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on Confederation of Independent States |
| By: | Andreas Benedictow, Daniel Fjærtoft and Ole Løfsnæs (Statistics Norway) |
| Abstract: | A macro econometric model of the Russian economy is developed, containing 13 estimated equations – covering major national account variables, government expenditures and revenues, interest rates, prices and the labour market. The model is tailored to analyze effects of changes in the oil price and economic policy variables. The model has good statistical properties and tracks history well over the estimation period, which runs from 1995Q1 to 2008Q1. Model simulations indicate that the Russian economy is vulnerable to large fluctuations in the oil price, but we also find evidence of significant economic growth capabilities in the absence of oil price growth. |
| Keywords: | Russia; macro econometric model; oil price dependency; fiscal and monetary policy |
| JEL: | C51 E17 E52 E63 Q43 |
| Date: | 2010–05 |
| URL: | http://d.repec.org/n?u=RePEc:ssb:dispap:617&r=cis |
| By: | Abe, Naohito; Iwasaki, Ichiro |
| Abstract: | In this paper, we investigate the possible impacts of ownership structure and corporate performance on managerial turnover using a unique dataset of Russian corporations. We argue that Russia is regarded as a country with a highly authoritarian and collectivism-oriented national culture and this peculiarity is the key to disentangling the puzzle of the statistically weaker relationship between firm performance and CEO renewal in Russian firms. Standing on this viewpoint, we deal with not only CEO dismissal, but also managerial turnover within a company as a whole. By conducting multinomial analysis that incorporates both factors, we found significant relationship between firm performance and CEO dismissal, while, consistent with most previous studies, a standard logit analysis of CEO turnover revealed no clear relationships. We also found that the presence of a dominant shareholder significantly increases the likelihood of turnover of whole management team, while foreign ownership tends to cause partial (CEO only) turnover. Our empirical result is consistent with the "cultural view" of management practice as put forward by House et al. (2004). |
| Keywords: | organizational culture, corporate governance, managerial turnover, Russia |
| JEL: | D21 G34 G35 P31 P34 |
| Date: | 2010–04 |
| URL: | http://d.repec.org/n?u=RePEc:hit:rrcwps:21&r=cis |