Corporate Control and the Role of Business Integration in Russian Companies
Researchers of the Russian economy have unanimously identified the most important features of stock ownership and control (NССG 2008: 12-16). First, the concentration of capital in the corporate sector resulting from its aggressive redistribution for more than 15 years tends to be high. Secondly, the high concentration of ownership affected the development of corporate control and evolution of the mechanisms of corporate governance. This high concentration provides the basis for control by the majority shareholder or a consolidated group of such shareholders exercised by various formal and informal means. Majority shareholders are constrained only by the need to comply with the formal legal provisions and often imitate the activities of intra-corporate tools.