Evolution of Corporate Governance in Russia: New Steps of Established Owners
The paper describes dynamics of national corporate governance model in the second half of 2000s using firm-level data. Two the most important features of this model were identified by the beginning of 2000s: the concentration of capital is extremely high; and as a rule they participate directly in executive management as CEOs (top managers) of companies. We estimated empirically changes in corporate practice and determinants of these changes on the data of two rounds of monitoring of manufacturing enterprises conducted by the State University – Higher School of Economics in 2005 and 2009. The first signs of stock ownership de-concentration during 2005-2009 were revealed. A continuing trend of a gradual departure of large shareholders from executive management positions was observed.