State control and corporate governance in transition economies: 25 years on from 1989

Anna Grosman*, Mike Wright, Ilya Okhmatovskiy

*Corresponding author for this work

Research output: Contribution to journalReview article

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.
Original languageEnglish
Pages (from-to)200-221
Number of pages22
JournalCorporate Governance
Volume24
Issue number3
Early online date3 Dec 2015
DOIs
Publication statusPublished - 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

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