Abstract
The paper considers behavior patterns of Russian firms before and during the financial crisis of 2008-2009. Three main groups of actors at the firm level in the Russian economy are defined: large politically connected companies; mid-size firms that have grown in 2000s on the administrative support; successful mid-size firms which have expanded using market factors. Explanation for the too risky financial policy and decrease in efficiency before the crisis is provided in case of large companies. Forms of opportunistic behavior of managers and owners of Russian companies during the crisis are analyzed. Some policy implications (with focus on the support of successful mid-size firms that are driven by market factors) are proposed.
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