A Survey of Corporate Governance in Russia
CEFIR / NES Working Paper. Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа , 2007. No. 103.
Lazareva O., Rachinsky A., Stepanov S.
Priority areas: economics
, Corporate governance and control in Russian banks / University Library of Munich. Series "Munich Personal RePEc Archive". 2008. No. 10028.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, ...
Added: September 3, 2012
Russian Firms: Business Environment, Internal Organization and Behavior // In «Russia e Europa dell’Est: Progetti e prospettive di crescite»
, Russian Firms: Business Environment, Internal Organization and Behavior // In «Russia e Europa dell’Est: Progetti e prospettive di crescite» / University of Verona: Polo Scientifico Diddattico «Studi sull’ impresa» and Center for International Studies. Series "Serie di Studi Scentifici". 2012. No. 1.
The paper studies recent development in organization and behavior of Russian firms against the background of economic growth, the world crisis and post-crisis recovery. The main focus of the paper is a problem of investment, including foreign direct investment as a key determinant of Russian enterprises restructuring and modernization. In the context special attention was ...
Added: June 28, 2012
, , Journal of Corporate Finance Research 2019 Vol. 13 No. 1 P. 107-119
In this paper, the authors focus on two primary governance mechanisms which can be considered as sources of support for startup companies: the company’s ownership contingent and the company’s management personnel. Based on descriptive statistics from a sample of 416 Skolkovo start-ups from the ‘Nuclear’ and ‘Space’ clusters, and a Start-up-Barometer survey of 300 IT-entrepreneurs, ...
Added: August 28, 2019
Privatisation, corporate control and employment growth: Evidence from a panel of large Polish firms, 1996–2002
, , , Economic Systems 2005 Vol. 29 No. 1 P. 89-119
Using panel data on large Polish firms this paper examines the relationship between corporate control structures, sales growth and the determinants of employment change during the period 1996 2002. We find that privatised and de novo firms are the main drivers of employment growth and that, in the case of de novo firms, it is foreign ownership which ...
Added: February 8, 2016
, , , Вопросы экономики 2015 № 1 С. 45-79
This article analyzes state-owned companies and their place in the structure of market interactions in the context of modern approaches to the study of government failures and market failures, as well as the conditions of the system of private property rights rooting. Besides the general theoretical consideration of the costs of functioning of state-owned companies, ...
Added: December 3, 2015
, , Корпоративные финансы 2018 Т. 15 № 1 С. 20-43
Political connections and their influence on firm performance is one of the most relevant topics of corporate governance for emerging markets, and Russia is not an exception. The composition of the Board of Directors has on impact on the whole range of key corporate decisions, both investing and financing. The presence of an official can ...
Added: June 25, 2018
Пересматривая роль бизнес-ассоциаций в России и на посткоммунистическом пространстве: от групп интересов к защитным организациям
, Экономическая социология 2015 Т. 16 № 3 С. 163-172
In Building Business in Post-Communist Russia, Eastern Europe, and Eurasia: Collective Goods, Selective Incentives, and Predatory States Dinissa Duvanova discusses a “theory of defensive organizations”. Duvanova proposes this theory as an alternative to the theory of interest groups by Olson, Stigler et al. The theory of defensive organizations arises from the critique of the view ...
Added: May 31, 2015
Взаимосвязь агентских издержек и структуры собственности на примере российских и восточноевропейских компаний
, , Корпоративные финансы 2009 Т. 10 № 2 С. 40-56
Статья представляет результаты эмпирического исследования агентских издержек на российском и восточноевропейском рынках. В качестве измерителей агентских издержек внутри компании выступают прокси-переменные, которые позволяют измерить влияние структуры собственности, состава совета директоров и банковского мониторинга. Результаты, полученные на выборке, состоящей из 131 компании, позволяют сделать выводы о том, что определенные аспекты агентской теории справедливы для российских компаний. ...
Added: November 7, 2012
Раскрытие и предоставление информации о конфликте интересов в деятельности совета директоров акционерного общества
, , Хозяйство и право 2016 № 6 С. 19-37
The article deals with the effectiveness of disclosure requirements on the activities of the board of directors of the company, in terms of overcoming asymmetry information, conflict of interests, as well as the protection of investorsʼ rights and interests of the company. ...
Added: December 26, 2016
, Корпоративные финансы 2010 № 2(14) С. 94-102
The article familiarizes the reader with key ratings of corporate governance. It is concerned with the goals, specific features and methodology of such ratings as well as the availability of such ratings for Russian companies. The paper gives consideration to both commercial and research ratings. On basis of the analysis of existing ratings and research ...
Added: October 28, 2012
, , , Российский журнал менеджмента 2018 Т. 16 № 3 С. 435-464
В статье на примере одной из успешных отраслей российской промышленности — от расли производства труб большого диаметра (ТБД) для магистральных трубопроводов — исследуется связь отдельных аспектов корпоративного управления компаний и развития отрасли. В настоящее время специфика корпоративного управления в России приводит к короткому горизонту планирования, большой значимости неформальных правил и силь ной зависимости вектора развития компаний от интересов контролирующих акционеров (собственников ...
Added: October 30, 2018
, , Journal of Economics and Business 2017 No. 92 P. 10-28
Prior research on market timing theory in relation to developing markets only analyzes equity issuance and provides contradictory results. Using a sample of large Russian companies in nonfinancial sectors between 2008 and 2015, this paper analyzes both equity and debt market timing to explore the impact of market timing on firms’ capital structure. To test ...
Added: July 19, 2017
, , Journal of Corporate Finance Research 2014 Vol. 2 No. 30 P. 90-102
We suppose that the agency conflicts between shareholders and bondholders may affect the level of risk of company's debt instruments, therefore, increasing the cost of debt of the firm. A number of corporate governance mechanisms are developed to alleviate the conflicts. This paper surveys research on the relationship between corporate governance and the cost of ...
Added: September 10, 2014
, , , Российский журнал менеджмента 2018 Т. 16 № 1 С. 95-108
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 ...
Added: April 3, 2018
, , Journal of Corporate Finance Research 2019 Vol. 13 No. 2 P. 50-65
This paper examines profitability as a factor in the turnover of poorly-performing executives in Russian banks, and how this acts as a mechanism of good corporate governance. It is intended to identify and measure the relative effects of different determinants on executive turnover, and thus highlight the practical sets of circumstances where turnover is most ...
Added: October 22, 2018
, , Эмпирическая оценка факторов смены руководителей российских торгуемых компаний / НИУ ВШЭ. Серия WP15 "Научные труды Лаборатории исследований рынка труда". 2015. № 2.
The article examines an efficiency of corporate governance in the leading Russia’s companies using empirical data. The impact of companies’ poor financial results on CEO replacement is estimated using original empirical data. The main factor of CEO replacement is ROA fall while fall of company’s capitalization hasn’t significant effect on CEO change. During the crisis ...
Added: October 28, 2015
, , Проблемы теории и практики управления 2016 № 1 С. 117-125
The article examines an efficiency of corporate governance in the leading Russia’s companies. The impact of companies’ poor financial results on CEO replacement is estimated using original empirical data. . To evaluate the effectiveness of corporate governance in the article was conducted an empirical evaluation of the factors changing the company's CEO, according to changes ...
Added: October 15, 2015
, , Journal of Management and Governance 2020 No. 24 P. 989-1017
In this article, we evaluate CEO behavior in terms of his or her preferences to risk, and how the actions of boards of directors interplay with these behaviors. Specifically, we set out to test whether the actions of boards of directors can overcome the negative impacts of CEO behavior on various aspects of payout policy. ...
Added: October 27, 2019
, Холдинги и модель корпоративного управления в России / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 18.
Holding company groups constitute an important segment of Russian business. The rise of holding company groups in Russia, on the one hand, mirrors the history of business groups over the course of industrial restructuring and modernization in developing countries, especially those in transition. On the other hand, the agency problem in complex organizations such as ...
Added: March 14, 2013
«Дыры» в капитале компаний обрабатывающей промышленности: корпоративное управление и отраслевые ожидания
, , Журнал Новой экономической ассоциации 2018 Т. 38 № 2 С. 76-103
In the second half of the 2000s there has been a decline of the high concentration of ownership in Russian manufacturing industry. Structural shifts in corporate governance affect the financial stability of companies. In this paper, using logistic regression we investigate the impact of corporate governance factors and sector expectations on a negative net worth ...
Added: October 17, 2017
, Journal of Corporate Finance Research 2019 Vol. 13 No. 2 P. 25-35
This paper aims to discover evidence on the possible impact of CEO overconfidence on payout policy, and the role of corporate boards in offsetting the possible negative effects of this overconfidence. Our investigation demonstrates the effect of overconfidence on the choice of payout method, specifically regarding the repurchases-dividends mix. We also evaluate the ability of ...
Added: October 27, 2019
Защита российских промышленных компаний от силового давления на бизнес: эффективность судебного механизма
, Вопросы экономики 2020 № 3 С. 84-97
A survey of the top management of 1716 industrial companies in Russia in 2018 shows differences in the likelihood of losing property as a result of raider attacks. In this article, we analyze the factors that affect the subjective attitudes about the level of security from violent pressure on business. We show that large companies ...
Added: March 12, 2020
, , Экономическая политика 2015 Т. 10 № 6 С. 160-170
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to ...
Added: January 18, 2016
Повышение эффективности корпоративного управления на железнодорожном транспорте Республики Узбекистан
, , Транспорт Российской Федерации 2018 № 6 (79) С. 23-25
The necessity of increasing the efficiency of corporate governance in the railway transport of the Republic of Uzbekistan is substantiated and disclosed. An assessment of the main results of the railway company activity is given. Based on the analysis of the performance indicators of the railway company, the main directions for improving corporate governance were ...
Added: January 21, 2019