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Опубликовано на портале: 22-03-2007William Judge, Irina Naoumova Econometrica. 2004. Vol. 12. No. 3.
Developing an effective corporate governance system is key to Russia's future. Russia is now at a crossroads as it decides to either continue pursuing the Anglo-American form of governance with its emphasis on external market controls, or turn to a more Western European model with its emphasis on internal controls, or some combination of the two. To make these challenges more tangible and bring them into sharper focus, we discuss some of the governance challenges facing four bellwether Russian firms – Gazprom, Sberbank, Wimm-Bill-Dann and Mobile TeleSystems. We conclude with a discussion of the key institutional forces that will heavily influence the path taken by Russia in the future, along with predictions for the future.
Опубликовано на портале: 22-03-2007Christian Strenger Econometrica. 2004. Vol. 12. No. 1.
Recent empirical research confirms that companies with demanding governance standards achieve higher market valuations. Due to the complexity of specific corporate governance matters, there is a rising need for a systematic and quantitative evaluation approach for corporate governance. In Germany, a Corporate Governance Scorecard has been developed that fulfils the key goals defined by analysts and investors. It has a standardised format, can be applied efficiently, is available at no cost and enables self-assessments by companies as well as sector-specific comparisons. The German Scorecard has not only found good reception at the national financial community, but has also been adapted around the world, especially in emerging countries.