Ownership Structure of Manufacturing Companies and Its Dynamics: Research Based on Monitoring Data

Abstract

The paper describes dynamics of ownership structure in Russian manufacturing industry with particular attention to its concentration and the stock of main groups of shareholders including foreign investors and Russian authorities. Special attention is paid to empirical analysis of determinants which decrease the level of ownership concentration during 2005-2009. Significant positive factors of this decrease are companies’ entry to securities markets, their work in competitive environment, and larger size of foreign investors stock. Negative influence of propensity to future investments has also been found out. Besides, correlations among ownership features, on one hand, and enterprises’ behavior and top-managers’ estimates of the current economic crisis, on the other hand, have been revealed and discussed. The research is based on the data of two rounds of monitoring of industrial enterprises competitiveness conducted by the State University - Higher School of Economics in 2005 and 2009 in 48 regions of Russia.