Institutional theory has usually been associated with path dependence and inertia. In international corporate governance, it has been used as an explanation for the supposed continued divergence of national systems. Recent developments in institutional theory, however, identify the circumstances...

After over 50 years, it is pertinent at a time when corporate governance (CG) is a controversial subject, especially in 'transition' economies, to reflect on the immediate post-World War Two period as potentially a miniature 'laboratory experiment' in CG. In this period, occupying US and UK...

Differing in pace and scope, privatization in Russia and Ukraine has resulted in insiders usually dominating the ownership structure. Despite following a “giveaway” distribution of shares, Russia more than Ukraine favors outside investors. Russian managers, more so than their Ukrainian...

Employee buyout, the main privatization vehicle for large Russian industrial enterprises, has been widely critized because it provides no new funds for investment, produces sub-optimal decisions in terms of operations and strategy, and results in faulty corporate governance. While our study...