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The Impact of Property Characteristics on Economic Performance of Russian Industrial Enterprises

https://doi.org/10.32609/0042-8736-2005-2-53-68

Abstract

The paper provides new survey evidence on effects of concentrated ownership upon investment and performance in Russian industrial enterprises. Authors trace major changes in their ownership profile, assess pace of post-privatization redistribution of shareholdings and provide evidence on ownership concentration in the Russian industry. The major econometric findings are that the first largest shareholding is negatively associated with the firm’s investment and performance but surprisingly the second largest shareholding is positively associated with them. Moreover, these relationships do not depend on identity of majority shareholders. These results are consistent with the assumption that the entrenched controlling owners are engaged in extracting "control premium" but sizable shareholdings accumulated by other blockholders may put brakes on their expropriating behavior and thus be conductive for efficiency enhancing. The most interesting topic for further more detailed analysis is formation, stability and roles of coalitions of large blockholders in the corporate sector of post-socialist countries.

About the Authors

R. Kapeliushnikov
Institute of World Economy and International Relations, Russian Academy of Sciences
Russian Federation


N. Demina
Institute of World Economy and International Relations, Russian Academy of Sciences
Russian Federation


References

1. Долгопятова Т. Становление корпоративного сектора и эволюция акционерной собственности. Препринт. М: Высшая школа экономики, 2003.

2. Капелюшников Р. Собственность и контроль в российской промышленности // Вопросы экономики, 2001, № 12. С. 103-124.

3. Bennedsen M., Wolfenzon D. The Balance of Power in Closely Held Corporations // Journal of Financial Economics, 2000, vol. 58, No 1-2.

4. Dyck I. Ownership Structure, Legal Protection and Corporate Governance. Mimeo, Harvard Business School, 2000.

5. La Porta R., Lopez-de-Salinas R., Shleifer A. A Corporate Ownership around the World // Journal of Finance, 1999, vol. 54, No 2.


Review

For citations:


Kapeliushnikov R., Demina N. The Impact of Property Characteristics on Economic Performance of Russian Industrial Enterprises. Voprosy Ekonomiki. 2005;(2):53-68. (In Russ.) https://doi.org/10.32609/0042-8736-2005-2-53-68

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ISSN 0042-8736 (Print)