Global Financial Crisis, Ownership Change, and Corporate Governance Evolution Firm-Level Evidence from Russia

Ichiro Iwasaki

No 925, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: In this paper, using panel data of industrial firms obtained from unique questionnaire surveys conducted all over the Russian Federation in 2005 and 2009, we trace structural change in corporate governance systems before and after the global financial crisis and empirically examine their determinants. We found that, during this period, Russian firms improved the quality of corporate governance across the entire industrial sector. Furthermore, our empirical evidence strongly supports a hypothesis regarding the relationship between outside ownership and board composition as well as that concerning the impact of outside directorship on the audit system. Meanwhile, our estimation results also indicate the possibility that the global financial crisis has brought about asymmetric changes, in the sense that it enhanced the independence of corporate boards, while it deteriorated the independence of the audit system, thus, partially rejecting our prediction with respect to the disciplinary effect of the crisis on the corporate governance system.

Keywords: global financial crisis; ownership change; evolution of corporate governance; board composition; audit system; Russia (search for similar items in EconPapers)
JEL-codes: D22 G01 G34 M42 P34 (search for similar items in EconPapers)
Pages: 47pages
Date: 2015-07
New Economics Papers: this item is included in nep-acc, nep-bec, nep-cis and nep-tra
References: View references in EconPapers View complete reference list from CitEc
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http://www.kier.kyoto-u.ac.jp/DP/DP925.pdf (application/pdf)

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Working Paper: Global Financial Crisis, Ownership Change, and Corporate Governance Evolution: Firm-Level Evidence from Russia (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:925

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