.
Russian labour market uses price adjustment (wage flexibility) to shocks rather than quantitative one (employment). One of the main mechanisms of wage flexibility in Russian economy is a high share of the non-base (variable) wage component that makes it easier for enterprises to respond to shocks. Using data of survey of Russian enterprises from main sectors of the Russian economy for 2009–2017, the determinants of variability in the enterprises’ behavior of the nonbase wage component usage a were evaluated. The obtained results show that a higher proportion of the non-base wage component demonstrates enterprises in a good financial position, with large investments, higher wages and a large number of employees. During 2012–2017 a share of non-base wage component significantly increased.
The article analyses the technology roadmaps tool (TRM) used by foreign organizations, as well as by large Russian state-owned companies. The research describes the features of the TRM implementation in Russian companies preventing the effective use of the tool. Two priority areas for the roadmaps are identified. They are related to implementation of the current innovation strategy and development of innovative culture. Each priority area is suggested to model a separate process of roadmap development, to determine their parameters, and to approve company’s internal routines.
Based on economic-sociological, marketing, and strategic management literature, we combine two classifications of inter-firm relations (horizontal and vertical) and propose the original typology of four ideal types of inter-firm exchange. The quantitative prevalence and the comparative economic efficiency of each ideal type are estimated using indicators of sales dynamics, changes in commodity range and competitive positions. The empirical analysis is based on data from a standardized survey of 684 corporate managers (of retailer and supplier firms) operating in Russia in the food and non-food markets conducted by the HSE in 2016. The analysis revealed high prevalence of building intensive inter-firm relations in the supply chain and low prevalence of network connections with competitors. Additionally, the combination of horizontal relationships with competitors and building vertical relationships in accordance with the concept of relationship marketing is associated with the highest rates of economic efficiency.
Evolution of the modern labor market creates new risks, including socio-psychological, among which workplace stress has a special place. In order to prevent productivity and financial losses, company management needs to handle the new type of risk. Existing technologies of stress management proposed by psychological literature are insufficient. We elaborate a new group of theories that consider workplace stress as a social problem and propose that not only individuals but also organizations are responsible for regulation of stress-based risks. The paper describes key approaches to stress research and systematizes different levels of stress factors including organizational and macrosocial factors. We then present and analyze European models of stress management on the firm level and the elements of government policy for the workplace stress regulation and highlight the key research gaps that specifically important in the Russian context.
The article examines the relationship between HRM-practices and “social” and “economic” effectiveness of Russian business organizations. The first part of the paper reviews international conceptual approaches to analyzing HRM-practices in context of organizational performance and relevant research results. Special attention is paid for critical analysis of research methodology. In the second part, results of empirical study in 80 Russian organizations are presented. Using multilevel data the authors conclude that during economic recession after 2008 there was positive lagged effect of HRM “bundles” of hiring, training, and assessment under the condition of existence of “positive” labour practices in organizations.
The successful activities of any commercial organization, in particular the bank, are based on a clear corporate financial architecture: an effective financial strategy and corporate governance system (relationship management, board of directors and shareholders). CEO is the main representative of the bank and a reflection of its success or failure in the market. In this regard there is a question: what influences CEO turnover? Is it related only to the bank’s financial performance or it includes the system of corporate governance developed in the credit institution? In few studies on this topic, one of the main instruments of corporate governance and its effectiveness is just the possibility of changing the CEO because of weak results of the organization. If an inefficient manager is removed from the management of the bank, then corporate governance may claim to be effective. In this paper, the study of these issues was carried out on the sample of 336 Russian banks in the period of active revocation of licenses (2014–2016) and cleaning the banking sector from unscrupulous participants. It was shown that the high operational efficiency of the bank and the high share of the CEO in the equity capital reduce the probability of CEO turnover.
This paper investigates how owners and managers of Russian SMEs understand the terms “social responsibility” and “business ethics”. Also key features of SMEs’ responsible behavior are examined. An investigation, which laid the background of the paper, included gathering primary data through 57 in-depth interviews with representatives of SMEs from various industries. Research results indicate a gap that respondents have while identifying a subject of responsibility in their own definitions of social responsibility and business ethics, and in practical activities of their companies. Practically every second respondent identified ethical conflicts in their business practice and was involved in resolving them. This allows to conclude that ethical responsiveness is quite high among owners and managers of Russian SMEs. Socially responsible and ethical behavior of these companies is aimed at achieving long-term strategic advantages for businesses through constant care about customers and employees and fulfilling requirements of legal authorities. Social responsibility of small and medium enterprises in Russia is mostly desultory and related to core businesses of these firms.