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on Confederation of Independent States |
| By: | Svetlana Avdasheva; Victoria Golikova; Fumikazu Sugiura; Andrei Yakovlev |
| Date: | 2007–01 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:b37&r=cis |
| By: | Naohito Abe; Tatiana G. Dolgopyatova; Ichiro Iwasaki |
| Abstract: | The vast majority of Russian corporations, including many manufacturing and communications firms, are still compelled to become closed joint-stock companies that lack a modern democratic mechanism in order to attract capital from a wide range of private investors. This is due to factors such as significant insider ownership, a strong orientation among managers toward closed organizations, slumping needs for corporate finance, and underdeveloped local financial institutions. The impact of ownership structure on corporate-form choice by Russian firms exists, even if we assume that the two elements are determined endogenously. Under these circumstances, however, a significant number of closed companies attempt to develop more open internal organizational structures that are virtually the same as those in open companies. Nonetheless, such an institutional coupling of a closed corporate form and an open internal organizational structure is far from effective in resolving the imminent governance problems facing Russian corporations, such as the prevention of infighting among executives and outside shareholders and the implementation of discipline among top management. |
| Keywords: | Russia, corporate form, organizational behavior, institutional complementarity |
| Date: | 2007–01 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:b36&r=cis |
| By: | Leonid Borodkin,; Brigitte Granville; Carol Scott Leonard |
| Abstract: | This paper presents econometric evidence of integration in rural and urban wages in Russia’s Northwest in the late tsarist era. Using the Autoregressive Distributed Lag (ARDL) approach to co-integration and error correction modelling, we show the flexibility of the rural wage in response to the lagged rural/urban wage ratio. Applying the model developed by Boyer and Hatton (1994) and Hatton and Williamson (1991a, 1991b, 1992), we show the similarity of the wage gap in northwest Russia in the late tsarist era to that during industrialization in the US, England and Western Europe. Although our evidence does not necessarily describe country-wide trends, it does support for an industrializing region the more positive view of the degree and nature of late tsarist economic growth. Growth was not slowing down, and there is little evidence of constraints on migration by traditional agrarian institutions. |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:cgs:wpaper:1&r=cis |
| By: | Brigitte Granville; Carol Scott Leonard |
| Abstract: | Within the mechanism of endogenous growth, this paper empirically investigates the impact of financial capital on economic growth for a panel of 60 developing countries, through the channel of domestic capital formation. By estimating the model for different income groups, it is found that while private FDI flows exert beneficial complementarity effects on the domestic capital formation across all income-group countries, the official financial flows contribute to increasing investment in the middle income economies, but not in the low income countries. The latter appears to demonstrate that the aid-growth nexus is supported in the middle income countries, whereas the misallocation of official inflows is more likely to exist in the low income countries, suggesting that aid effectiveness remains conditional on the domestic policy environment. |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:cgs:wpaper:4&r=cis |