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Model of Russian corporation: corporate governance and integration processes in the Russian economy

2007

This research develops the results obtained in the Corporate governance and integration processes in the Russian economy (2006) project. The study resulted in a treatise Russian corporations: internal organization, external interaction, development prospects (542 pages), published at the end of 2007 by SU-HSE Publishing House.

The object of study is Russian joint-stock companies, both independent businesses as well as companies undergoing a process of corporate integration.

The purpose of the work is to provide an analysis of the state and development prospects of Russian companies, thus determining possible evolutionary directions of the national corporate model.

This study is aimed at describing the emergence of Russian corporations, specifics of their internal organization, management, external interaction and development prospects.

The specifics of the study consists of:

  • A comprehensive approach to the analysis of internal and external interactions of Russian companies, covering issues of corporate governance and financing, corporate integration and interaction with the state amid globalization;
  • Researching specifics of the establishment and activity of an economic firm (business) as a process that goes beyond the realm of one legal entity;
  • Detailed research of previously unconsidered problems using quantitative empiric data and econometric methods (for instance, determining factors for the choosing of a form of control with the combination/separation of ownership and executive management; research into the role of management renewal in a company’s restructuring; research into the efficiency of companies that are part of business groups; analysis of the specifics of members of company groupes (subsidiaries) in regulated and unregulated areas);
  • The first qualitative medium- and long-term forecast of evolution of the model of Russian corporation. The forecast is based on research into corporate ownership, governance and financing, taking into account global development trends in financial markets and corporate governance.

Based on qualitative and quantitative research of various aspects of a company’s activity we have set and solved the following tasks using broad-based information:

  • To determine the specifics of corporate control emergence at the micro-level and to reveal the instruments of control used by dominating owners;
  • To detect factors affecting the choice of the control form in companies and transfer to hiring non-shareholding managers, and the scale of this control form expansion, taking into account the growing role of corporate management skills and market globalization factors;\
  • To analyze the quality specifics of management and its renewal in Russian companies compared with similar processes in developed countries;
  • To detect the specifics of management teams in local labor markets and specifics of approaches to building a team depending on the accepted form of organization of corporate control;
  • To determine the impact of qualitative characteristics of management teams and processes of management and owner substitution on the intensity of company restructuring;
  • To analyze the impact of joining a holding group on forming the type of company’s behavior and its modernization activity;
  • To conduct an analysis of the impact of corporate integration on a company’s’ operation efficiency, using calculations of total factor productivity;
  • To conduct an analysis of processes and sources of corporate financing of Russian business;
  • To make forecasts regarding corporate financing and corporate governance development on a 5-7-year and 15-20-year timescale, taking into account corporate integration processes and the current policy of the state;
  • To provide a comprehensive description of a Russian company, which forms a analytical basis for improving corporate legislation and state regulation of economic relations.