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Working paper

Эволюция моделей корпоративного контроля в российских компаниях: тенденции и факторы

This paper analyses the specifics of national corporate governance in the Russian economy and the emergence of micro%models of corporate control in Russian companies. Special attention is paid to key issues of separation (non%separation) of corporate ownership and executive management. The prevailing type of corporate control is the control by the dominating owner who takes a direct part in management or controls hired managers. The paper shows that integration processes promote gradual separation of ownership and operational management, and emergence of demand for legitimate institutions used to exercise shareholders’ corporate control over the executive management. The paper is based on results of surveys and in%depth interviews with top%managers and owners of Russian companies implemented in 1999—2005.