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Political Connections and Corporate Governance in Russia

Student: Kristina Belova

Supervisor: Elena Shakina

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Management and Analytics for Business (Master)

Year of Graduation: 2021

Given the unstable and demanding nature of modern economic context that organisations have to operate within, it is evident that firms tend to establish links and connections in order to protect their financial, social and economic capital. That is more so during the times of economic instability that any business tries to offset. Numerous researches have expressed their views on the extent of presence and the effect brought by political connection on performance of an organisation having those links. However, very little application of such results and theories has been done in Russian context, especially under the conditions of economic instability brought by the crises. The aim of this study is to examine the nature and the effect of political ties of the members of the boards of directors in Russia, and to perceive whether relationships explored would change during the crises of 2008-2009 and 2014. Current research composes a hand-collected panel on 5270 individuals present in the boards of Russian firms analysed throughout 2008 to 2017. The approach empirically exploited considers the heterogeneity of political ties. The methodology consists of several regression models discussed within a subsequent section. The main findings of the study enclose numerous relationships related to the political connections within the board, showing positive influence of military connections in almost all empirical models developed. Practical and theoretical contributions of the research are discussed within the conclusion section, with the main contribution being the ability to establish the exact level of presence of factors discussed within the board to ensure maximum profitability.

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