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Corporate Governance and Finance in Poland and Russia
 
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Corporate Governance and Finance in Poland and Russia
Edited by Tomasz Mickiewicz
 
 
Palgrave Macmillan
 
 
 
 
 
25 Oct 2006
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£90.00
|Hardback In Stock
  
9780230007956
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DescriptionReviewsContentsAuthors

This book provides a comparative analysis of the emerging corporate control structures in the transition economies. It details characteristics of corporate governance in the two largest transition economies: Russia and Poland. It explores what kind of ownership structures are emerging in these two countries and to what degree they are they path-dependent and conditional on the initial choice of privatisation methods - fast ownership transfer through the mass privatisation programme and loans-for-equity scheme in Russia, and a more 'organic' growth of the new private sector in Poland. It examines the directions of the subsequent, post-privatisation, secondary ownership flows in both countries and the impact of the government on corporations, implied both by the residual shareholding of the state and by its regulatory and administrative actions.


Description

This book provides a comparative analysis of the emerging corporate control structures in the transition economies. It details characteristics of corporate governance in the two largest transition economies: Russia and Poland. It explores what kind of ownership structures are emerging in these two countries and to what degree they are they path-dependent and conditional on the initial choice of privatisation methods - fast ownership transfer through the mass privatisation programme and loans-for-equity scheme in Russia, and a more 'organic' growth of the new private sector in Poland. It examines the directions of the subsequent, post-privatisation, secondary ownership flows in both countries and the impact of the government on corporations, implied both by the residual shareholding of the state and by its regulatory and administrative actions.


Reviews



'...it is a valuable contribution to our understanding of the complex patterns of capitalism that have arisen from the rubble of Soviet-type Communism.' - Robert F. Miller, Slavonic& East European Review
 
'This edited volume makes good reading for the modern kind of economist interested in issues rather close to business studies. Scholars at really every level of expertise may find it interesting to learn of the particular conditions that exist in transition countries where economies face a complete overhaul of their institutional framework. The book is easily digestible for the non-expert, as the language is clear and accessible. In terms of methodology, the main issue at hand remains clear throughout the book (possibly with the exception of one chapter) and the chapters in the book feature a good mix of instructive and descriptive analysis, state-of-the-art theory, and empirical as well as simple and robust econometric testing of hypotheses.' - Johannes Stephan, Economic Systems

'A BOOK ON CORPORATE GOVERNANCE AND FINANCE IN RUSSIA AND POLAND is unlikely to find a place on the business and management shelves of airport bookstores. Yet perhaps it should, because the consequences of Russian corporate governance practices over the last decade or so have generated more media interest than any business issue since Enron. Names like Abramovich, Gazprom and Yukos have a resonance with a very wide audience indeed. Acknowledging the particular significance of Russia, Mickiewicz makes clear this is the primary subject of the book, with Poland chosen largely for its usefulness as a comparator. Yet if the comparative perspective is in one sense an artifice, the thorough treatment of the subject matter on both countries by Mickiewicz and his contributors rapidly banished the mild indignation felt by this Polskaphile.' - John Blenkinsopp, Europe-Asia Studies

'Overall, this is an impressive collection of work on a topic of growing importance. The huge changes in Russia and Poland have taken place with astonishing speed and although the pace may have slowed it remains fast enough to require regular caveats inserted in the text—'as at 2005...','at the time of writing . . .', and in one case even a postscript updating the story. It might seem that there would be a risk that the book becomes rapidly dated, but in fact it is likely to have a continuing relevance because most chapters incorporate a historical perspective, such that the book is likely to become a key reference point for researchers in a range of fields.' - John Blenkinsopp, Europe-Asia Studies


Contents

PART 1: RUSSIA AND POLAND IN COMPARATIVE PERSPECTIVE
Corporate Governance in Russia and Poland in Comparative Perspective: An Introduction; T.M.Mickiewicz
Corporate Governance in Post-Socialist Economies; W.Andreff
PART 2: POLITICAL ECONOMY OF CORPORATE GOVERNANCE
Corporate Control, Governance Practice and the State: The Case of Russia's Yukos Oil Company; Y.Adachi
Politicians or Administrators? State Corporate Governance in Poland; M.Baltowski & T.M.Mickiewicz
PART 3: INSTITUTIONAL OWNERS AND RELATIONAL FINANCE
The Rise And Fall Of A Central European Enterprise: The Case Of 'Elektrim'; P.M.Jaworski & S.Radosevic
Financial Performance and Knowledge Management in Capital Groups: Privatised versus New Private Businesses; J.Chadam & Z.Pastuszak
Sources of Capital and Structures of Influence: Banks in the Russian Corporate Network; I.Okhmatovskiy
'Private Benefits of Control' and Debt Financing; I.Filatotchev & T.M.Mickiewicz
PART 4: CONCENTRATED OWNERSHIP AND PERFORMANCE
Ownership Structure and Corporate Governance in Russian Firms; A.Kuznetsov, O.Kuznetsova & R.Kapelyushnikov
Ownership Concentration and Corporate Performance: Evidence from Poland; M.Aluchna
PART 5: STOCK MARKET FINANCE AND CORPORATE GOVERNANCE RULES
Home Bias and Stock Market Development: The Polish Experience; A.Zalewska
The Contribution of Central and East European Capital Markets to Corporate Finance; J.Köke & M.Schröder
A Comparative Study of Corporate Governance in the Czech Republic, Hungary and Poland; R.W.McGee
Transparency and Disclosure in Russia; R.W.McGee


Authors

TOMASZ MAREK MICKIEWICZ is a Professor of Comparative Economics at the School of Slavonic and East European Studies, University College London, UK. He serves on the editorial board of 'Post Communist Economies' and publishes on entrepreneurship, corporate governance and effects of privatisation in 'Lancet', 'Journal of Business Venturing', 'Emerging Markets Finance and Trade', "Europe Asia Studies', 'Economics of Transition' and others.