The Russian corporate governance has evolved since the 1998 financial crisis. The author examines both normalization and preservation in the corporate structure, which can simultaneously be observed in the adaptation of Russian enterprises. The Russian corporate governance reflects the unique...

A tanulmány központi kérdése az, hogy vajon a kilencvenes évek végére mennyire maradtak jellemzők a nagyvállalati tulajdonszerkezetre azok a posztszocialista (hálózati, rekombináns, elaprózott) tulajdonszerkezeti formák, amelyeket a gazdaságszociológusok a kilencvenes évek...

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The paper analyses the theoretical arguments and empirical evidence linking enterprise performance in transition economies to the macroeconomic environment. Macroeconomic instability is traced to the unsustainability of the fiscal-financial and monetary programmes of the state and to regulatory...

The industrial organization of developing countries is characterized by: (i) pervasive use of subcontracting arrangements among small firms, (ii) "missing middle" in the firm size distribution, and (iii) financially constrained firms.  This paper studies an incomplete contract model in which...

This paper develops a general equilibrium model endogenizing labor specialization, firm size, firm specialization, interfirm trade, and economic fragmentation. In contrast to the standard neoinstitutionalist understanding of firms and markets as substitutes in organizing production, firms and...

The industrial organization of developing countries is characterized by the pervasive use of subcontracting arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial constraints. It shows that vertical integration trades off the...