Employee Ownership And Corporate Governance In Post Privatization Russia
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Employee Ownership And Corporate Governance In Post Privatization Russia
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Author : Yarik Kryvoi
language : en
Publisher:
Release Date : 2010
Employee Ownership And Corporate Governance In Post Privatization Russia written by Yarik Kryvoi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This article brings into focus the impact of employee buyouts on corporate governance ten years after the large-scale privatization in Russia. The analysis shows that although employee buyouts have helped to reduce unemployment and prevent major social conflicts, it otherwise had a negative effect on corporate governance and firms' productivity. An excessively large labor force and the management's tendency to preserve the old Soviet-style corporate governance hampered the long-term growth of privatized enterprises. Unlike in many other transition countries, employees in Russia were obedient to the directors who ruled the enterprises in the absence of any meaningful system of checks and balances. Employee ownership still remains a popular idea in Russia, but subsequent attempts of the Russian government to isolate enterprises from outside investors in the form of people's enterprises have proved to be a failure. The article concludes that instead of giving employees control over their companies, they should only receive minority stakes. The majority stakes should be sold to outside investors, preferably foreign. This would improve employees' incentives without adversely affecting the the company's ability to raise external financing and maintain effective mechanisms of management control.
Russia
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Author : Ira W. Lieberman
language : en
Publisher: World Bank Publications
Release Date : 1995
Russia written by Ira W. Lieberman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
"This book contains a collection of papers prepared at a World Bank conference held in June 1994 on privatization and private sector development in Russia. It reviews the privatization achievements of Russian reformers over the past three years, discusses emerging second-tier privatization and post-privatization issues, and summarizes the key themes in the papers presented at the conference. Between November 1991 and June 1994: 1) between 12,000 and 14,000 medium-size and large enterprises had been transferred to private ownership; 2) this set of firms employed more than fourteen million people, or about half of those employed in Russia's industrial sector; 3) about forty million Russian citizens owned shares in privatized firms or investment funds. Although the Russian privatization program has achieved impressive results, the transfer of ownership (mainly to insiders) is only a first step. This must be followed by equally essential second steps to facilitate ownership of privatized firms to external, core investors who will bring in much needed capital, managerial know-how, and access to global markets." -- Website.
After Voucher Privatization
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Author : John S. Earle
language : en
Publisher:
Release Date : 1997
After Voucher Privatization written by John S. Earle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Manufactures categories.
Managers Behavior During The Post Privatization Period Russian Example
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Author : Victoria Krivogorsky
language : en
Publisher:
Release Date : 1999
Managers Behavior During The Post Privatization Period Russian Example written by Victoria Krivogorsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
I investigate the impact of privatization on managers' behavior, considering both the unique features of the Russian reality and general theoretical issues in property rights and economic behavior.
Kremlin Capitalism
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Author : Joseph R. Blasi
language : en
Publisher: Cornell University Press
Release Date : 2018-10-18
Kremlin Capitalism written by Joseph R. Blasi and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-18 with Political Science categories.
The first book to describe Russia's massive economic transformation for an American audience, Kremlin Capitalism provides a wealth of data and analyses not previously available in this country. The authors articulate the political and economic goals of Russian privatization, examine the current ownership of the largest enterprises in Russia, and chart the serious problem of corporate governance in the new private businesses. Kremlin Capitalism is based on the only continuous study of Russian privatization throughout the Russian Federation from 1992 to the present. The authors tracked down the story of the transition in the cities, towns, and villages of fifty of Russia's eighty-nine provinces, updating their findings after the June 1996 election. The result is an up-to-the-minute report of the largest property transfer in history and an analysis of one of this century's most significant economic transformations. The volume also characterizes the position of workers in terms of unemployment, wages, union power, and their changing role as employee shareholders.What really happened when Russia privatized its economy? The Kremlin brokered the initial struggle among different interest groups eager to claim a portion of Russian property: workers, managers, the Mafia, the old Soviet bureaucracy, regular citizens, entrepreneurs, Russian banks, and foreigners. While competing with one another, all struggled to free themselves from seventy years of Communist economic culture. Four years after the process began, have large companies learned to offer goods and services profitably and pay dividends to shareholders? Individual stories come alive as the book explores problems Russians face in structuring a new economic system, defining the ownership and governance of thousands of corporations one by one. Russian economic practices are being forged in the heat of fierce political struggles between resurgent Communists and nationalists and old Soviet managers, on the one hand, and more liberal elements of its infant democratic system on the other. Whether a few big conglomerates and the powerful banks and holding companies from Soviet days will dominate the new Russian economy to the exclusion of most citizens remains to be seen.Many questions persist. How will billions of dollars of capital be raised to retool, restructure, and reorient the heart and soul of Russia's economy? Will open stock markets stimulate a new economic order or will that new order be imposed through strong state supports and subsidies? What role will be played by shadowy conglomerates that are trying to shape a disorganized economy into something resembling the old Soviet system? The authors note the paradox of a capitalism conceived, designed, implemented, and evaluated by the Kremlin when one aim of reform is to allow market forces to play freely. Kremlin Capitalism asks whether rapid privatization has catalyzed or complicated the transition to a more liberal political and economic system, a question that will reverberate for decades.
Privatization Surprises In Transition Economies
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Author : Milica Uvalić
language : en
Publisher: Edward Elgar Publishing
Release Date : 1997
Privatization Surprises In Transition Economies written by Milica Uvalić and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
A wide-ranging survey which considers employee ownership within privatization legislation and its diffusion and implementation problems in 14 transitional economies. Ten articles address issues such as enterprise restructuring, employment, wages, productivity, and investment policies. The authors conclude that the employee ownership method has proven to be one of the quickest and has brought with it many positive changes. They also identify possible improvements such as the use of employee ownership in combination with other methods. Annotation copyrighted by Book News, Inc., Portland, OR
Privatizing Russia
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Author : Maxim Boycko
language : en
Publisher: MIT Press
Release Date : 1997-01-22
Privatizing Russia written by Maxim Boycko and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-01-22 with Business & Economics categories.
Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.
Privatization In The Russian Federation
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Author : Alexander Radygin
language : en
Publisher:
Release Date : 2009
Privatization In The Russian Federation written by Alexander Radygin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The aim of this paper is providing an overview of the privatization process in the Russian Federation. The first section focuses on the experience with management and employee-buyouts in the Russian Federation, the second part explores two sides of the privatization process: the mass privatization and the voucher system.
Corporate Governance In Russia
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Author : Daniel J. McCarthy
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004-01-01
Corporate Governance In Russia written by Daniel J. McCarthy and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Business & Economics categories.
Given the past decade of abuse of shareholder rights, corporate governance is essential for Russia's future. In this comprehensive volume, an international group of contributors - academics, corporate executives, government officials, policymakers, specialists from nongovernmental organizations, and legal experts - examine the crucial role of corporate governance as well as the external institutions and forces that affect it. Offering coverage from numerous perspectives, the contributors explore external and institutional influences on corporate governance, its workings within corporations, and the relationships between boards of directors, managers, shareholders, and the government. Case studies of three major companies illustrate the challenges and opportunities involved in creating sound practices. The concluding section provides a summary of the current situation and discusses implications for the future of Russia's corporate governance. A valuable source of information, Corporate Governance in Russia is a must-read for business people, government officials, academic researchers, students, and all those interested in Russia and what the future holds.
The Piratization Of Russia
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Author : Marshall I. Goldman
language : en
Publisher: Routledge
Release Date : 2003-04-10
The Piratization Of Russia written by Marshall I. Goldman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-10 with Business & Economics categories.
In 1991, a small group of Russians emerged from the collapse of the Soviet Union and enjoyed one of the greatest transfers of wealth ever seen, claiming ownership of some of the most valuable petroleum, natural gas and metal deposits in the world. By 1997, five of those individuals were on Forbes Magazine's list of the world's richest billionaires.