Abstract
Research Question/Issue - Which forms of state control over corporations have emerged in countries that made a transition from centrally-planned to marked-based economies and what are their implications for corporate governance? We assess the literature on variation and evolution of state control in transition economies, focusing on corporate governance of state-controlled firms. We highlight emerging trends and identify future research avenues.
Research Findings/Insights - Based on our analysis of more than 100 articles in leading management, finance, and economics journals since 1989, we demonstrate how research on state control evolved from a polarized approach of public–private equity ownership comparison to studying a variety of constellations of state capitalism.
Theoretical/Academic Implications - We identify theoretical perspectives that help us better understand benefits and costs associated with various forms of state control over firms. We encourage future studies to examine how context-specific factors determine the effect of state control on corporate governance.
Practitioner/Policy Implications - Investors and policymakers should consider under which conditions investing in state-affiliated firms generates superior returns.
Research Findings/Insights - Based on our analysis of more than 100 articles in leading management, finance, and economics journals since 1989, we demonstrate how research on state control evolved from a polarized approach of public–private equity ownership comparison to studying a variety of constellations of state capitalism.
Theoretical/Academic Implications - We identify theoretical perspectives that help us better understand benefits and costs associated with various forms of state control over firms. We encourage future studies to examine how context-specific factors determine the effect of state control on corporate governance.
Practitioner/Policy Implications - Investors and policymakers should consider under which conditions investing in state-affiliated firms generates superior returns.
| Original language | English |
|---|---|
| Pages (from-to) | 200-221 |
| Number of pages | 22 |
| Journal | Corporate Governance |
| Volume | 24 |
| Issue number | 3 |
| Early online date | 3 Dec 2015 |
| DOIs | |
| Publication status | Published - May 2016 |
Bibliographical note
This is the peer reviewed version of the following article: Grosman, A., Wright, M., & Okhmatovskiy, I. (2015). State control and corporate governance in transition economies: 25 years on from 1989. Corporate governance, Early view, which has been published in final form at http://dx.doi.org/10.1111/corg.12145. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.Keywords
- corporate governance
- transition economies
- state capitalism
- China
- Russia