Released: V.10, N1

A. A. Yakovlev, Y. A. Danilov, Y. V. Simachev. Global Crisis and Corporate Governance

V.8, N2, 2010

This paper analyses the problems and new challenges for corporate governance in the context of global financial crisis 2008–2009. Factors explaining the increased inefficiency of large global companies are considered. Similarity between modern global corporation with its dispersed ownership structure and soviet-type enterprise in “nationwide ownership” is stressed — because of the lack of responsible owner with long-term strategic horizon in both cases. The necessity of search for new organizational models of big businesses is argued. Finally, the description of strengths and weaknesses of Russian companies in the field of corporate governance is provided.

Keywords: corporate governance, financial crisis, global corporation, soviet-type enterprise, distorted incentives of managers and shareholders.