Nadia Vanteeva
The Effect of State-Private Co-partnership System on Russian Industry
Vanteeva, Nadia; Hickson, Charles
Authors
Charles Hickson
Abstract
© 2015, Springer Science+Business Media New York. In Russia at the turn of the new millennium, the Putin regime introduced a system of state-private co-partnership with corporate private investors. We argue that this policy had the effect of reducing the likelihood that firm managers-investors would adopt suboptimal investment time horizons. The strategy also served to protect state subsidies to corporations and outside investment funds from expropriation. Using firm-level data that are published by the Russian Trading System stock exchange and the SKRIN database that spans 1998–2006, we test the success of this strategy during this formative era for the modern Russian corporation. We find that co-ownership played an important role in generating improved long-term performance, particularly in industries with high asset-specificity. We also show that the policy was most effective in industries in which firms tended to undertake large lump-sum investments.
Journal Article Type | Article |
---|---|
Publication Date | May 1, 2016 |
Deposit Date | Sep 24, 2015 |
Publicly Available Date | Sep 10, 2016 |
Journal | Review of Industrial Organization |
Print ISSN | 0889-938X |
Electronic ISSN | 1573-7160 |
Publisher | Springer (part of Springer Nature) |
Peer Reviewed | Peer Reviewed |
Volume | 48 |
Issue | 3 |
Pages | 333-356 |
DOI | https://doi.org/10.1007/s11151-015-9482-z |
Keywords | hold-up costs, Russian industry, state-private co-ownership |
Public URL | https://uwe-repository.worktribe.com/output/924122 |
Publisher URL | http://dx.doi.org/10.1007/s11151-015-9482-z |
Additional Information | Additional Information : The final publication is available at Springer via http://dx.doi.org/10.1007/s11151-015-9482-z |
Contract Date | Apr 7, 2016 |
Files
vanteeva%26hickson.r%26r.4th.ljw edits.pdf
(779 Kb)
PDF
vanteeva&hickson.r&r.4th.ljw edits.doc
(293 Kb)
Document
Downloadable Citations
About UWE Bristol Research Repository
Administrator e-mail: repository@uwe.ac.uk
This application uses the following open-source libraries:
SheetJS Community Edition
Apache License Version 2.0 (http://www.apache.org/licenses/)
PDF.js
Apache License Version 2.0 (http://www.apache.org/licenses/)
Font Awesome
SIL OFL 1.1 (http://scripts.sil.org/OFL)
MIT License (http://opensource.org/licenses/mit-license.html)
CC BY 3.0 ( http://creativecommons.org/licenses/by/3.0/)
Powered by Worktribe © 2024
Advanced Search