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Concentration of Ownership in Russian Manufacturing: Recent Empirical Evidence

Authors: Tatyana G. Dolgopyatova

Abstract:

The paper characterizes the concentration of ownership in Russian manufacturing companies in 2014 and the dynamics of concentration during 2009–2014 as a period of economic crisis and stagnation. In addition, it reveals the factors behind differentiation in the level of concentration, which remains high and, on average, exceeds the indicators of some European developed economies. Empirical analysis gives evidence that factors, contributing to lower level of concentration, include exchange of securities in stock markets, lower share of investments in profits, and top-managers’ estimates of competition with foreign producers as a relatively noticeable. The analysis is based on two surveys of manufacturing firms conducted by Higher School of Economics in 2009 and 2014, and the survey of about 15,000 firms operating in seven countries of the European Union.

Keywords: concentration of ownership; manufacturing; transition economy; cross-country comparison.

For citation:

Dolgopyatova T.G. Kontsentratsiya sobstvennosti v rossiyskoy obrabatyvayushchey promyshlennosti: empiricheskie otsenki [Concentration of Ownership in Russian Manufacturing: Recent Empirical Evidence].  Izvestiya Uralskogo gosudarstvennogo ekonomicheskogo universiteta – Journal of the Ural State University of Economics, 2016, no. 4 (66), pp. 30–39.