Working paper
THE INFLUENCE OF THE OWNERSHIP STRUCTURE ON THE PERFORMANCE OF INNOVATIVE COMPANIES IN THE US
The aim of this review is to classify research papers on major vs. minor shareholders conflicts and ownership concentration. These issues are closely related both to each other and to manager vs. owner conflicts. Ownership concentration is property distribution among shareholders. Ownership concentration studies consider the following questions: how many major and minor shareholders are there in the company; how many inside shareholders are there and if they are minor or major; in what way concentration influences performance of the company; what costs are associated with major vs. minor shareholders conflicts etc. The bond between ownership concentration and manager vs. owner conflict is due to the fact that often managers are major shareholders along with other owners. In such cases incentive hypothesis, entranchement hypothesis, monitoring and control costs, as well as their effect on performance, should be considered together.
Over the past decade Russia has experienced stable economic growth with Gross Domestic Product (GDP) growing by 7 percent per year from 1998 to 2007. While the nation still enjoys a relatively healthy growth rate, analysis shows that the sources for the future growth are limited and to boost growth Russia should rely on increasing labor productivity. Improving productivity will impose new demands on Russia's workforce requiring better skills to satisfy the needs of economy growth. The international business environment survey reports that Russia's private sector considers the lack of skills and education of workers to be the most severe constraint on its expansion and growth. Despite the very high level of formal education attained by Russian workers the problem behind this may be explained by the current quality and content of education, which does not develop the necessary skills and competences demanded by the labor market. This report examines the reasons and the consequences of this skills deficit, which constrain productivity and limits innovation ultimately stifling accelerated economic growth in Russia. The objectives of the report are: 1) to deepen the understanding of the structure and composition of this skills deficit by analyzing in detail the demand for and supply of particular cognitive and non-cognitive skills; 2) to review the capacity and problems of the current systems for skills provision in Russia both through the public and private provision thereby identifying some of the underlying reasons for this skills gap; and 3) to support the development of evidence-based policy making in professional education and training, which will lead to a system better responding to the challenges of the economy and labor market.
The paper describes dynamics of ownership concentration in Russian manufacturing, and factors of the dynamics against the background of economic growth of 2000s. The first signs of stock ownership de-concentration in some companies during 2005-2009 were revealed. Empirical analysis of determinants of changes in concentration was implemented (binary and ordinal regression models). Significant positive factors of this decline are companies’ entry to securities markets, their work in competitive environment, and share of foreign investors. Negative influence of propensity to future investments and of the share of Russian owners was also found out. The study is based on the data of two rounds of monitoring of about 1000 large and medium-sized companies conducted by the Institute for Industrial and Market Studies from HSE in 2005 and 2009.
Over the past decade Russia has experienced stable economic growth with Gross Domestic Product (GDP) growing by 7 percent per year from 1998 to 2007. While the nation still enjoys a relatively healthy growth rate, analysis shows that the sources for the future growth are limited and to boost growth Russia should rely on increasing labor productivity. Improving productivity will impose new demands on Russia's workforce requiring better skills to satisfy the needs of economy growth. The international business environment survey reports that Russia's private sector considers the lack of skills and education of workers to be the most severe constraint on its expansion and growth. Despite the very high level of formal education attained by Russian workers the problem behind this may be explained by the current quality and content of education, which does not develop the necessary skills and competences demanded by the labor market. This report examines the reasons and the consequences of this skills deficit, which constrain productivity and limits innovation ultimately stifling accelerated economic growth in Russia. The objectives of the report are: 1) to deepen the understanding of the structure and composition of this skills deficit by analyzing in detail the demand for and supply of particular cognitive and non-cognitive skills; 2) to review the capacity and problems of the current systems for skills provision in Russia both through the public and private provision thereby identifying some of the underlying reasons for this skills gap; and 3) to support the development of evidence-based policy making in professional education and training, which will lead to a system better responding to the challenges of the economy and labor market.
The work contains diagnosing оf the problems in the Russian domestic savings; detailed analysis of 27 foreign pension systems in the world and instruments of development policy in collective investments in the United States, the European Union and the BRICS countries; quantitative study of factors affecting the level of development of pension funds and collective investments in 50 countries.
The development of Russian economy has led to the growing interest in stock market as an im-portant source of financing for companies. The paper examines the tools of stock market for company financing, particularly, the Initial Public Offering for financing companies' innovation activity. Fur-thermore, the paper investigates the advantages and disadvantages of equity issue, considers the crite-ria of its economic efficiency, and gives practical examples of equity issues conducted by innovative companies.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.