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The effect of state-private co-partnership system on Russian industry

Vanteeva, Nadia; Hickson, Charles


Nadia Vanteeva

Charles Hickson


© 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.


Vanteeva, N., & Hickson, C. (2016). The effect of state-private co-partnership system on Russian industry. Review of Industrial Organization, 48(3), 333-356.

Journal Article Type Article
Publication Date Jan 1, 2016
Journal Review of Industrial Organization
Print ISSN 0889-938X
Publisher Springer (part of Springer Nature)
Peer Reviewed Peer Reviewed
Volume 48
Issue 3
Pages 333-356
Keywords hold-up costs, Russian industry, state-private co-ownership
Public URL
Publisher URL
Additional Information Additional Information : The final publication is available at Springer via


vanteeva&hickson.r&r.4th.ljw edits.doc (293 Kb)

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