R. I. Kapelyushnikov. Ownership Concentration and Corporate Governance: Evolution of Ideas

V.4, N1, 2006

The paper paints a general picture of the contemporary corporate landscape of the world economy in terms of ownership concentration. Two basic types of large corporations prevailed in different countries are discerned — a widely-held corporation (a model W) and a corporation with large block-holders (a model B). Advantages and disadvantages of these alternative models of corpo rate governance are examined and various economic, legal and political determinants that shape choice between them are analyzed. In the concluding section various scenarios of further evolution of the specific Russian model of corporate governance evolved in turbulent 1990’s are discussed.