The article continues a discussion on personal and corporate values in management which was begun in the article "Corporate Values in Management of the Russian Companies". Focus is made on values of managers and their comparison with values of the companies in which they work. The empirical base of research consists of survey data of 83 top, middle and low level managers which were collected in the spring of 2013. Results of the research indicate the potential conflict of values orientations of managers and the companies that calls into question the implementation of management-by-values in the Russian companies. They also point out a need of additional research into a degree of organizational commitment and involvement of the managers who implement the companies’ strategies.
The paper is aimed at examining the market reaction on announcements about dividend payments of Russian companies. Though there are numerous papers devoted to this problem, their results are controversial, and they are rather related to developed markets than to developing economies. The understanding of signals that dividend announcements give companies’ shareholders and potential investors is important because it helps to improve the quality of investment and financial decisions.
The peculiarity of this paper is that different sectors of economy are analyzed separately. The difference in reaction in different sectors of economy is revealed. The research is based on the event study methodology. The data sample consists of 115 announcements of Russian public companies for the period of 2009-2013.
Co0existence of the two basic strategies of the Russian companies - isolation from the state and close cooperation with the state - is discussed and confirmed in this article. The author analyzes influencing factors and possible ways of realization of these strategies and draws the analogy with exit and voice strategies explored by A. Hirsman. It is shown that under the conditions of weak state performance both discussed strategies are informal and lead either to tax evasion and moving of business activities into the shadow economy or to the «state capture» phenomenon. Both privatization of the state and its evasion result in the budget crisis as well as in drastic social and political shocks which bring out the demand for the strong state in the business community itself. However, in the absence of political competition and democratic control mech0 anisms increasing of the state power takes place in the form of bureaucratic consolidation along with creating the preconditions for informal «business capture» by the state authorities. Never0 theless, high0level openness of the economy and heterogeneity of the state body itself provide the business with the wide range of possible strategies aimed at the interaction with the state. The article explores the hypothesis of these strategies becoming more formal and public comparing to the 1990s. Isolation from the state will take form of the legal business internationalization (including selling shares to foreign investors, Russian direct investment into foreign economies, etc.). Cooperation with the state will be more efficient in case of switching from traditional individual lobbying of private interests to rational collective actions aimed at providing necessary grounds for sustainable economic development in their sectors, industries and regions.
Ageism at the Russian Labour Market: Wage Discrimination This paper analyses ageism at the Russian labour market, in particular, wage discrimination. We conduct empirical study based on the data from the Russian Longitudinal Monitoring Survey (RLMS HSE), years 2004–2015. We apply econometric methods, using Mincer equations and Oaxaca-Blinder decomposition. The results confirm the wage discrimination for elder workers: for males it starts from 45–54 years and for females from 55–64 years. Our analysis also reveals possibilities to compensate age discrimination by means of specific job tenure and education. The paper concludes with recommendations for employers’ and public policies with regard to an ageing labour force.
The effect of the ISO 9000 certification on the economical results of russian companies is analysed using the event-study method. Information dataset is built on the basis of the sample of the Industrial companies competitiveness monitoring project, conducted in 2009 by the Institute for Industrial and Market studies at HSE (Moscow). The empirical study methodology is given, i. e. hypothesis, information dataset, model of effects evaluation. The main finding of the paper is that having the ISO 9001 certificate stimulates profitability and reduces costs, but does not lead to sales and asset turnover rises. The limitations of the study are formulated and further research questions are provided.