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The Determinants of Board Composition in a Transforming Economy: Evidence from Russia

Ichiro Iwasaki ()

No 9, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: Using a unique dataset of 730 joint-stock companies, we studied the determinants of corporate board composition in Russia. Despite the widespread image of insider control in the 1990s, a large number of Russian companies now actively appoint outsider directors to monitor top management. The findings reported in this paper strongly suggest that the theories and empirical methods of financial and organizational economics help to pinpoint the factors affecting the extent of outsider directorship. We also found that, among potential determinants, bargaining variables have considerable explanatory power. Furthermore, our empirical evidence demonstrated that Russia’s legal system and its peculiarities as a transition economy also exert a certain degree of influence on board composition.

Keywords: outsider directorship; board composition; corporate governance; Russia (search for similar items in EconPapers)
JEL-codes: D21 D23 G34 K22 L22 P31 (search for similar items in EconPapers)
Pages: 28, [12] p.
Date: 2008-09
Note: This paper is a product of a Japan-Russia joint research project entitled "Corporate Governance and Integration Processes in the Russian Economy" launched by the Institute of Economic Research, Hitotsubashi University (Tokyo), and the Institute for Industrial and Market Studies, State University - Higher School of Economics (Moscow). The research was financially supported by grants-in-aid for scientific research from the Ministry of Education and Science of Japan (No. 16530149; No. 17203019) and the Foundation of Japan Legislation Society.
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