Progress of the Corporate Governance Practice in Russian State-Owned Companies

  • Irina Belyaeva
  • Khvicha P. Kharchilava
Part of the CSR, Sustainability, Ethics & Governance book series (CSEG)


This study responds to a great academic and practical interest in the practice of corporate governance in Russian state-owned companies. This paper seeks to identify or disclose the relationship between the corporate governance system and the efficiency of state-owned companies and this is why this study offers a certain practical value for Russian companies with state participation. The number of studies in corporate governance has been increasing recently. The impact of corporate governance on a company’s performance is what drives the interest in issues of management and assessment of sustainable development in Russian companies, and this interest has been steadily growing. In an environment of globalization of the economic space, describing the relationship between the quality of state-owned companies’ corporate governance and their financial performance is of paramount importance. This topic is relevant for businesses seeking new approaches to ensuring their competitiveness. Moreover, corporate governance is a way to achieve this goal and to protect the interests of various stakeholder groups.


  1. Аggаrwаl, Р. (2013). Imрасt оf соrроrаtе gоvеrnаnсе оn соrроrаtе finаnсiаl реrfоrmаnсе. Jоurnаl оf Businеss аnd Mаnаgеmеnt, 13(3), 24–31.Google Scholar
  2. Barton, D., & Wiseman, M. (2015). Where boards fall short. Harvard Business Review, 36–47, January–February. Retrieved from
  3. Belyaeva, I. Y., & Kharchilava, Kh. P. (2018). Effective corporate governance in Russian companies with state participation (pp. 57–63). Moscow: RUSAINS.Google Scholar
  4. Belyaeva, I. Y., Kharchilava, Kh. P., & Kozlova, N. P. (2018). Corporate governance practice development in Russian state-owned companies. Modern Journal of Language Teaching Methods, 8(7), 60–74.Google Scholar
  5. Dе Gаlbеrt. (2015). А уеаr оf sаnсtiоns аgаinst Russiа - Nоw whаt? А Еurореаn аssеssmеnt оf thе оutсоmе аnd futurе оf Russiа sаnсtiоns. A rероrt issued by the Сеntеr fоr Strаtеgiс & Intеrnаtiоnаl Studiеs. pp. 65–78. Retrieved from httр://сsis.оrg/filеs/рubliсаtiоn/150929_dеGаlbеrt_SаnсtiоnsRussiа_Wеb.рdfGoogle Scholar
  6. Hugh, G., & Mac, C. (2018). Due diligence procedures and principles for financial analysis and corporate governance. Journal of Corporate Finance Research, 15(1), 79–94.Google Scholar
  7. Kabir, L. (2017). Is socially responsible investment: A trend or a temporary phenomenon? Economics and Management, 4, 35–41.Google Scholar
  8. Kharchilava, K. P. (2018). In I. Y. Belyaeva (Ed.), The development of value-oriented corporate governance in Russia: Problems and prospects (pp. 39–45). Moscow: KNORUS.Google Scholar
  9. Kuznetsov, M., Fedorov, O., & Mikheev, A. (2015). Long-term motivation of the members of the management bodies in companies with state participation. Best Corporate Governance Practice, 9(136), 60–75.Google Scholar
  10. Mnatsakanyan, A. G., & Kharin, A. G. (2016). Principles of sustainable development in the management of the company. Socio-economic Phenomena and Processes, 11(10), 41–50.Google Scholar
  11. ОЕСD. (2015). ОЕСD Guidеlinеs оn соrроrаtе gоvеrnаnсе оf stаtе-оwnеd еntеrрrisеs: 2015 еditiоn. pp. 65–80. Retrieved from httр://www.оесd.оrg/dаf/са/ОЕСD-Guidеlinеs-Соrроrаtе-GоvеrnаnсеSОЕs-2015.рdfGoogle Scholar
  12. O’Kelley III, R., Goodman, A., Martin, M., & Reynolds, R. (2017). Global and regional trends in corporate governance for 2018, Friday, December 29. pp. 25–38. Retrieved from
  13. Оrаzаlin, N. (2014). Соrроrаtе gоvеrnаnсе аnd firm реrfоrmаnсе in thе оil аnd gаs industrу оf Russiа. Рrосееdings оf Еurаsiа Businеss Rеsеаrсh Соnfеrеnсе, 16–18 Junе 2014, pp. 56–72.Google Scholar
  14. Salewski, M., & Zülch, H. (2014). The association between corporate social responsibility and earnings quality – Evidence from European blue chips. Leipzig: HHL Working Paper Series No. 112, HHL, pp. 59–73.Google Scholar
  15. Wоrld Bаnk Grоuр. (2014). Tооlkit: Соrроrаtе gоvеrnаnсе оf stаtе-оwnеd еntеrрrisеs. Intеrnаtiоnаl Bаnk fоr Rесоnstruсtiоn аnd Dеvеlорmеnt, 65–73.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Irina Belyaeva
    • 1
  • Khvicha P. Kharchilava
    • 1
  1. 1.Federal State-Funded Educational Institution of Higher Professional EducationMoscowRussia

Personalised recommendations