Economics of Corporate Form: Why Do Russian Firms Prefer to Be Closed Companies?
Author
Abstract
Suggested Citation
Note: This paper was produced as a result of a Japan-Russia joint research project entitled “Corporate Governance and Integration Processes in the Russian Economy” launched by the Institute of Economic Research, Hitotsubashi University (Tokyo) and the Institute for Industrial and Market Studies, National Research University ? Higher School of Economics (Moscow). The research was financially supported by the Japan Securities Scholarship Foundation (JSSF) and grants-in-aid for scientific research from the Ministry of Education and Science of Japan (Nos. 16530149; 17203019; 21402025; 23243032). I also thank Naohito Abe, Tatiana G. Dolgopyatova and Andrei Yakovlev for their valuable comments and Jim Treadway for his editorial assistance. Needless to say, all remaining errors are mine., Revised version; first published in December 2007
Download full text from publisher
References listed on IDEAS
- Sergei Guriev & Andrei Rachinsky, 2005.
"The Role of Oligarchs in Russian Capitalism,"
Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 131-150, Winter.
- Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," Post-Print hal-01176837, HAL.
- Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," SciencePo Working papers Main hal-01176837, HAL.
- Brickley, James A. & Dark, Frederick H., 1987. "The choice of organizational form The case of franchising," Journal of Financial Economics, Elsevier, vol. 18(2), pages 401-420, June.
- Gordon, Roger H. & MacKie-Mason, Jeffrey K., 1994.
"Tax distortions to the choice of organizational form,"
Journal of Public Economics, Elsevier, vol. 55(2), pages 279-306, October.
- Roger H. Gordon & Jeffrey K. MacKie-Mason, 1992. "Tax Distortions to the Choice of Organizational Form," NBER Working Papers 4227, National Bureau of Economic Research, Inc.
- Gordon, R.H. & Mackie-Mason, J.K., 1993. "Tax Distorsions to the Choice of Organizational Form," Memorandum 1993_021, Oslo University, Department of Economics.
- Roger H. Gordon & Jeffrey K. MacKie--Mason, 1994. "Tax Distortions to the Choice of Organizational Form," Public Economics 9401004, University Library of Munich, Germany, revised 18 Jan 1994.
- Newey, Whitney K., 1987. "Efficient estimation of limited dependent variable models with endogenous explanatory variables," Journal of Econometrics, Elsevier, vol. 36(3), pages 231-250, November.
- Blass, Asher A & Carlton, Dennis W, 2001. "The Choice of Organizational Form in Gasoline Retailing and the Cost of Laws That Limit That Choice," Journal of Law and Economics, University of Chicago Press, vol. 44(2), pages 511-524, October.
- Jens Grundei & Till Talaulicar, 2002. "Company Law and Corporate Governance of Start-ups in Germany: Legal Stipulations, Managerial Requirements, and Modification Strategies," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 6(1), pages 1-27, March.
- Deli, Daniel N. & Varma, Raj, 2002. "Closed-end versus open-end: the choice of organizational form," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 1-27, January.
- repec:bla:jindec:v:46:y:1998:i:4:p:453-88 is not listed on IDEAS
- Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, vol. 39(3), pages 347-366, November.
- Dietmar Harhoff & Konrad Stahl & Michaerl Woywode, 1998.
"Legal Form, Growth and Exit of West German Firms—Empirical Results for Manufacturing, Construction, Trade and Service Industries,"
Journal of Industrial Economics, Wiley Blackwell, vol. 46(4), pages 453-488, December.
- Harhoff, Dietmar & Stahl, Konrad & Woywode, Michael, 1996. "Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries," CEPR Discussion Papers 1401, C.E.P.R. Discussion Papers.
- Brooks, Richard R W, 2002. "Liability and Organizational Choice," Journal of Law and Economics, University of Chicago Press, vol. 45(1), pages 91-125, April.
- Damodaran, Aswath & John, Kose & Liu, Crocker H., 2005.
"What motivates managers?: Evidence from organizational form changes,"
Journal of Corporate Finance, Elsevier, vol. 12(1), pages 1-26, December.
- Aswath Damodaran & Kose John & Crocker H. Liu, 1999. "What Motivates Managers? Evidence from Organizational Form Changes," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-079, New York University, Leonard N. Stern School of Business-.
- Demirguc-Kunt, Asli & Love, Inessa & Maksimovic, Vojislav, 2006.
"Business environment and the incorporation decision,"
Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2967-2993, November.
- Demirguc-Kunt, Asli & Love, Inessa & Maksimovic, Vojislav, 2004. "Business Environment and the Incorporation Decision," Policy Research Working Paper Series 3317, The World Bank.
- Perotti, Enrico C. & Gelfer, Stanislav, 2001. "Red barons or robber barons? Governance and investment in Russian financial-industrial groups," European Economic Review, Elsevier, vol. 45(9), pages 1601-1617, October.
- Douglas R. Emery & Wilbur G. Lewellen & David C. Mauer, 1988. "Tax-Timing Options, Leverage, And The Choice Of Corporate Form," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(2), pages 99-110, June.
- repec:hal:spmain:info:hdl:2441/1cu21pio6c90g9i5oedr5hnaa3 is not listed on IDEAS
- Mayers, David & Smith, Clifford W, Jr, 1981. "Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets," The Journal of Business, University of Chicago Press, vol. 54(3), pages 407-434, July.
- Karpoff, Jonathan M. & Rice, Edward M., 1989. "Organizational form, share transferability, and firm performance : Evidence from the ANCSA corporations," Journal of Financial Economics, Elsevier, vol. 24(1), pages 69-105, September.
- Denning, Karen C. & Shastri, Kuldeep, 1993. "Changes in Organizational Structure and Shareholder Wealth: The Case of Limited Partnerships," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(4), pages 553-564, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Damodaran, Aswath & John, Kose & Liu, Crocker H., 2005.
"What motivates managers?: Evidence from organizational form changes,"
Journal of Corporate Finance, Elsevier, vol. 12(1), pages 1-26, December.
- Aswath Damodaran & Kose John & Crocker H. Liu, 1999. "What Motivates Managers? Evidence from Organizational Form Changes," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-079, New York University, Leonard N. Stern School of Business-.
- Kano, Kazuko & Kano, Takashi & Takechi, Kazutaka, 2013.
"Exaggerated death of distance: Revisiting distance effects on regional price dispersions,"
Journal of International Economics, Elsevier, vol. 90(2), pages 403-413.
- Kazuko Kano & Takashi Kano & Kazutaka Takechi, 2010. "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions," Working Paper Series 162, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
- Kazuko Kano & Takashi Kano & Kazutaka Takechi, 2010. "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions," CARF F-Series CARF-F-231, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, revised May 2012.
- Kazuko Kano & Takashi Kano & Kazutaka Takechi, 2012. "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions," Global COE Hi-Stat Discussion Paper Series gd12-245, Institute of Economic Research, Hitotsubashi University.
- Kano, Kazuko & 加納, 和子 & Kano, Takashi & 加納, 隆 & Takechi, Kazutaka & 武智, 一貴, 2012. "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions," Discussion Papers 2012-01, Graduate School of Economics, Hitotsubashi University.
- Kazuko Kano & Takashi Kano & Kazutaka Takechi, 2010. "Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions," CIRJE F-Series CIRJE-F-760, CIRJE, Faculty of Economics, University of Tokyo.
- Jean-Paul Azam & Kartika Bhatia, 2017.
"Provoking insurgency in a federal state: theory and application to India,"
Public Choice, Springer, vol. 170(3), pages 183-210, March.
- Azam, Jean-Paul & Bhatia, Kartika, 2012. "Provoking Insurgency in a Federal State: Theory and Application to India," TSE Working Papers 12-316, Toulouse School of Economics (TSE).
- Jean-Paul Azam & Kartika Bhatia, 2017. "Provoking Insurgency in a Federal State: Theory and Application to India," Post-Print hal-04449321, HAL.
- Jarke-Neuert, Johannes & Perino, Grischa & Schwickert, Henrike, 2021.
"Free-Riding for Future: Field Experimental Evidence of Strategic Substitutability in Climate Protest,"
SocArXiv
sh6dm, Center for Open Science.
- Johannes Jarke-Neuert & Grischa Perino & Henrike Schwickert, 2021. "Free-Riding for Future: Field Experimental Evidence of Strategic Substitutability in Climate Protest," Papers 2112.09478, arXiv.org.
- Anna Piil Damm, 2009.
"Ethnic Enclaves and Immigrant Labor Market Outcomes: Quasi-Experimental Evidence,"
Journal of Labor Economics, University of Chicago Press, vol. 27(2), pages 281-314, April.
- Damm, Anna Piil, 2006. "Ethnic Enclaves and Immigrant Labour Market Outcomes: Quasi-Experimental Evidence," Working Papers 06-4, University of Aarhus, Aarhus School of Business, Department of Economics.
- Anna Piil Damm, 2006. "Ethnic Enclaves and Immigrant Labour Market Outcomes: Quasi-Experimental Evidence," RF Berlin - CReAM Discussion Paper Series 0607, Rockwool Foundation Berlin (RF Berlin) - Centre for Research and Analysis of Migration (CReAM).
- Iwasaki, Ichiro & 岩﨑, 一郎 & イワサキ, イチロウ, 2007. "Endogenous board formation and its determinants in a transition economy: evidence from Russia," CEI Working Paper Series 2007-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Bambio, Yiriyibin & Bouayad Agha, Salima, 2018. "Land tenure security and investment: Does strength of land right really matter in rural Burkina Faso?," World Development, Elsevier, vol. 111(C), pages 130-147.
- Brambilla, Irene, 2009.
"Multinationals, technology, and the introduction of varieties of goods,"
Journal of International Economics, Elsevier, vol. 79(1), pages 89-101, September.
- Irene Brambilla, 2006. "Multinationals, Technology, and the Introduction of Varieties of Goods," NBER Working Papers 12217, National Bureau of Economic Research, Inc.
- Kirill S. Evdokimov & Ilze Kalnina & Andrei Zeleneev, 2023.
"Marginal Effects for Probit and Tobit with Endogeneity,"
Papers
2306.14862, arXiv.org, revised Jan 2025.
- Kirill Evdokimov & Ilze Kalnina & Andrei Zeleneev, 2023. "Marginal effects for probit and tobit with endogeneity," CeMMAP working papers 11/23, Institute for Fiscal Studies.
- Khun, Channary & Lim, Sokchea, 2023. "Productivity and market participation: Cambodian rice farmers," Journal of Asian Economics, Elsevier, vol. 88(C).
- Serena Frazzoni & Maria Luisa Mancusi & Zeno Rotondi & Maurizio Sobrero & Andrea Vezzulli, 2014.
"Innovation and export in SMEs: the role of relationship banking,"
DISCE - Working Papers del Dipartimento di Economia e Finanza
def018, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
- Serena Frazzoni & Maria Luisa Mancusi & Zeno Rotondi & Maurizio Sobrero & Andrea Vezzulli, 2014. "Innovation and export in SMEs: the role of relationship banking," Working Papers Department of Economics 2014/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
- S. Avdasheva, 2007. "Russian Holding Company Groups: New Empirical Evidence," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 1.
- Iwasaki, Ichiro & 岩﨑, 一郎, 2013. "What Determines Audit Independence and Expertise in Russia? Firm-Level Evidence," RRC Working Paper Series 27_v2, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- Wied, Dominik, 2024.
"Semiparametric distribution regression with instruments and monotonicity,"
Labour Economics, Elsevier, vol. 90(C).
- Dominik Wied, 2022. "Semiparametric Distribution Regression with Instruments and Monotonicity," Papers 2212.03704, arXiv.org.
- Franz Hackl & Martin Halla & Gerald J. Pruckner, 2007.
"Volunteering and Income – The Fallacy of the Good Samaritan?,"
Kyklos, Wiley Blackwell, vol. 60(1), pages 77-104, February.
- Franz Hackl & Martin Halla & Gerald J Pruckner, 2004. "The fallacy of the Good Samaritan: Volunteering as a weird way of making money," Economics working papers 2004-15, Department of Economics, Johannes Kepler University Linz, Austria.
- Davis, Lewis S. & Mavisakalyan, Astghik, 2024. "Individualism and the legal status of prostitution," Journal of Comparative Economics, Elsevier, vol. 52(3), pages 714-732.
- Thomas E. Guerrero & C. Angelo Guevara & Elisabetta Cherchi & Juan de Dios Ortúzar, 2021. "Addressing endogeneity in strategic urban mode choice models," Transportation, Springer, vol. 48(4), pages 2081-2102, August.
- Yuriy Pylypchuk & Samuel W. Norton, 2015. "Preventing Malaria among Children in Zambia: The Role of Mother's Knowledge," Health Economics, John Wiley & Sons, Ltd., vol. 24(11), pages 1389-1402, November.
- Sarantis Lolos & Evangelia Papapetrou, 2011. "Housing credit and female labour supply: assessing the evidence from Greece," Working Papers 141, Bank of Greece.
- Arturs Kalnins, 2017. "Pricing Variation Within Dual-Distribution Chains: The Different Implications of Externalities and Signaling for High- and Low-Quality Brands," Management Science, INFORMS, vol. 63(1), pages 139-152, January.
More about this item
Keywords
Russia; corporate form; corporate governance; organizational choice;All these keywords.
JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
- P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:rrcwps:3. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Resources Section, Hitotsubashi University Library (email available below). General contact details of provider: https://edirc.repec.org/data/rrhitjp.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.