en pl
en pl

Central European Management Journal

Show issue
Year 2017 
Volume 25 
Issue 4

The Specifcity of Boards of Directors in Russian Companies

Monika Fiedorczuk
University of Bialystok

2017 25 (4) Central European Management Journal

DOI 10.7206/jmba.ce.2450-7814.209

Article contents

Abstract

Purpose: The primary purpose of the article is to present the specifcity of Russian boards of directors, critically analyze their main characteristics, and consider their relations to selected corporate governance mechanisms in Russia.

Methodology: The article was prepared based on specialist literature, which pertains to the theoretical aspects of the boards of directors’ activity and the changes in the corporate governance system in Russia. The qualitative research on the boards of directors’ key characteristics in the Russian public companies was based on SPARK data.

Findings: The central features of the boards of directors in the Russian companies depend on the key events in the Russian economy – such as fnancial and economic crises – changes in the companies’ ownership structure, including the participation of the state in ownership, as well as on their activity on the Russian and international fnancial market.

Research limitations: Research limitations resulted mainly from the lack of access to all the data about the directors of the companies under examination, including their independence from or obligation to the state institutions.

Originality: The research on the Russian joint-stock companies – that is, corporate governance in Russia with its mechanisms – is a relatively new issue in the Polish specialist literature. They may be an important trigger for comparative studies in the feld of corporate governance in Central and Eastern European economies.

References

  1. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  2. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  3. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  4. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  5. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  6. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  7. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  8. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  9. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  10. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  11. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  12. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  13. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  14. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  15. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  16. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  17. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  18. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  19. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  20. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  21. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  22. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  23. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  24. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  25. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  26. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  27. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  28. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  29. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  30. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  31. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  32. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  33. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  34. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  35. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  36. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  37. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  38. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  39. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  40. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  41. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  42. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  43. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  44. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  45. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  46. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  47. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  48. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  49. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  50. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  51. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  52. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  53. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  54. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  55. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  56. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  57. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]
  58. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  59. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  60. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  61. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  62. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  63. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  64. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  65. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  66. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  67. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  68. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  69. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  70. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  71. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  72. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  73. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  74. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  75. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  76. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  77. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  78. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  79. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  80. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  81. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  82. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  83. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  84. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  85. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  86. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  87. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  88. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  89. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  90. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  91. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  92. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  93. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  94. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  95. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  96. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  97. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  98. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  99. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  100. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  101. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  102. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  103. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  104. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  105. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  106. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  107. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  108. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  109. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  110. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  111. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  112. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  113. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  114. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]
  115. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  116. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  117. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  118. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  119. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  120. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  121. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  122. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  123. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  124. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  125. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  126. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  127. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  128. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  129. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  130. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  131. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  132. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  133. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  134. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  135. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  136. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  137. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  138. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  139. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  140. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  141. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  142. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  143. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  144. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  145. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  146. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  147. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  148. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  149. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  150. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  151. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  152. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  153. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  154. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  155. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  156. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  157. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  158. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  159. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  160. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  161. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  162. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  163. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  164. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  165. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  166. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  167. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  168. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  169. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  170. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  171. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]
  172. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  173. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  174. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  175. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  176. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  177. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  178. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  179. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  180. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  181. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  182. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  183. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  184. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  185. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  186. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  187. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  188. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  189. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  190. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  191. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  192. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  193. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  194. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  195. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  196. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  197. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  198. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  199. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  200. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  201. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  202. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  203. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  204. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  205. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  206. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  207. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  208. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  209. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  210. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  211. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  212. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  213. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  214. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  215. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  216. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  217. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  218. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  219. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  220. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  221. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  222. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  223. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  224. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  225. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  226. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  227. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  228. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]
  229. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  230. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  231. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  232. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  233. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  234. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  235. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  236. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  237. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  238. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  239. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  240. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  241. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  242. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  243. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  244. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  245. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  246. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  247. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  248. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  249. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  250. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  251. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  252. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  253. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  254. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  255. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  256. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  257. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  258. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  259. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  260. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  261. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  262. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  263. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  264. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  265. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  266. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  267. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  268. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  269. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  270. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  271. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  272. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  273. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  274. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  275. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  276. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  277. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  278. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  279. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  280. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  281. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  282. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  283. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  284. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  285. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]
  286. Aluchna, M. (2007). Mechanizmy corporate governance w spółkach giełdowych. Warszawa: Oficyna Wydawnicza SGH. [Google Scholar]
  287. Aluchna, M. (2013). Executive Compensation. A Review of the Latest Research. Management and Business Administration. Central Europe, 22(3): 3–14, https://doi.org/10.7206/mba.ce.2084-3356.68 [Google Scholar]
  288. Avdasheva, S., Dolgopyatova, T. and Pleines H., (2007). Corporate Governance in Russian Companies with State Ownership (in Russian). HSE Working Paper WP1/2007/01. Obtained from: https://www.hse.ru/data/2010/05/04/1216402659/WP1_2007_01.pdf (20.08.2013). [Google Scholar]
  289. Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1): 99–120. [Google Scholar]
  290. Bohdanowicz, L. (2009). Profesjonalizm w funkcjonowaniu rad nadzorczych spółek akcyjnych. Łódź: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  291. Davis, J.H., Schoorman, F.D. and Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1): 20–47, https://doi.org/10.5465/AMR.1997.9707180258 [Google Scholar]
  292. Dolgopyatova, T. (2001). Modeli i mekhanizmy korporativnogo kontrolya v rossiyskoy promyshlennosti. Voprosy ekonomiki, 5: 46–60. [Google Scholar]
  293. Dolgopyatova, T. (2007). Kontsentratsiya aktsionernoy sobstvennosti i razvitiye rossiyskikh kompanii. Voprosy ekonomiki, 1: 82–97. [Google Scholar]
  294. Dolgopyatova, T.G., Iwasaki, I. and Yakovlev, A.A. (eds.) (2009). Rossiyjskaya korporatsiya: vnutrennaja organizatsiya, vneshniye vzaimodeystviya, perspektivy razvitiya. Moscow: Izadatelskiy Dom NRU HSE. [Google Scholar]
  295. Dolgopyatova, T.G. (2010). Kontsentratsiya sobstvennosti v rossiyskoy promyshlennosti: evolutsionnye izmeneniya na mikrourovne. Journal of the New Economic Association, 8: 80–99. [Google Scholar]
  296. Dolgopyatova, T.G. (2011). Razvitie korporativnogo upravleniya v Rossii v gody ekonomicheskogo podioma i krizisa. Menedzhment i biznes-administrirovanie, 3: 46–62. [Google Scholar]
  297. Donaldson, L. (1990). The Ethereal Hand: Organizational Economics and Management Theory. Academy of Management Review, 15(3): 369–381, https://doi.org/10.5465/AMR.1990.4308806 [Google Scholar]
  298. Donaldson, L. and Davis, J.H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1): 49–64. [Google Scholar]
  299. Dulyak, Y.I. (2012). Evolutsiya instituta soveta direktorov v rossiyskikh kompaniyakh: ot formalnoy roli k realnoy. Korporativnye fnansy, 1(21): 24–32. [Google Scholar]
  300. Dulyak, Y. (2013). Determinants of the Boards of Directors Evolution in Russian Public and Nonpublic Companies. HSE Working Paper WP1/2013/01. Obtained from: http://www.hse.ru/data/2013/04/08/1294545949/WP1_2013_01.pdf (20.03.2014). [Google Scholar]
  301. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control. Journal of Law and Economics, XXVI: 301–325, https://doi.org/10.1086/467037 [Google Scholar]
  302. Federalnyi zakon „Ob aktsionernykh obshchestvakh” ot 26.12.1995 N 208-FZ Obtained from: http://www.consultant.ru/popular/stockcomp/ (3.06.2013). [Google Scholar]
  303. Gaidar Institute for Economic Policy (2016). Russian Economy in 2015. Trends and Outlooks (Issue 37). Moscow: Gaidar Institute Publishers. [Google Scholar]
  304. Gogol, A.A. and Starchenko, N.V. (2013). Privatizatsiya v Rossii – tretya volna. Journal of the New Economic Association, 4(20): 154–158. [Google Scholar]
  305. Hillman, A., Cannella, A. and Paetzold, R. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 2: 235–255, https://doi.org/10.1111/1467-6486.00179 [Google Scholar]
  306. IET (Institute for the Economy in Transition) (2006). Vneshniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Nauchnye trudy No. 104. Obtained from: http://www.iep.ru/ru/vneshnie-me-anizmy-korporativnogo-upravleniya-nauchnye-trudy-104. html (25.08.2010). [Google Scholar]
  307. IET (Institute for the Economy in Transition) (2007). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Avtorskiy kolektiv. Moscow. [Google Scholar]
  308. Iwasaki, I. (2008). The determinants of board composition in a transforming economy: evidence from Russia. Journal of Corporate Finance, 14(5): 532–549, https://doi.org/10.1016/j.jcorpfn.2008.09.005 [Google Scholar]
  309. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305–360. [Google Scholar]
  310. Jeżak, J. (2010). Ład korporacyjny. Doświadczenia światowe oraz kierunki rozwoju. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  311. Koładkiewicz, I. (2011). Rada dyrektorów (rada nadzorcza) jako podstawowy wewnętrzny mechanizm nadzoru korporacyjnego. In: D. Dobija and I. Koładkiewicz (eds.), Ład korporacyjny. Podręcznik akademicki (pp. 110–146). Warszawa: Wolters Kluwer Polska. [Google Scholar]
  312. Koładkiewicz, I. (2013). Rady nadzorcze: dobre praktyki ładu korporacyjnego: doświadczenia polskie i zagraniczne. Warszawa: Wydawnictwo Poltext. [Google Scholar]
  313. Lazareva, O., Rachinsky, A. and Stepanov, S. (2007). A Survey of Corporate Governance in Russia, CEFIR, Working Paper No 103, Moscow. Obtained from: http://www.cefr.ru/index.php?l=rus&id=35&yf=2007 (20.03.2014). [Google Scholar]
  314. Mace, M.L. (1971). Directors: Myth and Reality. Boston: Harvard Business School Press. [Google Scholar]
  315. Mace, M.L. (1979). Directors: Myth And Reality – Ten Years Later. Rutgers Law Review, 32: 293–307. [Google Scholar]
  316. Malginov, G. (2000). Uchastie gosudarstva v upravlenii korporativnymi strukturami v Rossii. Voprosy ekonomiki, 9: 18–33. [Google Scholar]
  317. Malginov, G.N. (2001). Gosudarstvo kak aktsioner v usloviakh rossiyskoy perekhodnoy ekonomiki. Problemy prognozirovaniya, 3: 59–77. [Google Scholar]
  318. Mallin, C.A. (2007). Corporate Governance. Second Edition. New York: Oxford University Press, Inc. [Google Scholar]
  319. Mallin, C.A. (2016). Corporate Governance. Fifth Edition. New York: Oxford University Press, Inc. [Google Scholar]
  320. Muravyev, A.A. (2003). Gosudarstvennye pakety aktsiy v rossiyskikh kompaniyakh: proiskhozhdeniye, tipy i vliyaniye na rezultaty deyatelnosti. Moscow: Rabochyi tsentr ekonomicheskikh reform pri Pravitelstve Rossiyskoy Federatsii. [Google Scholar]
  321. Muravyev, A. (2016). Boards of Directors in Russian Publicly Traded Companies in 1998–2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper Series No. 10436. Obtained from: http://ftp.iza.org/dp10436.pdf (30.01.2017). [Google Scholar]
  322. Muravyev, A. (2017). Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects. Economic Systems, 41: 5–25, https://doi.org/10.1016/j.ecosys.2016.12.001 [Google Scholar]
  323. NCCG (National Council for Corporate Governance) (2008). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 1, Moscow. [Google Scholar]
  324. NCCG (National Council for Corporate Governance) (2012). Natsionalnyi doklad po korporativnomy upravleniyu. Vypusk 5. Moscow. [Google Scholar]
  325. Oplustil, K. (2010). Instrumenty nadzoru korporacyjnego (corporate governance) w spółce akcyjnej. Warszawa: Wydawnictwo C.H. Beck. [Google Scholar]
  326. Peteraf, M. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14(3): 179–191, https://doi.org/10.1002/smj.4250140303 [Google Scholar]
  327. Pfeffer, J. and Salancik, G.R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper and Row. [Google Scholar]
  328. Radygin, A., Gutnik, V. and Malginov, G. (1995). Postprivatizatsionnaya struktura aktsionernogo kapitala i korporativnyi kontrol: kontrrevolutsiya upravlyayushchikh. Voprosy ekonomiki, 10: 47–69. [Google Scholar]
  329. Radygin, A. (2008). State Capitalism and Financial Crisis: Factors of Interaction, Costs and Prospects (in Russian). Ekonomicheskaya politika, 6: 88–105. [Google Scholar]
  330. Radygin, A. (ed.) (2009). Vnutrenniye mekhanizmy korporativnogo upravleniya: nekotorye prikladnye problemy. Moscow: Izdatelstvo Delo ANKh. [Google Scholar]
  331. ReDeal Group. IPO v Rossii. Issledovanie protsessov pervichnogo publichnogo razmeshchenia aktsii. Obtained from: http://offering.ru/market/placement/review (09.01.2014). [Google Scholar]
  332. RID (Russian Institute of Directors) (2015). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2014 gg. Obtained from: rid.ru/wp-content/uploads/2016/05/2016=5_Исследование-РИД-2004-2014_итог.pdf (25.03.2014). [Google Scholar]
  333. RID (Russian Institute of Directors) (2012). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2004–2011 gg. Obtained from: rid.ru/wp-content/uploads/2013/04/2013_Исследование-РИД-2004-2011_сайт.pdf (25.03.2014). [Google Scholar]
  334. RID (Russian Institute of Directors) (2008). Issledovanie praktyki korporativnogo upravleniya v Rossii: sravnitelnyi analiz po itogam 2003–2007 gg. Obtained from: rid.ru/wp-content/uploads/2012/04/Исследование-РИД-Практика-КУ-2003-2007.pdf (25.03.2014). [Google Scholar]
  335. Rosimushchestvo (2016). Itogi deyatelnosti za 2015 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/285080 (30.01.2017). [Google Scholar]
  336. Rosimushchestvo (2012). Otchiot o deyatelnosti za 2011 god. Moskva. Obtained from: http://rosim.ru/about/reports/performance/1680 (30.01.2017). [Google Scholar]
  337. Shastitko, A. and Avdasheva, S. (2009). Nezavisimyi direktor v kompaniakh s gosudarstvennym uchastiem: Kassandra ili Ariadna. Voprosy ekonomiki, 6: 111–124. [Google Scholar]
  338. Sprenger, C. (2010). State Ownership in the Russian Economy (Part 1): Its Scale And Sectoral Distribution (in Russian). Journal of the New Economic Association, 6: 120–140. [Google Scholar]
  339. Sprenger, C. (2012). Corporate Governance Russia: Of First-order Importance (in Russian). Journal of the New Economic Association, 1(13): 154–157. [Google Scholar]
  340. Tricker, B. (2009). Corporate Governance. Principles, Policies, and Practicies. New York: Oxford University Press Inc. [Google Scholar]
  341. Urbanek, P. (2005). Nadzór korporacyjny a perspektywa teorii agencji. In: S. Rudolf (ed.), Nowa ekonomia instytucjonalna. Aspekty teoretyczne i praktyczne (pp. 95–113). Kielce: Wydawnictwo Wyższej Szkoły Ekonomii i Administracji im. prof. E. Lipińskiego w Kielcach. [Google Scholar]
  342. Zalega, K. (2003). Systemy corporate governance a efektywność zarządzania spółką kapitałową. Warszawa: Ofcyna Wydawnicza SGH [Google Scholar]

Full metadata record

Cite this record

APA style

Fiedorczuk, Monika (2017). Fiedorczuk, M. . (2017). The Specifcity of Boards of Directors in Russian Companies. Central European Management Journal, 25(4), 96-118. https://doi.org/10.7206/jmba.ce.2450-7814.209 (Original work published 2017)

MLA style

Fiedorczuk, Monika. Fiedorczuk, M. . “The Specifcity Of Boards Of Directors In Russian Companies”. 2017. Central European Management Journal, vol. 25, no. 4, 2017, pp. 96-118.

Chicago style

Fiedorczuk, Monika. Fiedorczuk, Monika . “The Specifcity Of Boards Of Directors In Russian Companies”. Central European Management Journal, Central European Management Journal, 25, no. 4 (2017): 96-118. doi:10.7206/jmba.ce.2450-7814.209.

Copyright info

copyright info

CC-BY-NC-ND

People also read: