The Development and Challenges of Russian Corporate Governance I : The Roles and Functions of Boards of Directors / Oksana Kim, Andreas Umland, Sheila M. Puffer

Format:

Book

Author/Creator:

Kim, Oksana, Author.

Contributor:

Umland, Andreas, Editor.

Puffer, Sheila M., Author of introduction, etc.

Series:

Soviet and post-Soviet politics and society ; Volume 198.

Soviet and Post-Soviet Politics and Society 198

Language:

English

Subjects (All):

Wirtschaft.

Management.

Unternehmensführung.

Russland.

Russia.

Corporate Governance.

Board of Directors.

Local Subjects:

Wirtschaft.

Management.

Unternehmensführung.

Russland.

Russia.

Corporate Governance.

Board of Directors.

Physical Description:

1 online resource (182 pages).

Edition:

1st ed.

Place of Publication:

Hannover ibidem 2019

Biography/History:

The author: Dr Oksana Kim, FCCA, is Associate Professor of Accounting at Minnesota State University, Mankato. She studied economics and management at Moscow, Bloomington as well as Melbourne, and worked as an auditor for Deloitte and Ernst & Young. Since 2013, Kim has served on the editorial board of The International Journal of Accounting. Her papers have appeared in, among other journals, Accounting and Business Research, Journal of Multinational Financial Management, and Journal of Contemporary Accounting and Economics. The author of the foreword: Dr Sheila M. Puffer is Distinguished Professor of International Business and Strategy at the D'Amore McKim School of Business at Northeastern University in Boston.

Summary:

Despite increasing attention towards Russia’s economy and capital market, corporate governance norms of Russian public firms are rarely analyzed. This project presents and interprets evidence regarding various governance practices followed by Russian firms covering almost the entire period of the existence of the Russian stock market. Its findings run counter to some widely held beliefs according to which Russia is a country with high resistance to corporate innovations due to socialist imprints. Part one of this two-volume study focuses on the role that boards of directors play in reducing intra-corporate agency conflicts. Russian companies have adopted progressive governance mechanisms including director independence, nationality and gender diversity on the board, dismissal of poorly performing CEOs, and cross-listing of companies on foreign markets with stringent reporting obligations. Some of these innovations have had notably positive impact on firms’ performances and market valuation. Others, such as nationality diversity on boards of directors, enhanced the image of Russian companies but made little contribution towards improving internal governance. Unresolved issues impeding further progress include limited liability of directors towards shareholders due to imperfections of the Russian legal system, a taboo on disclosures of executives’ compensations, and generally high risks of conducting business in Russia. Despite impressive improvements in internal practices, Russian firms still have a long way to go to achieve the governance levels of their peers in developed countries.

Contents:

Intro

Contents

List of Tables

List of Figures

Foreword

Chapter 1 Introduction

Chapter 2 Corporate governance laws and regulations in Russia: overview and dynamics

2.1. National stock exchanges

2.2. Laws and regulations outlining the major corporate governance provisions

2.3. Accounting standards and reporting requirements. Adoption of IFRS

2.4. Implications of the corporate governance reforms for the Russian stock market

2.5. Conclusions

Chapter 3 Board of directors' structure and composition: one- versus two-tier boards

3.1. Unitary versus two-tier board structure: overview of the major differences and global practices

3.2. Russian public companies' choice to adopt a unitary versus a two-tier board model

3.2.1. Data collection process

3.2.2. Empirical examination of the impact of the board of directors' structure on a firm's performance and value

3.3. Conclusions

Chapter 4 Cross-listing practices of Russian companies

4.1. Reasons to cross-list. Overview of cross-listing theories and empirical findings

4.2. Cross-listing practices of Russian companies

4.3. Determinants of cross-listing

4.4. The impact of cross-listing on a firm's performance and value

4.5. Conclusions

Chapter 5 Nationality diversity on the board of directors of Russian firms

5.1. Pros and cons of hiring diverse boards. Literature overview

5.2. Foreign accounting/consulting firms and foreign directors: Russian firms' practices

5.3. Implications of hiring foreign nationals on the board of directors

5.3.1. Summary statistics. Comparison of covariates

5.3.2. Foreign directors' impact on the monitoring and advisory functions of the board

5.4. Conclusions

Chapter 6 Gender diversity on the board of directors of Russian public companies.

6.1. Benefits and costs of maintaining gender-diverse boards. Global evidence and literature overview

6.2. Female representation on Russian corporate boards

6.2.1. Summary statistics. Comparison of covariates

6.2.2. The impact of female directors on a firm's performance and value. Mechanisms through which female directors contribute towards the board's activities

6.3. Conclusions

Chapter 7 CEO performance-induced turnover

7.1. CEO turnover and a firm's performance. Empirical evidence

7.2. CEO performance-turnover sensitivity among Russian public companies

7.3. Conclusions

Chapter 8 Unresolved issues and concluding remarks

Concluding remarks

Bibliography.

Notes:

Includes bibliographical references.

ISBN:

9783838272870

3838272870

Publisher Number:

9783838272870