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Institutional Evolution of Industrial Entreprises in Transitional Economies

2011
The project has been carried out as part of the HSE Program of Fundamental Studies.

The research of the Institute for Industrial and Market studies (IIMS) describes the main trends of the companies’ evolution in the transition economy under the influence of institutional changes including the peculiarities of firms’ behavior, internal organization and mechanisms of corporate governance.

The subject of the study is large and middle-sized companies, including public companies, in Russia and transition economy countries.

The purpose of the research is the analysis of Russian firm’s behavior and internal organization and its evolution under the influence of both institutional transformation, business environment changes and special features of Russian economy development (recovery growth, production expansion, financial crisis).

We set several tasks to achieve the purpose of our study:

1) to determine the main institutional factors that had an impact on industrial enterprises, and to analyze the changes of these factors’ role at different stages of economic development, including the post-crisis period;
2) to estimate the peculiarities of companies’ behavior in different industries;
3) to examine the investment behavior of a company and its dynamic;
4) to analyze the internal business changes, including the improvement of management quality, corporate governance (particularly top-management and board of directors), property and ownership relations and the evolution of Russian corporation model.

We use different sources of information in our report (surveys of top-managers and the members of the board of directors, conducted in Russia and in other transition economy countries; data of the official statistics; materials of international organizations and analytical centers). We use methods of descriptive statistics, regression analysis (multi-factor OLS models, binary models) and methods of qualitative information analysis, including materials of surveys and legislation.

In particular, original empirical data of IIMS collected in two monitoring rounds of industrial firms’ competitiveness conducted in 2005 and 2009 (nearly 1000 firms) is used, as well as the number of corporate governance surveys of 2002, 2003, 2005. The results of two surveys of top-managers (100 companies in the Urals region in 2002 and 2006) and in-depth interviews with top-managers are reexamined. We also use the data of Rosstat, the World Bank and OECD, information from the web-sites of companies and stock exchanges, information of analytical and rating agencies; issuer reports (SPARK-Interfax data-base).

The novelty of the research and its results are the following:

- The factors of investment activity of industrial enterprises are identified on the basis of scientific papers analysis; the periodization of the transition period is given (it reflects the prevailing of the factors);
- We provide the approach to the analysis of the competitive environment development;
- We verify the hypothesis about the self-selection mechanism of  firms-exporters in the second half of 2000;
- According to the analysis of quality management systems introduction (ISO standards) on BEEPS data we conclude that the decision about certification is determined by the mbination of both internal and external factors;
- We show that the special model of Russian corporation is formed under the influence of institutional transformations, including weak property rights protection.
- The Russian board of directors role changes has been analyzed: from the formal one to the role of the board as the instrument which helps to improve the corporate performance of the company;
- On the data of 30 transition economy countries we make the empirical analysis of internal and external factors of firm’s certification.

The results of the research are aimed at the usage by federal authorities for corporate governance policy improvement and legislative acts development.

The results of the research help to improve the corporate governance in Russia, to modernize the manafacturing industries and to promote Russian companies development after the crisis.

Publications:


Долгопятова Т. Г. Привлечение наемного менеджмента: предпосылки и последствия // В кн.: XII Международная научная конференция по проблемам развития экономики и общества. В четырех книгах. Книга 4. / Отв. ред.: Е. Г. Ясин. Кн. 4. М. : Издательский дом НИУ ВШЭ, 2012. С. 67-77.
Долгопятова Т. Г. Российская модель корпоративного управления: внутрифирменные особенности и внешние механизмы // В кн.: Новые тенденции в развитии российской модели корпоративного управления: посткризисные уроки и выводы. Екатеринбург : Уральский Государственный экономический университет, 2011. С. 205-219.
Долгопятова Т. Г. Факторы отхода собственников от управления в условиях кризиса // В кн.: Системное моделирование социально-экономических процессов: труды 34-й Международной научной школы-семинара / Отв. ред.: В. Г. Гребенников, И. Н. Щепина, В. Н. Эйтингон. Т. 1. Воронеж : Издательско-полиграфический центр Воронежского государственного университета, 2011. С. 40-47.
Винарик В. А. Мотивация компаний к сертификации систем менеджмента качества iso 9001: страновой и отраслевой контекст // В кн.: XIII Международная научная конференция по проблемам развития экономики и общества. В 4 кн. Кн. 1. / Отв. ред.: Е. Г. Ясин. Кн. 1. М. : Издательский дом НИУ ВШЭ, 2012. С. 454-462.
Дуляк Ю. И. Влияние совета директоров на эффективность бизнеса: результаты зарубежных и российских исследований // Менеджмент и бизнес-администрирование. 2011. № 4. С. 103-124.
Дуляк Ю. И. Влияние совета директоров на эффективность фирмы: анализ зарубежной практики // В кн.: Новые тенденции в развитии российской модели корпоративного управления: посткризисные уроки и выводы. Екатеринбург : Уральский Государственный экономический университет, 2011.