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在俄罗斯,控制公司的普遍方式是主导股东基于股权高度集中对公司进行控制。本文描述了过去几年俄罗斯公司所有权集中度的水平及其动态,以及由大股东控制公司内部组织的各种方式。我们还找到了股东是否愿意从执行管理权中退出这个问题的答案。由于公司逐渐转向依赖于被雇用的管理者,这使得所有者寻求不同方式来控制公司,同时他们可能诉诸于使用公司的内部机制。并且,这种选择有利于促进管理行为更加成熟,在竞争日益加剧的背景下这一点对于企业发展非常重要。我们实证考察了所有者做出雇用管理者决策的主要因素,发现公司从属集团公司这一特征的重要性以及一些商业的特性。该研究基于对大中型公司进行的两轮监测数据,这两轮调查涉及8个制造行业,涵盖俄罗斯49个地区,由HSE分别在2005年和2009进行。
In Russia, the universal way of controlling companies is to lead shareholders to control the company based on high concentration of equity. This article describes the levels and dynamics of concentration of Russian company ownership over the past few years and the various ways in which large shareholders control the internal organization of the company. We also found the answer to whether the shareholders are willing to withdraw from executive management. As companies gradually shift to relying on employed managers, this allows owners to seek different ways to control the company while they may resort to using the company’s internal mechanisms. Moreover, this choice is conducive to the promotion of more mature management practices, which is very important for the development of enterprises in the context of increasing competition. We empirically examine the main factors that make owners make hiring managers’ decisions, and discover the importance of the characteristics of the company’s subordinate group companies and the characteristics of some businesses. The study was based on two rounds of monitoring data for large and medium-sized companies. The two surveys involved eight manufacturing industries covering 49 regions in Russia and were conducted by HSE in 2005 and 2009, respectively.