Abstract
The impact of business groups (BGs) on the restructuring and business performance of subsidiaries has been an important feature of studies of Russian companies. The characteristic of this impact provides answers to two questions. The first is why BGs formed during the past decade remain an important part of the Russian industry and why their share continues to grow. An effort should be made to explain the emergence of major diversified amalgamations in an unstable institutional environment, which should aggravate an agency problem and cause the group performance to deteriorate. The second question is threefold and involves the following: first, the role that BGs played in Russian corporate restructuring during the past decade; second, whether they contributed to the increase of competitiveness by corporate restructuring or enabled enterprises to survive without profound restructuring; and finally, in the case of the success of BG member enterprises, whether this success was due to enhanced competitiveness of the companies or support from the authorities.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
Avdasheva, S., Shastitko, A., & Kuznetsov, B. (2007) Competition and industrial organization in transition markets: What can we derive from empirical studies? Post-Communist Economies, 19: 17–33.
Blanchard, O. & Kremer, M.(1997) Disorganization, Quarterly Journal of Economics, 112: 1091–1126.
Brown, D. J., Earle, J. S., & Telegdy, A. (2006) The productivity effects of privatization: Longitudinal estimates from Hungary, Romania, Russia and Ukraine, Journal ofPolitical Economy, 114: 61–99.
Clarke, S. (2004) A very Soviet form of capitalism? The management of holding companies in Russia, Post-Communist Economies, 16: 405–422.
Dementiev, V. E. (2000) Finansovo-promyshlennyie gruppy v strategiyi reformirovanoya rossiiskoy ekonomiki, Rossiyskii Ekonomicheskii Zhurnal, 11–12: 3–9.
Dolgopyatova, T. (ed.) (2003) Russian Industry: Institutional Development (Moscow: SU-HSE Publishing House).
Dolgopyatova, T. (2005) Stock ownership and corporate control as determinants of company modernization: The case of Russia. In: Proceedings of the 65th Anniversary Conference of the Institute of Economics, Zagreb (The Institute of Economics), pp. 533–564.
Dynkin, A. & Sokolov, A. (2002) Integrirovannyie biznes-gruppy v rossiyskoi ekonomike, Voprosi Ekonomiki, 4: 78–95.
Eisenberg, T., Sundgren, S., & Wells, M. T. (1998) Larger board size and decreasing firm value in small firms, Journal of Financial Economics, 48: 35–54.
Frye, T. (2004) Credible commitment and property rights: Evidence from Russia, American Political Science Review, 98: 453–466.
Frye, T. (2006) Original sin, good works, and property rights in Russia, World Politics, 58: 479–504.
Gaddy, C. & Ickes, B. (1998) To restructure or not to restructure: Informal activities and enterprise behavior in transition. Working paper 134, Ann Arbor: William Davidson Institute, University of Michigan.
Guriev, S. & Rachinsky, A. (2005) The role of oligarchs in Russian capitalism, Journal of Economic Perspectives, 19: 131–150.
Klepach, A. & Yakovlev A. (2004) O roli krupnogo biznesa v sovremennoi rossiiskoi ekonomike (kommentariyi k dokladu Vsemirnogo banka), Voprosi Ekonomiki, 8: 36–45.
Pappe, Ya. (2000) Oligarkhi: Ekonomicheskaya khronika 1992–2000 (Moscow: SU-HSE Publishing House).
Pappe, Ya. (2002a) Rossiyskii krupnii biznes kak ekonomicheskii fenomen: Osobennosti stanovleniya i sovremennogo etapa razvitiya, Problemy Prognozirovaniya, 1: 29–46.
Pappe, Ya. (2002b) Rossiyskii krupnii biznes kak ekonomicheskii fenomen: Spetsificheskiye cherty, modeli ego organizatsiyi, Problemy Prognozirovaniya, 2: 83–97.
Pappe, Ya. & Galukhina, Ya. (2006) Rossiyskiye korporatsiyi: Ot oligarhicheskih struktur do polnopravnih subjektov mirovogo rynka, Neprikosnovennyi Zapas, 48–49: 16–29.
Perotti, E. C. & Gelfer, S. (2001) Red barons or robber barons? Governance and financing in Russian financial-industrial groups, European Economic Review, 45: 1601–1617.
Shumilov, A. V. & Volchkova, N. A. (2005) Russian business groups: Substitutes for missing institutions? In: Sbornik dokladov shestoy mezhdunarodnoy konfer-encii GY-VSHE “Modernizatsiya ekonomiki I vyratschivaniye institutov,” Vol. 2 (Moscow: SU-HSE Publishing House), pp. 183–194.
Yakovlev, A. A. & Danilov Y. A. (2007) Rossiiskaya korporatsiya na 20-letnem gori-zonte: struktura sobstvennosti, rol’ gosudarstva i korporativnoye finansirovaniye, Rossiyskii Zhurnal Menedzhmenta, 5: 3–34.
Yasin, E. (ed.) (2004) Structural Changes in the Russian Industry (Moscow: SU-HSE Publishing House).
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 2009 Svetlana B. Avdasheva
About this chapter
Cite this chapter
Avdasheva, S.B. (2009). Impact of Business Integration on Corporate Restructuring and Performance. In: Dolgopyatova, T., Iwasaki, I., Yakovlev, A.A. (eds) Organization and Development of Russian Business. Palgrave Macmillan, London. https://doi.org/10.1057/9780230249493_10
Download citation
DOI: https://doi.org/10.1057/9780230249493_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-30387-8
Online ISBN: 978-0-230-24949-3
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)