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)
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.
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.