The paper is based on the findings of a major project by the Higher School of Economics Institute for Industrial and Market Studies (IIMS) to monitor competitiveness of manufacturing enterprises. The study focuses on the drivers and dynamics of business competitiveness, including changes in firms'behavior during the period before the crisis (2005)(2006)(2007)(2008)

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This paper investigates the role of boards of directors of conglomerate subsidiaries in emerging markets. The paper based on a case study of AFK Sistema-a large diversified Russian business group including subsidiaries in 15 sectors. We show that creating corporate governance institutions at the subsidiary level can have unexpected advantages for the group as a whole and can be used to improve the quality of decision-making in the group. Sistema implemented corporate governance at this level to attract capital and to satisfy the demands of the minority shareholders, but over time started to use the already established institutions of the corporate governance as a tool of corporate management.

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THE UNINTENDED BENEFITS OF EMPOWERING BOARDS IN CONGLOMERATES: THE CASE STUDY OF AFK SISTEMA 4This paper investigates the role of boards of directors of conglomerate subsidiaries in emerging markets. The paper based on a case study of AFK Sistema-a large diversified Russian business group including subsidiaries in 15 sectors. We show that creating corporate governance institutions at the subsidiary level can have unexpected advantages for the group as a whole and can be used to improve the quality of decision-making in the group. Sistema implemented corporate governance at this level to attract capital and to satisfy the demands of the minority shareholders, but over time started to use the already established institutions of the corporate governance as a tool of corporate management.

Аннотация. Исследуется влияние степени локализации отраслей и диверсификации экономики регионов на показатели результативности (рентабельности) деятельности предприятий. Для оценки локализации отраслей экономики используется индекс Эллисона -Глейзера. Диверсификация экономики регионов оценивается с помощью индекса Херфиндаля -Хиршмена. Эмпирический анализ основан на базе данных, состоящей из 650 тыс. наблюдений, аппроксимирующих генеральную совокупность российских предприятий в 2017 г. (коммерческие предприятия реального сектора). Для каждой из четырех групп предприятий (микро-, малые, средние и крупные) проведен регрессионный анализ методом наименьших квадратов. Установлено, что увеличение степени локализации значимо и положительно влияет на рентабельность продаж, при этом чем крупнее предприятие, тем сильнее влияние.

The goal of this study is to empirically assess the influence of the board of directors’ work experience diversity on the performance of Russian non-public companies. The board work experience diversity is measured by the diversity index proposed by the authors, as well as by the number of work experience types and categories. Russian boards are characterized by a low level of diversity, directors with work experience in the same company prevail, on the second and third places is the experience in other enterprises in the industry and the experience in the group of related companies. It has been established that there are no prevailing combinations of experience in industrial companies. A positive influence of the directors’ work experience diversity on the increase of companies’ return on capital from 2017 to 2019 was found. The analysis is based on the data from a 2018 survey of industrial managers conducted by the Higher School of Economics.