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The Effect of State-Private Co-partnership System on Russian Industry
刊名：
Review of Industrial Organization
作者：
Vanteeva, Nadia
（Univ W England, Bristol Business Sch, Coldharbour Lane, Bristol BS16 1QY, Avon, England）
Hickson, Charles
（Queens Univ Belfast, Queens Univ Management Sch, 185 Stranmillis Rd, Belfast BT9 5EE, Antrim, North Ireland）
刊号：
714LB059
ISSN：
0889-938X
出版年：
2016
年卷期：
2016, vol.48, no.3
页码：
333-356
总页数：
24
分类号：
C93
关键词：
Hold-up costs
；
Russian industry
；
State-private co-ownership
参考中译：
语种：
eng
文摘：
In Russia at the turn of the new millennium, the Putin regime introduced a system of state-private co-partnership with corporate private investors. We argue that this policy had the effect of reducing the likelihood that firm managers-investors would adopt suboptimal investment time horizons. The strategy also served to protect state subsidies to corporations and outside investment funds from expropriation. Using firm-level data that are published by the Russian Trading System stock exchange and the SKRIN database that spans 1998-2006, we test the success of this strategy during this formative era for the modern Russian corporation. We find that co-ownership played an important role in generating improved long-term performance, particularly in industries with high asset-specificity. We also show that the policy was most effective in industries in which firms tended to undertake large lump-sum investments.
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