Download or read book State Business Relations and Improvement of Corporate Governance in Russia written by Andrei A. Yakovlev and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we analyze the influence of the state on the improvement of corporate governance in Russia of the early 2000s. Taking into account the low quality of market institutions in the 1990s (i.e., the market failure phenomenon), we assume that state intervention as the “second best” institution had a positive impact in this case. Using a dataset of 822 joint-stock companies, we tested this hypothesis in two types of corporate models - state-owned or mixed firms and “politically connected” firms. The first model confirmed a strong positive influence of state ownership on the corporate governance in Russia in 2001-2004. The estimation results of this model are statistically robust in different specifications. We connect this result with attempts of the Russian government to use standard mechanisms and procedures of corporate governance to defend its property rights in its relations with state-owned and mixed enterprises.

Download or read book Corporate Governance in Russia written by Alla Dementieva and published by Walter de Gruyter GmbH & Co KG. This book was released on 2020-12-16 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores discussions and practice around corporate governance in Russia from the early 1990s until 2018. It covers three major aspects of corporate governance theory and practice: a vision of corporate governance in Russia in the context of global trends and challenges, the general perception of corporate governance in Russia, and the real nature of Russia’s corporate community from the viewpoint of its corporate governance practices. It provides a unique complex analysis and detailed description of how corporate governance has been perceived by both Russian regulators and the business community, and how it has been applied in Russian companies. This analysis covers the period of over 25 years: from early attempts at directing transfer and implanting the Western model of corporate governance to the nascent Russian big private business, up to the period of resurgence of the state as the dominant player both in Russian society and its economy at large. It gives an understanding of what corporate governance is in Russia in the days of "sovereign democracy" and confrontation with the West. It explains how cultural, political, economic and institutional factors have shaped corporate governance in Russia. The authors provide insights into such aspects of Russian corporate governance framework and practices as regulatory philosophy and enforcement, ownership structure, the role of the state, the impact of unfriendly domestic business climate, how the value of corporate governance is perceived in Russian context, etc. Predominantly, the book paints an interesting picture of how the "sovereign corporate governance" model has been shaped in Russia. This book will be useful not just for experts in corporate governance and investors, but also for those who have an interest in modern Russia at large.

Download or read book Corporate Governance in Russia written by Daniel J. McCarthy and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the past decade of abuse of shareholder rights, corporate governance is essential for Russia's future. In this comprehensive volume, an international group of contributors - academics, corporate executives, government officials, policymakers, specialists from nongovernmental organizations, and legal experts - examine the crucial role of corporate governance as well as the external institutions and forces that affect it. Offering coverage from numerous perspectives, the contributors explore external and institutional influences on corporate governance, its workings within corporations, and the relationships between boards of directors, managers, shareholders, and the government. Case studies of three major companies illustrate the challenges and opportunities involved in creating sound practices. The concluding section provides a summary of the current situation and discusses implications for the future of Russia's corporate governance. A valuable source of information, Corporate Governance in Russia is a must-read for business people, government officials, academic researchers, students, and all those interested in Russia and what the future holds.

Download or read book Corporate Governance of Russia s State Owned Enterprises written by Hector J. Lehuede and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's corporate Russia, the State remains a significant shareholder with controlling or blocking stakes in several large and dominant enterprises, which according to some studies account for roughly 50% of the country's GDP. While noteworthy improvements were made in the past years with regard to the way State-owned enterprises (SOEs) are governed, the perception, as measured by investors' valuations of Russian SOE shares, suggests that there is still much to do. Understanding the challenges of the Russian SOE sector and improving its corporate governance becomes, in this context, a key driver of potential economic growth and development. The objective of this paper is to offer a general description of the corporate governance of the Russian SOE sector. For this, we first depict the development of corporate Russia and address some key issues related to its current ownership and control structure (Section I). Second, we focus specifically on the SOE sector and provide comparative data from different sources measuring its governance and performance (Section II). Then, we address the role of the Russian State as shareholder (Section III) and we conclude highlighting areas where adoption of international best practices for SOEs could have a positive effect on the Russian economy and capital market (Section IV).

Download or read book Corporate Governance of State Owned Companies in Russia written by Rustam Rizvanov and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia plays an increasingly important role in the world economy and politics. It is the world's largest country with immense natural resources, which help Russian government to attract foreign investors and shape European as well as global geopolitical agenda. Its economy has undergone crucial changes from the Soviet central-planning model towards the market-based economy just within two decades. Today, Russia is still considered one of the grey areas for the foreign investors on the world map, as its political and economic system are still in transition and bear significant risks for investors. One of the unique features of the Russian economy, which distinguishes it from the more developed Western countries, is the high State involvement in the economy through ownership in the largest companies in the country. Although, these State-Owned Companies are responsible for the substantial part of country's GDP, there has been limited amount of research on corporate governance of such companies. In order to narrow this gap, the goal of this Thesis is to discover and analyse corporate governance system and standards applied by the State-Owned Companies in Russia and compare them with the available best practices. In order to do so, Hilb's New Corporate Governance (2012) model has been chosen as a main theoretical framework of analysis. Findings of the survey and research conducted by the author show that Russian State-Owned Companies have already implemented compliant corporate governance systems, which to the certain extent enable the proper oversight of the company. Nevertheless, after comparing these systems with best practices available in the literature, the main conclusion of conducted analysis was that, although the significant progress has already been achieved, there is still plenty of room for improvement and refinements which can enhance effectiveness and overall quality of the corporate governance systems observed in the R.

Download or read book Building Big Business in Russia written by Yuko Adachi and published by Routledge. This book was released on 2013-09-05 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the development of big business in Russia since the early 1990s, explaining how post-Soviet enterprises - many of which made little sense as business units - were restructured into functional firms. It includes detailed case studies of three leading companies: Yukos Oil Company, Siberian (Russian) Aluminium and Norilsk Nickel.

Download or read book Corporate Governance in Russia written by Rajesh Pathak and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problem of corporate governance has been pressing one for most of the countries. International organizations have also focussed their attention on the matter developing corporate governance standards e.g. OECD. The Russian corporate governance standards and practices can be explained in three phase namely Russian corporations before 1990's, the mass privatization in 1992 and after, and scenario in 21st century. Russia has a history of wars and crisis situation and its way of doing business has always been antithetical to the market orientation. This all resulted in a centralised government control and the political framework and state control resulted in sluggish improvement and growth of the organization. It was found that some of the existing private players were performing well in Russia and decision of mass privatization was taken. Three fifth of the Russian joint stock companies in operation today appeared as a result of mass privatization. Mass sale of shares in privatizes enterprises was done through freely transferable vouchers. This resulted widespread participation of insiders in the free distribution of shares and concentrated the ownership structure of the corporations. Insiders accounted for 60-65% of shares. Because of concentrated structure Russian managers started to work in their own interest and benefits and severe corporate governance problems arise. The very problems that Russia was facing that managers were working with short term perspectives for their personal gains and minority shareholders rights were violated. Share holders were not informed about the general shareholder meetings and if informed the meetings were deliberately held at such places and outskirts of the city that shareholders found it unable to reach there. Managers were manipulating the registers and were not disclosing the important information to shareholders. Their dividend distribution process was never completed in time and shareholders were also not able to exercise their voting rights. The rationale behind the corporate governance problems in Russia are as follows. The legal framework governing corporations was very weak in Russia. Managers were able to find the loopholes in the rules and regulations and so they couldn't be referred as culprits for doing illegal activities and sometimes even after strict laws the implementation was loose. The judicial system was also inefficient to deal with corporate cases. They were not able to interpret the cases properly. Managers of corporations were enjoying very healthy relationship with local and regional politicians and thereby it was encouraging them to violate minority shareholders rights. The shareholders themselves were passive and not much interested in corporate affairs in Russia. The disclosure problems in Russia were a bit related to the culture of secrecy of Russia. This all was worsening the situation of Russia, meanwhile the Russian crisis of 1998 because of steep fall in international oil prices made the situation worst and provoked the government to take measures to improve the corporate governance standards. One important factor of realizing the need of proper corporate governance mechanism was the pace of globalization. Multinational companies were growing at a fast rate and there was transition to world class standards. The second reason of improvement was to attract badly needed foreign direct investment. Russia not being an open economy was attracting very less FDI. The FDI in Russia in 1998 was USD 1.5 billion which is less than that of Hungary and only 2% of Chinese FDI. They also wanted to bring the confidence of investors into stock market because its volume was negligible. Even in 2003 the market capitalization of the the two leading Russian exchanges (MICEX and RTS) was only 127 billion dollars. If we have a look on Russian corporate governance standard we will find that it is derived from Russian joint stock company law and from corporate behavior code, and promulgated by Russian federal services on financial market. There is two tier corporate governance structure consisting management board and board of directors. Members of management board are appointed by board of directors and chaired by the director general and responsible for day to day management. The members of BOD are appointed by shareholders in general shareholders meetings and chaired by chief executive officer. As per joint stock company law at least 25% of directors should be independent but not less than three in any case. The director general can't chair the board of directors and there is provision of appointment of external auditors in general shareholder meeting. Feeling the fire, steps for legislative improvement was taken. The joint stock company law was amended in regard to appealing refusal to include a matter on agenda of a general meeting of shareholder. Criminal code was amended with Criminal penalties for failure to disclose required information and issuance of securities without registration. They also drafted law for Criminal penalties for insider trading, and investigation of suspicious transactions. Another important step taken was giving more independence to federal commission of securities market, the Russian regulator. New provisions were brought in regard to information disclosure. The financial statement of last five years should be disclosed in place of three years earlier. The consolidated accounts with subsidiary companies should be disclosed for at least three years which was earlier only for one year. Some new requirements were brought, like disclosure of information on interested transaction for five years and credit rating of last five years should be disclosed by the companies. To conclude it can be said that although corporate governance practice among Russian companies is improving but the progress is slow and disclosure and compliance level remains low in comparison to western standards because Russian financial statement still suffer from lack of transparency. It's difficult to overcome the ingrained culture and mentality which prefers secrecy to disclosure so quick but undoubtedly the trend is towards more transparency, more independent directors and financial statement with a degree of international credibility. Shareholders have also started taking initiatives by forming groups. The important point is corporate governance practices will improve only when corporations are convinced that this improvement is actually in their benefit. It can't be forced. Unless the directors can take on corporate governance reforms in spirit rather than simply in form, till then the initiative will remain superficial.

Download or read book Organization and Development of Russian Business written by Tatiana Dolgopyatova and published by Springer. This book was released on 2009-07-16 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to scrutinize the Russian business sector in transition with special attention to firm organization, business integration, corporate governance, and company management. Using a unique dataset of Russian joint-stock companies, the authors empirically analyze key issues for understanding the Russian corporate sector.

Download or read book The Development and Challenges of Russian Corporate Governance I written by Oksana Kim and published by Ibidem Press. This book was released on 2019 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite increasing attention toward Russia's economy, corporate governance norms of Russian public firms are rarely analyzed. This project presents and interprets evidence regarding governance mechanisms including director independence, nationality and gender diversity, dismissal of CEOs, and cross-listing of companies on foreign markets.

Download or read book Corporate Governance Country Assessment written by Weltbank and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Russia. Corporate governance has been a major policy issue in Russia since the beginning of its transition to a market economy. The privatization process of the early 1990s was put in place before most elements of the corporate governance and investor protection framework, and there were many widely publicized abuses, leading to very low asset prices. Most observers agree that the corporate governance environment has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Many major Russian companies have also voluntarily improved their financial and ownership transparency. A number of reform initiatives are currently underway. The report (and this summary) is organized into four sections: i) the commitment of the public and private sectors to reform; ii) shareholder rights; iii) disclosure and transparency; and iv) Boards of Directors. Policy recommendations are developed in detail at the end of each section. The report also includes a special annex that details the reform agenda focusing on related party transaction approval and disclosure, based on the approach of the Protecting Investors indicator developed in the World Bank's Doing Business report.

Download or read book Issues of Corporate Governance in Russia written by Vladimir Loktionov and published by . This book was released on 2007 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, the issues of corporate governance in Russia are addressed. The study aims to shed light on corporate governance problems in Russia and analyze their roots. The paper confirms the fact that objective external criteria such as fast insider privatization in Russia, corruption, weak judicial system and ineffective court system as well as undeveloped external instruments of corporate governance have a detrimental effect on corporate governance quality in Russia. As a consequence, it leads to the wide-spread violation of shareholder rights. The recommendations provided in this work will definitely give positive results upon their implementation. So it is necessary for Russia to continue the process of developing the external instruments of corporate governance as well as improving the overall economic and legal situation. This would enhance efficiency of single companies as well as the national economy as a whole, thereby enhancing the economic growth and attracting foreign investment.

Download or read book The Development and Challenges of Russian Corporate Governance written by Oksana Kim and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Development and Challenges of Russian Corporate Governance written by Oksana Kim and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance of State Owned Enterprises written by World Bank Publications and published by World Bank Publications. This book was released on 2014-10-02 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

Download or read book Corporate Governance in Developing and Emerging Markets written by Franklin N. Ngwu and published by Taylor & Francis. This book was released on 2016-12-08 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the world, the Anglo-American model of corporate governance tends to prevail – but no two countries are identical. Governance outcomes in developing and emerging economies often deviate from what theory predicts, due to a wide range of factors. Using insights from New Institutional Economics, Corporate Governance in Developing and Emerging Markets aims to explain the different issues and cultural and legal factors at play, and put forward an alternative governance framework for these economies. Structured in three parts, this text investigates different models of corporate governance; it explores the realities of corporate governance in ten nations, including the ‘BRICS’ (Brazil, Russia, India, China and South Africa) and ‘MINT’ (Mexico, Indonesia, Nigeria and Turkey) countries; and then considers corporate governance reform. This interdisciplinary text will be a valuable tool for students of corporate governance across Business, Economics and Law; and an equally useful resource for anyone working in or carrying out research in this area.

Download or read book Challenges and Opportunities of Corporate Governance Transformation in the Digital Era written by Kuznetsov, Mikhail Yevgenievich and published by IGI Global. This book was released on 2019-12-27 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: While corporate governance has been a successful concept throughout the centuries, it is in question whether this concept can remain sustainable in the digital era and during a time of technological and managerial disruption. Under the pressure of new economic, social, and ecologic challenges, it is vital to understand how this concept needs to transform. Challenges and Opportunities of Corporate Governance Transformation in the Digital Era is an essential reference source that discusses concepts, trends, and forecasts of corporate governance and examines its transformation under the pressure of new technologies and economic changes. Featuring research on topics such as corporate identity, e-commerce, and cost management, this book is ideally designed for corporate leaders, managers, executives, business professionals, consultants, professors, researchers, and students.