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Ownership Concentration as a Driver of Russian Companies` Performance
The aim of this paper is to explore ownership concentration as a driver of company’s performance in Russia. A Herfindahl- Hirschman Index is used to measure ownership concentration among the largest shareholders. The analysis of 480 Russian public companies for the period from 2004 to 2013 shows that shared ownership in Russia is highly concentrated because of weak institutional environment and imperfection of legislation. Using Hausman- Taylor method, it is found positive relationship between ownership concentration and company’s performance measures in the context of Russian business.