Economic and financial crises and changes in corporate governance in Russia (Part 2)

Abstract

Motivation: Favourable conditions for the development of corporate governance in Russia emerged at the beginning of the 90s, together with the commencement of economic and political transformation. At the beginning, one of the main factors connected with building and developing a corporate governance system was the process of privatization of state-owned enterprises. In the subsequent years, more factors emerged, such as: further economic reforms, political transformations, corporate legislation as well as financial and economic crises. Aim: The article’s main thrust is to evaluate the impact of economic and financial crisis of 2008 and the posible impact of actual crisis on the evolution of selected internally and externally mechanisms of corporate governance in Russia. Results: The article uses theoretical analysis method based on a survey of literature and statistical data (especially from Russian Federal Statistics Service). The authors assume that the 2008 crisis caused less significant changes in the process of the evolution of corporate governance system in Russia (in comparison with 1998 crisis). The crisis of 2008 resulted mainly in the increase in the state’s role, either as the owner as well as participant of the external corporate governance mechanisms. The impact of the current crisis on the corporate governance is possible because of restrictions in the access to foreign financial markets for big companies and the increase of dependence on financial support from the state.