Abstract
The privatization of state-owned enterprises in Russia and the subsequent redistribution of property rights made up a large cohort of manager-owners. This group, according to surveys of the Russian Economic Barometer, became the major category of owners for the first time in 2003, with a 25% share in ownership structure, and maintained their leading position into 2007 with a 35% share (Aukutsionek et al. 2007). Therefore, a considerable number of management teams of Russian JSCs are headed by (or include) manager-owners. On the other hand, in the last decade, a tendency toward the separation of ownership and management has become more and more noticeable, and the old Soviet-style managerial teams are being substituted by a new generation of professionally trained hired managers. They are expected to be more effective at improving company performance by facilitating the large-scale market-oriented restructuring needed by the majority of privatized enterprises. However, the results of empirical surveys provide evidence that the privatization of initially state-owned manufacturing firms in Russia did not result in significant increases in productivity (Brown et al. 2004). Bhaumik and Estrin (2005) discovered that Russian industrial firms were unresponsive to almost all the normal economic drivers. In an attempt to explain the difference between two transitional countries, China and Russia, they discussed the managerial quality in the economies in transition and its influence on company performance.
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
Adizes, I. (2006) Kak Preodolet’ Krizisy Menedzhmenta (St. Petersburg: Stockholm School of Economics in Russia).
Aukutsionek, S., Dyomina, N., & Kapelyushnikov, R. (2007) Ownership structure of Russian industrial enterprises in 2007, Russian Economic Barometer, 3: 3–13.
Avdasheva, S., Shastitko, A., & Kuznetsov, B. (2006) Konkurentsiya i struktura rynkov: chto my mozhem uznat’ iz empiricheskih Issledovanij o Rossii, Rossijskiy Zhournal Menedzmenta, 4/4: 3–22.
Avdasheva, S. (2007) Holding company groups and model of corporate governance in Russia. In: Avdasheva, S., Golikova, V., Sugiura, F., & Yakovlev, A., External relationship of Russian corporations. Discussion paper No. B37: 1–28, Tokyo: Institute of Economic Research, Hitotsubashi University.
Belokonnaya, L., Gimpelson, V., Gorbacheva, T., Zhikhareva, O., & Lukianova, A. (2007) Formirovanie zarabotnoj platy: Vzgliad cherez prizmu professij. Preprint WP/3/2007/05, Moscow: Vysshaya Shkola Ekonomiki.
Bhaumik, S. & Estrin, S. (2005) How transition paths differ: Enterprise performance in Russia and China. Working paper No. 744, Ann Arbor: William Davidson Institute, University of Michigan.
Brown, D., Earle, J., & Telegdy, A. (2004) Does privatization raise productivity? Evidence from comprehensive panel data on manufacturing firms in Hungary, Romania, Russia, and Ukraine. Staff working paper No. 04–107, Kalamazoo: Upjohn Institute.
Chen, D.-H., Fan, J. P. H., & Wong, T. J. (2004) Politically-connected CEOs, corporate governance and post-IPO performance of China’s partially privatized firms. Working paper No. 2004–5, Tokyo: Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
Desai, R. & Goldberg, I. (2000) Stakeholders, governance and Russian enterprise dilemma, Finance and Development, 37. (available at: http://www.imf.org/external/pubs/ft/fandd/2000/06/desai.htm)
Golikova, V., Gonchar, K., Kuznetsov, B., & Yakovlev, A. (2007) Russian Industry on the Crossroads: What Prevents Our Firms from being Competitive? (Moscow: Higher School of Economics).
Goncharova, O. (2008) Upravlyates’ sami, Vedomosti, September 9: A07.
Jenter, D. & Kanaan, F. (2008) CEO turnover and relative performance evaluation, Stanford Graduate School of Business Research paper No 1992, May 2008, 74 pp.
Kabalina, V. (ed.) (2005) Praktiki Upravlenia Personalom na Sovremennyh Rossijskih Predpriyatiyach (Moscow: Institute of Comparative Labor Studies).
Kapelyushnikov, R. & Dyomina, N. (2005) Obnovlenije vysshego menedzhmenta rossijskih promyshlennykh predprijatij, Rossiiskii Ekonomicheskii Barometr, 1: 8–16; 2: 23–29.
Kramarz, F. & Thesmar, D. (2006) Social networks in the boardroom. Discussion paper No. 1940, Bonn: Institute for the Study of Labor (IZA).
Krueger, G. (2004) Enterprise Restructuringand the Role of Managers in Russia (New York and London: Sharpe).
Kuznetsov, B. (2005) Vliyaniye konkurencii na process modernizatsii i reformirovaniya promyshlennykh predriyatiy. In: Vliyaniye Konkurencii i Antimonopolnogo Regulirovaniya na Processy Ekonomicheskoy Modernizatsii v Rossii (Moscow: TEIS).
Kuznetsov, B. (2007) Vliyaniye konkurencii i struktury rynkov na razvitie i povedenie promyshlennykh predriyatiy: Empiricheskij analiz. Paper presented for the VII International Conference of SU-HSE “Modernization of the Economy and State,” April, 2007.
Landier, A., Sraer, D., & Thesmar, D. (2005) Bottom-up corporate governance. Paper presented for the AFA 2006 Boston Meeting. (available at: http://ssrn.com/abstract=68754 2)
Lucier, C., Wheeler, S., & Habbel, R. (2007) The era of the inclusive leader, Strategy and Business, June.
Malykhin, M. (2008) Sudba inostrantsa, Vedomosti, September 4: A07.
Muravyev, A. (2003) Obnovlenie direktorskogo korpusa na rossiiskikh privatizirovannykh predpriyatiyakh, Rossiiskii Zhurnnal Menedzmenta, 1: 77–90.
Pal’shin, K. & Goverdovskaya, O. (2007) Raskadrovka, Kompaniya, 21: 21–29.
Rachinsky, A. (2002) Self-enforced mechanism of corporate governance: Evidence from managerial turnover in Russia. Working paper, Moscow: Center for Economic and Financial Research.
Radaev, V. (2008) How managers establish their authority at the Russian industrial enterprise: A typology and empirical evidence. Paper presented at the 10th EACES conference “Patterns of Transition and New Approaches to Comparative Economics” (Moscow, State University-Higher School of Economics, August 28–30, 2008).
Roschin, S. & Solntsev, S. (2006) Rynok Truda Top-Menedzherov v Rossii (Moscow: Higher School of Economics).
Shekshnya, S. (2006) Ot plokhogo k velikomu, Expert, 29: 26–32.
Standard & Poor’s (S&P), (2006) Issledovanije Informaciornoj Prozrachnosti Rossijskih Kompanij v 2006g.: Skromnye Uspechi na Fone Vseobschego Stremlenija k IPO (Moscow: Standard & Poor’s).
Zubarevitch, N. (2006) Rossijskiye goroda kak centry rosta, Rossijskoye ekspertnoyeo-bozreniye, 2/16.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 2009 Victoria V. Golikova
About this chapter
Cite this chapter
Golikova, V.V. (2009). Management Team and Firm Restructuring. In: Dolgopyatova, T., Iwasaki, I., Yakovlev, A.A. (eds) Organization and Development of Russian Business. Palgrave Macmillan, London. https://doi.org/10.1057/9780230249493_7
Download citation
DOI: https://doi.org/10.1057/9780230249493_7
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)