Russian Corporation Research Articles

The Births, Lives and Deaths of Corporations in Late Imperial Russia

Abstract Enterprise creation, destruction and evolution support the transition to modern economic growth, yet these processes are poorly understood in industrialising contexts. We investigate Imperial Russia's industrial development at the firm level by examining entry, exit and persistence of corporations. Relying on newly developed balance sheet panel data from every non-financial Russian corporation (more than 2,500 of them) between 1899 and 1914, we examine the characteristics of entering and exiting corporations, how new entrants evolved and the impact of founder identity on subsequent outcomes. Russian corporations evolved within a market environment, conditional on overcoming distortionary institutional barriers to entry that slowed the emergence of these leading firms in the Imperial economy.

Помощник присяжного поверенного Л.В. Собинов: «Первые шаги на адвокатском поприще захватили меня…»

The article examines the short but intense period of advocacy of the outstanding opera singer L.V. Sobinov. The author explores the reasons for his joining the Russian corporation of sworn attorneys, relationships with colleagues, as well as Sobinov’s first steps in the legal profession. The author analyzes the features of the preparation by a young lawyer of his defense speeches and the process of mastering the basics of judicial eloquence.

Introduction: The Imperial Russian Corporation in and beyond Economic History

Introduction: The Imperial Russian Corporation in and beyond Economic History

An integrated approach for the evaluation of corporate foresight: the example of a Russian corporation

Purpose The purpose of this study is to develop an integrated approach to evaluating corporate foresight (CF) studies at all stages of its implementation and to test this approach using the example of a Russian state-owned corporation. Design/methodology/approach The use of foresight by companies as a part of their strategic activities is growing but still rather limited. To increase the effectiveness of foresight at the corporate level and ensure its justification, special approaches and criteria for its evaluation should be developed. To develop the approach to evaluation of CF which would be useful at all stages of foresight realization, at first, the authors focused the authors’ attention on identification of main challenges, problem and barriers, which arise during foresight process on the one hand, and exploring success factors and lessons learnt from different case studies on the other hand. On the basis of this literature analysis, the authors have formed a long list of evaluation criteria, which reflect accumulated experience in the field and all-important aspects to make foresight project successful and effective. On the next step, the authors related these criteria with stages of foresight realization and evaluation category. For pilot testing of this methodology, the authors used a case of Russian state-owned corporation. Findings This paper has presented an integrated approach to the evaluation of CF projects. The logic of the evaluation process of CF at all stages of its implementation is proposed; key evaluation topics (concept, objectives, project team, design of the project, project methodology, stakeholders, implementation, resources, results and its dissemination, effects and impact and barriers) are identified, and the corresponding sets of criteria are formed. Originality/value The originality of the work lies in using a wide experience of national foresight studies evaluation for corporations. The suggested approach could be used as a framework for CF evaluation. It was tested on the Russian state-owned company RussX.

Organizational Mechanisms to Promote Energy Efficiency

Methods of increasing the energy efficiency of production by optimizing the procedures for organizing the selection of priority projects and building mechanisms for planning and stimulating the reduction of energy costs are considered. The directions for solving the problems of increasing energy efficiency are determined by an analysis the regulations and orders for the management of production processes in a large Russian corporation of railway transport. When designing an optimal mechanism, the interests of the Principal and production personnel are coordinated. This alignment encourages production personnel to report valid information to the Principal and execute plans.

Improving the revenue management of the Russian corporation

В условиях западных санкций и продолжающейся пандемии коронавируса доходы корпорации выступают основным направлением расширения масштаба бизнеса и ускорения темпов инновационного развития. В данной статье рассматриваются актуальные вопросы управления доходами современной корпорации.

Applying digital technologies in technology roadmapping to overcome individual biased assessments

Using digital technologies for technology roadmapping has the advantage of significantly extending the range of information sources used for the roadmap. Thus, a more solid evidence-based foundation for the integrated roadmap is provided, and the risk of biased individual judgements limited. The main challenge of extending the information base lies in processing information and integrating into aggregate indicators for the final roadmap. The revised methodology was pilot tested for a roadmap on the development of artificial intelligence technologies and their applications in a large Russian company. The roadmap is being already used by a large state-owned Russian corporation for strategic and investment decision making and project management including investment priority-setting, identification of technological forks and strategic alternatives, revelation of areas of presence and lack of competence, risk assessment, identification of potential consortia and the potential tasks for them, project expertise, and proactive project search.

Improving the method of grinding substances to a nanostate

At the end of the 20th century, a theory was put forward, suggesting that with the help of universal molecular robots, it would be possible to collect any objects from improvised molecules according to a given program. The process was called "nanotechnology". The term «nano» comes from the Greek word "nanos" (dwarf) and corresponds to one billionth of a unit. Nanotechnology is the most modern and advanced direction of science and technology development. The excavations of archaeologists prove that nanomaterials were widely used in the ancient world, for instance, the Mayan civilization used clay, the structure of which contained nanofragments. In ancient Mesopotamia, weapons and glasses painted with metal nanoparticles were produced. In 2007, the state corporation "Russian Corporation of Nanotechnologies" was officially registered in Russia. For the implementation of processes occurring at the molecular level, it was necessary to develop methods for grinding substances to design new substances with super-efficient properties. Due to the introduction of nanotechnology to science, technology, medicine and other fields, there will be significant changes in people's lives. Recently, the problem of introducing nanotechnology into medicine and pharmacology to obtain effective medicines of superhigh quality is especially urgent. One of the main issues nanotechnologists are facing is the problem of grinding substances to a nanostate. The existing processes of grinding substances often require not only high energy costs and labor intensity, but also do not allow achieving the desired result. The article presents an original method of grinding various substances to the molecular level by grinding the molecules of the substance with the particles of the complex "carbyne-cyclic ion-ligand" during the rotation of the complex under the influence of an external electric field. The conducted laboratory tests confirm the effectiveness of the proposed method.

The Births, Lives, and Deaths of Corporations in Late Imperial Russia

Enterprise creation, destruction, and evolution support the transition to modern economic growth, yet these processes are poorly understood in industrializing contexts. We investigate Imperial Russia’s industrial development at the firm-level by examining entry, exit, and persistence of corporations. Relying on newly developed balance sheet panel data from every active Russian corporation (N > 2500) between 1899 and 1914, we examine the characteristics of entering and exiting corporations, how new entrants evolved, and the impact of founder identity on subsequent outcomes. Russian corporations operated flexibly and competitively, conditional on overcoming distortionary institutional barriers to entry that slowed the emergence of these leading firms in the Imperial economy.

The Role of State Corporations in the Russian Economy (as in the Case of “Rosatom” and “Rostec” State Corporations)

The article is devoted to the study of the role of state corporations in the economy of the Russian Federation as in the case of Rosatom and Rostec. The authors analyze the existing concept of state corporation, Russian and foreign practices. The article presents the results of the research of economic features based on reports published on official website of Russian state corporation, as well as prospects of Russian state corporations are identified. At the present stage of development and operation of Russian state corporations, society increasingly sees their products, but it doesnt even suspect that these are domestic products that meet all international standards, which are also exported to many countries of the world. Products, goods and services are exported to North and South America, Europe, Central and South-East Asia, and Africa. In a relatively short period of existence and operation, Russian state corporations have increased their revenues and have made a significant contribution to the prosperity of countrys economy.

The Influence of CEO Personal Characteristics on the Market Value of Russian Companies

This paper analyses the impact of a CEO’s demographic and professional characteristics on the market value of the company. The growth of company capitalisation involves the expectations of investors specifically their view of the personality of the CEO, including whether he will be able to maintain the proper level of the company’s work and whether there is expediency in further investment. Therefore, it is extremely important to understand exactly what qualities of a top manager influence investor expectations.This research is based on data from the 50 largest public Russian companies from non-financial sectors for the period 2011-2019, and iformation is included on 98 CEOs across this period. Herein we define the mechanism of the relationship between the personal characteristics of the CEO and the market value of the company.Based on a pooled regression assessment, our results indicate that the level of education of the CEO is an insignificant variable, and practical experience is valued higher than academic qualification (this is consistent with the results of previous studies). The market responds positively to the appointment of executives with industry experience. The experience of a CEO in a prior governmental or state role impacts negatively on firm value, and the status of the company’s founder is met with optimism by the market, seeming to assure an interest in strategic development. The status of an outside manager is rated higher by the market than a successful career inside the company. The optimal age of the head of the company from the point of view of positively influencing the value of the company was determined at 49 years.We conclude that a portrait of the head of a large traded Russian corporation has been constructed in the present work, which contributes to the literature on optimal market perception for businesses and manager.

Financing Nascent Industry: Leverage, Politics, and Performance in Imperial Russia

This paper explores the dynamics of corporate finance during the early stages of industrial growth by examining a newly constructed panel database of Imperial Russian industrial corporations’ balance sheets. We document large differences in financial strategies and outcomes across industries, over time, over firms’ life cycles, and between two Russian corporation types. Russian corporations’ profits and dividend payouts followed the Russian business cycle. Russian corporate debt ratios mostly follow modern capital structure theories, but tangible assets were not associated with higher debt levels, suggesting that Russian corporate debt was short-term, that collateral was irrelevant, or that agency problems dominated. We also find evidence that investors needed to be compensated for poor protections, since dividends were valued and widely-held corporations enjoyed greater returns. While the evidence suggests the presence of these and other frictions, our findings are consistent with the Imperial Russian financial system functioning well enough to enable early industrial development.

Реформа системы институтов развития Дальнего Востока: направления и задачи

Development institutions are an important modern instrument of government regulation of the economy in all developed countries. The system of development institutions of the Russian Federation includes the federal and regional development institutions. Key federal development institutions include such well-known state corporations as the investment fund of the Russian Federation; the State Corporation "Bank for Development and Foreign Economic Activity (Vnesheconombank)"; the state corporation "Russian Corporation of Nanotechnologies," etc. According to experts of the Ministry of Economic Development of the Russian Federation, about 200 regional development institutions operate on the territory of the constituent entities of the Russian Federation. The objectives of this extensive system of development institutions so far have been to overcome the so-called "market failures," which cannot be optimally realized by the market mechanisms, and to promote the sustained economic growth of a country or an individual region. In November 2020, the Government of the Russian Federation announced the reform of the system of development institutions in the country. The article analyzes the goals and main directions of the announced reform. On the example of the system of development institutions of the Far East, an attempt was made to assess its possible consequences.

Management innovation through the formation of corporate memory model

The Russian Corporation has to work on new principles of functioning in modern social and economic conditions, and implementation of innovative activity is undoubtedly the main and necessary condition which should be created for it. However, innovative activity of the organization depends on maintaining and developing competencies in a straight line, for which, in turn, the corporate memory is needed as a certain framework. In this paper, the role and tasks of corporate memory in the innovation process is considered, its sources are given, and the stages of corporate memory functioning model are presented.

Capital structure and corporate performance in late Imperial Russia

AbstractThis article investigates the financing of corporations in industrialization’s early stages by examining new balance sheet data describing all Imperial Russian corporations in 1914. We emphasize differences between two Russian corporation types: share partnerships and A-corporations. Share partnerships issued greater dividends, were less likely to issue bonds, and had larger accounts payable. We find that capital structures varied with age, size, and sector according to modern corporate finance theories and that scaled profits did not demonstrate differential market power across corporation types. Thus, Russian corporations exhibited considerable financial flexibility, and reducing incorporation costs could have benefited the Imperial Russian economy.

ИННОВАЦИИ В ТРЕБОВАНИЯХ К ТРАНСПАРЕНТНОСТИ РОССИЙСКИХ КОРПОРАЦИЙ

ИННОВАЦИИ В ТРЕБОВАНИЯХ К ТРАНСПАРЕНТНОСТИ РОССИЙСКИХ КОРПОРАЦИЙ

Shareholder rights and share capital: the effect of the 1901 Russian Corporation Reform, 1890–1905

During the nineteenth and early twentieth centuries, western European countries introduced general incorporation and additional flexible enterprise forms, but the Russian Empire left its concession system of incorporation in place. The Empire's only major corporation reform, the 1901 law, strengthened minority shareholder rights and removed bankers from boards of directors for certain corporations. The reform offers a rare opportunity to examine the financial effects of improving corporations’ principal–agent relationships through regulation, because the reform did not affect all corporations equally. Corporations affected by the reform had smaller total share capital, fewer shares, and higher par values for shares as observed in 1905. The new regulations may have increased the cost of having shareholders and hence disciplined corporations’ founders to be more conservative in raising capital by issuing stock. Removing bankers from boards of directors may have removed an important source of firms’ founding capital, though corporations could easily evade this provision. The results also show that, although the commercial code treated all corporations equally, there were two major groups of Russian corporations that behaved differently, and, despite the fact that corporate charters could grant individual exceptions to the commercial code, a revision in the commercial code changed corporations’ behaviour.

The Effect of State-Private Co-partnership System on Russian Industry

In Russia at the turn of the new millennium, the Putin regime introduced a system of state-private co-partnership with corporate private investors. We argue that this policy had the effect of reducing the likelihood that firm managers-investors would adopt suboptimal investment time horizons. The strategy also served to protect state subsidies to corporations and outside investment funds from expropriation. Using firm-level data that are published by the Russian Trading System stock exchange and the SKRIN database that spans 1998–2006, we test the success of this strategy during this formative era for the modern Russian corporation. We find that co-ownership played an important role in generating improved long-term performance, particularly in industries with high asset-specificity. We also show that the policy was most effective in industries in which firms tended to undertake large lump-sum investments.

Роль корпоративной памяти в управлении организационными инновациями

In the modern socio-economic conditions of the Russian Corporation they should work on new principles, the main of which is the mandatory implementation of the innovation. For its effective implementation the necessary institutional and other conditions should be created. However, innovative activity of an organization depends on the maintenance and development of competencies, which, in turn, need corporate memory, as a certain information base. This article describes the nature and content of corporate memory, presents its peculiarities and differences from other related concepts. Its sources from the organizational knowledge are given separately. Also the research examines the role and tasks of the corporate memory in the process of innovation of modern organizations in the face of intensifying competition.

Aiding and Abetting: The Responsibility of Business Leaders under the Rome Statute of the International Criminal Court

While no business leaders have yet been charged before the International Criminal Court (ICC), such future proceedings will typically be conducted with reference to the accessorial mode of liability of aiding and abetting, under Article 25(3)(c) of the Rome Statute of the ICC. There exist diverse and competing interpretations of Article 25(3)(c). This paper aims to advocate the creation of a dominant interpretation of Article 25(3)(c) and, consequently, to the clarification of the potential responsibility of business leaders who aid or abet crimes under the jurisdiction of the Rome Statute, in two ways. First, it asks whether Article 25(3)(c) can be interpreted in harmony with the dominant practice on aiding and abetting in international criminal law generally. Second, it presents a case study on the provision of arms by the Russian corporation Rosoboronexport to the Syrian government, which is likely to have committed crimes against humanity since March 2011 and war crimes since mid-2012. The theoretical conclusions are applied to a discussion on the potential criminal responsibility of the Director General of Rosoboronexport for aiding and abetting the commission of international crimes by high-level Syrian officials.