Economic Analysis: Theory and Practice
 

An action plan to protect and strengthen corporate governance practices in Russian corporations

Vol. 17, Iss. 3, MARCH 2018

Received: 25 October 2017

Received in revised form: 13 December 2017

Accepted: 18 January 2018

Available online: 27 March 2018

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: D23, G34, M14, O16

Pages: 439–454

https://doi.org/10.24891/ea.17.3.439

Vorontsov P.G. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation
VorontsovP@gmail.com

ORCID id: not available

Subject The article considers the corporate governance implementation in Russia under modern conditions and evaluates its efficiency.
Objectives The aim is to identify key areas for strengthening and developing the corporate governance practices in Russian companies that will enable to improve the existing corporate governance model.
Methods The study draws on comparative analysis, ranking, classification, formation of ratings on the basis of sociological surveys.
Results The paper includes recommendations on creating a single standard to assess corporate government practices, which should involve three parties, i.e. the business, rating agencies and the State, and consider their interests. I offer a methodology for overall assessment of components investigated by rating agencies that may help investors understand the business activity of companies.
Conclusions Public companies and State-owned corporations demonstrate the best results in the sphere of corporate governance. It is critical to enhance corporate governance in Russia, which implies developing the corporate legislation, improving the law enforcement practice. Companies should be willing to take measures to perfect corporate governance.

Keywords: corporate structure, corporate behavior, corporate governance

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