Using a unique dataset, we describe the degree of ownership concentration in Russian economy and its role in shaping economic and political institutions in Russia. In particular, we find that Russian "oligarchs" do control a substantial part of the economy. While the relative weight of their firms in Russian economy is huge, they do not seem to be excessively large by the standards of the global economy where most of them are operating. The oligarchs seem to run their firms more efficiently than other Russian owners controlling for industry, region and size.
This article presents evidence on the relationship between corporate governance and operating performance in banks using a sample of 107 banks in Russia and fifty banks in Ukraine surveyed by International Financial Corporation in 2003-6. We find some significant, but modest, relationships between governance and contemporaneous operating performance and a largely not significant link with the subsequent performance. We conclude that aside from the popularity of corporate governance in public discussion, it has at best a second-order effect on operating performance in Russian and Ukrainian banks.
This study discusses the evolution of personal wealth in transition economies. While data availability is still a problem, the available indirect evidence suggests privatization has resulted in an increase in personal wealth but also in personal wealth inequality, especially in the countries that lagged behind in building effective institutions. Another source of wealth inequality is the high income inequality due to wage decompression coupled with the low saving rates among the poor. We pay a special attention to one of the most noticeable implications of this rise in personal wealth and wealth inequalitythe emergence of so called 'oligarchs'. Using the comprehensive dataset of Muscovites' incomes we show that surveys that do not take into account the first-and second-tier rich (billionaires and millionaires) may drastically underestimate inequality.Keywords: inequality, wealth distribution, oligarchs, privatization JEL classification: D31, O52, P36
In this survey, we describe the current state of corporate governance in Russia and discuss its dynamics and prospects. We review the main mechanisms of corporate governance in the country and relate them to firms' ownership structures, financial market development and government influence. Finally, we discuss the current trends in Russian corporate governance and its prospects.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.