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Corporate raiding and the role of the state in Russia

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  • Michael Rochlitz

Abstract

To what extent are Russian state agencies involved in predatory behavior, and what are the determinants of their activities? Analyzing a novel data-set comprising 312 cases of illegal corporate raiding (reyderstvo) between 1999 and 2010, this article identifies a shift both in the regional and sectoral distribution of raids over time, as well as an increasing participation of state agencies in criminal raiding attacks. Using panel regression analysis to look at the determinants of increasing state involvement, this article shows that election results for the ruling president and his party, as well as the degree to which elections are manipulated throughout Russia's regions, are significantly and positively correlated with the number of raids in a given region, while regions with governors that have stronger local ties are characterized by a smaller number of attacks. A potential interpretation of these findings is that the federal center may tolerate a certain degree of predatory activities by regional elites, as long as these elites are able to deliver a sufficiently high level of electoral support for the center, with the effect being weaker in regions where the governor is interested in the long-term development of the regional economy.

Suggested Citation

  • Michael Rochlitz, 2014. "Corporate raiding and the role of the state in Russia," Post-Soviet Affairs, Taylor & Francis Journals, vol. 30(2-3), pages 89-114, May.
    • Handle: RePEc:taf:rpsaxx:v:30:y:2014:i:2-3:p:89-114
    DOI: 10.1080/1060586X.2013.856573
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    Cited by:

    1. Sprenger, Carsten & Lazareva, Olga, 2022. "Corporate governance and investment-cash flow sensitivity: Evidence from Russian unlisted firms," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 71-100.
    2. Trifonov, Dmitri, 2021. "Political connections of Russian corporations: Blessing or curse?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).
    3. Carsten Sprenger & Olga Lazareva, 2017. "Corporate Governance and Investment: Evidence from Russian Unlisted Firms," HSE Working papers WP BRP 160/EC/2017, National Research University Higher School of Economics.
    4. Oleg Sidorkin & Dmitriy Vorobyev, 2020. "Extra votes to signal loyalty: regional political cycles and national elections in Russia," Public Choice, Springer, vol. 185(1), pages 183-213, October.
    5. Carsten Herrmann-Pillath, 2019. "Power, ideas and culture in the ‘longue durée’ of institutional evolution: theory and application on the revolutions of property rights in Russia," Journal of Evolutionary Economics, Springer, vol. 29(5), pages 1483-1506, November.
    6. Kazun, Anton (Казун, Антон) & Yakovlev, Andrei (Яковлев, Андрей), 2015. "Community of Attorneys and the Quality of Law Enforcement in Russia [Адвокатское Сообщество И Качество Правоприменения В России]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 7-37.
    7. D. V. Shcherbakova & A. A. Medved, 2019. "Factors of Investment Attractiveness of Russian Regions," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 11.
    8. Michael Rochlitz & Olga Masyutina & Koen Schoors & Yulia Khalikova, 2023. "Authoritarian durability, prospects of change and individual behavior: evidence from a survey experiment in Russia," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 23/1061, Ghent University, Faculty of Economics and Business Administration.
    9. Sallai, Dorottya & Schnyder, Gerhard, 2020. "What is “authoritarian” about authoritarian capitalism? The dual erosion of the private-public divide in state-dominated business systems," LSE Research Online Documents on Economics 102943, London School of Economics and Political Science, LSE Library.
    10. Baranov, Alexey & Malkov, Egor & Polishchuk, Leonid & Rochlitz, Michael & Syunyaev, Georgiy, 2015. "How (not) to measure Russian regional institutions," Russian Journal of Economics, Elsevier, vol. 1(2), pages 154-181.
    11. Eugenia Bessonova & Gonchar Ksenia, 2017. "Structural Decisions of Multinationals in Regions with Weak Courts," HSE Working papers WP BRP 161/EC/2017, National Research University Higher School of Economics.
    12. Gulnaz Sharafutdinova & Jevgenijs Steinbuks, 2017. "Governors matter," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 25(3), pages 471-493, July.
    13. Vasilyeva, Olga & Libman, Alexander, 2020. "Varieties of authoritarianism matter: Elite fragmentation, natural resources and economic growth," European Journal of Political Economy, Elsevier, vol. 63(C).
    14. Dumetz Jérôme, 2016. "Are Empires Striking Back? A Political and Cultural Comparison of the European Union and Russia," Economics and Culture, Sciendo, vol. 13(2), pages 53-60, December.
    15. Tkachenko, Andrey & Esaulov, Daniil, 2020. "Autocratic governors in public procurement," European Journal of Political Economy, Elsevier, vol. 61(C).
    16. Yakovlev, Andrei, 2016. "What is Russia trying to defend?," BOFIT Policy Briefs 2/2016, Bank of Finland Institute for Emerging Economies (BOFIT).
    17. Günther G. Schulze & Nikita Zakharov, 2018. "Corruption in Russia - Historic Legacy and Systemic Nature," CESifo Working Paper Series 6864, CESifo.
    18. Yakovlev, Andrei, 2016. "What is Russia trying to defend?," Russian Journal of Economics, Elsevier, vol. 2(2), pages 146-161.
    19. Sidorkin, Oleg & Vorobyev, Dmitriy, 2018. "Political cycles and corruption in Russian regions," European Journal of Political Economy, Elsevier, vol. 52(C), pages 55-74.
    20. Michael Rochlitz & Evgeniya Mitrokhina & Irina Nizovkina, 2020. "Bureaucratic Discrimination in Electoral Authoritarian Regimes: Experimental Evidence from Russia," Bremen Papers on Economics & Innovation 2010, University of Bremen, Faculty of Business Studies and Economics.
    21. Michael Rochlitz, 2016. "Collective Action Abroad: How Foreign Investors Organize Evidence from Foreign Business Associations In the Russian Federation," HSE Working papers WP BRP 32/PS/2016, National Research University Higher School of Economics.

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