HERMES-IR : Research & Education Resources

Number of Access this item:1,403（2024-05-13 23:55 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/19158

Item Information

Title	Executive Board: The Russian Experience
Creator	Creator Name Iwasaki, Ichiro Iwasaki, Ichiro Affiliation Affiliation Name Hitotsubashi University
Editor	Contributor Name Russian Research Center, Institute of Economic Research, Hitotsubashi University Affiliation Affiliation Name Hitotsubashi University
Key Word	executive board
	multi-tier board system
	corporate governance
	strategic management
	Russia
JEL	D22
	G34
	K22
	L22
	P31
	P34
Abstract	In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company executives for a collective management system is a key driver for the formation of a collective executive board, while outside investors are generally indifferent toward its adoption as a means to strengthening the monitoring and control functions over top management. We also found that Russian firms in the pursuit of the internationalization of their business activities tend to avoid the establishment of a collective executive board, which is a diverse corporate organ from the viewpoint of the international standard of corporate governance systems.
Description	This paper is the 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 Sciences in Japan (Nos. 21402025 and 23243032) and the Joint Usage and Research Center of the Institute of Economic Research, Kyoto University and Hitotsubashi University.
Publisher	Russian Research Center, Institute of Economic Research, Hitotsubashi University
Issued Date	2011-05
Language	English(eng)
Resource Type	technical report
Version Type	NA
Is Part OfRelation -	Related Title RRC Working Paper Series ; No. 32
Relation	Related Title This version has been revised. The new version is available at http://hdl.handle.net/10086/25472
ISSN	1883-1656
Appears in Collections	RRC Working Paper Series
URL	https://hdl.handle.net/10086/19158