Projects per year
Abstract
This chapter examines the process of corporate governance reform in Russia in the two and a half decades following the fall of communism. The case of Russia is used to illustrate the limitations of the ‘designer’ paradigm, reflecting the view that the right laws and regulations will induce and steer social change. Instead, it is argued that formal law and design has had only a tangential role in defining social outcomes. This is not only because of the supply-side defects of design, demonstrated particularly in Russia’s early reforms. Drawing on extensive area studies and political science research, it is argued that corporate governance change has been defined primarily by the nature of the domestic political order. This order is characterised by the use of political rent-seeking as a key mechanism for protection and expansion of property rights, the particular nature of legality in the post-Soviet political regime, but also by a resurgent state seeking to redefine corporate relations in line with its priorities. In this process, formal laws and institutions have been used selectively and instrumentally – both at the level of law-making and implementation. These assertions have important policy implications, yet they also illustrate the difficulty of achieving a rule-based corporate governance environment in the absence of deep political reforms.
Original language | English |
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Title of host publication | Corporate Governance in Developing and Emerging Markets |
Editors | Franklin Ngwu, Onyeka Osuji, Frank Stephen |
Publisher | Routledge |
Pages | 76-91 |
Number of pages | 16 |
ISBN (Print) | 978-1138955851 |
Publication status | Published - 30 Dec 2016 |
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Dive into the research topics of 'Corporate Governance in Russia: Law, Instrumentality and Political Order'. Together they form a unique fingerprint.Projects
- 1 Finished
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Russia and the EU in the Common Neighbourhood: Export of Governance and Legal (In) Compatibility
Wolczuk, K. (Principal Investigator) & Dragneva-Lewers, R. (Co-Investigator)
Economic & Social Research Council
1/01/13 → 30/09/16
Project: Research Councils