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Demand for modern standards of corporate governance in Russia's private sector
Project duration: 2002 

Project Summary:

The research is based on the survey of one thousand Russian industrial firms conducted by the authors in the summer of 2002. Using data on the current level of corporate governance, the ownership structure, investment and the management’s attitude to the Code of Corporate Conduct developed by FCSM, authors study the relationships between ownership, corporate governance and investments in Russian industry.

Main Results:

Main findings of the project are presented bellow:

1. The ownership of Russian industrial firms is highly concentrated.
2. Level of corporate governance varies significantly among firms.
3. Ownership concentration has positive effect on corporate governance as long as largest blockholder’s stake does not exceed 50%.
4. Most firms finance investment out of internal funds.
5. Ownership concentration has a positive effect on investment.
6. Corporate governance has positive effect on investment only if the share of minority shareholders is sufficiently high.
7. Awareness of the Code of Corporate Conduct is very low.
8. Readiness to adopt the Code is determined by awareness about its contents and by the current level of corporate governance in the firm and in other firms of the same industry.

Project Output:

Policy Paper on Corporate Governance in Russian Industry
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