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Ownership Dynamics and Firm Performance in an Emerging Economy: A Meta-Analysis of the Russian Literature

Ichiro Iwasaki (), Satoshi Mizobata and Alexander A. Muravyev
Authors registered in the RePEc Author Service: Александр Муравьев ()

No 65, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: This paper provides a meta-analysis of studies on the effect of ownership on the performance of Russian firms over 20 years of rapid institutional and economic changes. We review 29 studies extracted from the EconLit and Web of Science databases with a total of 877 relevant estimates. We find that the government negatively affects company management regardless of its administrative level. In contrast, private ownership is positively associated with firm performance. The effect size and statistical significance are notably varied among different types of private ownership. While the effect of insider (employee and management) ownership is comparable to that of foreign investors, the effect of domestic outsider investors is considerably smaller. Our assessment of publication selection bias reveals that the existing literature does not contain genuine evidence for a series of ownership types and, therefore, some of the findings have certain limitations.

Keywords: Privatization; Corporate Ownership; Firm Performance; Meta-analysis; Publication Selection Bias; Russia (search for similar items in EconPapers)
JEL-codes: D22 G32 H32 P26 P31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-cis and nep-tra
Date: 2017-01
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http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/28271/1/RRC_WP_No65.pdf

Related works:
Journal Article: Ownership dynamics and firm performance in an emerging economy: a meta-analysis of the Russian literature (2018) Downloads
Working Paper: Ownership Dynamics and Firm Performance in an Emerging Economy: A Meta-Analysis of the Russian Literature (2017) Downloads
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