T. G. Dolgopyatova. Empirical Study of Corporate Control Patterns in Russian Companies: When do Large Shareholders Leave Executive Management Jobs?
V.5, N3, 2007
The paper analyzes concentration of stock ownership and finds out ways for organization of internal corporate control in Russian companies by dominating shareholders. The study is based on the data of a survey of 822 top-managers of large and medium-sizes joint stock companies in industry and communications. A set of determinants for owners’ choice of hired top-managers vs. of managers-shareholders against the background of corporate integration is defined. Significant factors promoting choice of hired managers are revealed using binary logistic regression model. The main factors are: membership of enterprises in company groups, completion of their restructuring and complexity of business management, and pressure of competition with developed economies.