Federal State Shareholdings in Russian Companies

2003 ◽  
pp. 101-120 ◽  
Author(s):  
A. Muravyev
Keyword(s):  
Labour Productivity ◽  
State Ownership ◽  
Federal State ◽  
State Control ◽  
Different Types ◽  
Golden Shares ◽  
Equity Ownership ◽  
The Government ◽  
The Impact ◽  
State Enterprises

This paper studies the impact of federal state shareholdings on the performance of Russian companies. It focuses on mixed ownership companies rather than conventional state enterprises and distinguishes between several types of federal state shareholdings and golden shares. Econometric analysis shows that companies with state ownership generally perform worse than the average firm in terms of labour productivity and profitability. However, there are remarkable differences in the performance of companies with different types of state shareholdings. These differences are explained by different degrees of the federal state control over such enterprises. The paper concludes that the government should avoid keeping equity stakes in companies unless there is a necessity to retain them. Finally, the issue of golden shares in strategically important companies seems to be a reasonable alternative to retaining some control over them through equity ownership.

scholarly journals Complex state ownership, competition, and firm performance – Russian evidence

2019 ◽  
Vol 15 (2) ◽  
pp. 189-221
Author(s):  
Eva Liljeblom ◽  
Benjamin Maury ◽  
Alexander Hörhammer
Keyword(s):  
State Ownership ◽  
State Control ◽  
Government Control ◽  
Content Type ◽  
Listed Firms ◽  
Market Index ◽  
Performance Effects ◽  
Golden Shares ◽  
Sales Employees ◽  
The Impact

Purpose State ownership has been common especially in industries with restricted competition. In Russia, state-controlled firms represent around 41 percent of the market value of all listed firms (Deloitte, 2015). Yet, there is a significant gap in the literature regarding the effects of various forms of government control in listed firms. The purpose of this paper is to fill this gap by exploring the impact of the complexity of state ownership and competition on the performance of Russian listed firms. Design/methodology/approach The sample consists of data for 72 firms (360 firm-years) in the Russian MOEX broad market index during 2011–2015. The complexity of state ownership is captured by studying forms of state control including majority/minority, direct/indirect, federal/regional, mixed structures and golden shares. Findings The authors find significant differences in performance relating to different forms of state ownership. State control is negatively related to firm valuation and the sales/employees ratio. Performance is weakest when state ownership takes the form minority, regional or direct ownership. State control through golden shares typically outperforms other state-controlled firms. The authors find indications of employment prioritization beyond the economical optimum. In addition, the relation between state ownership and profitability becomes positive in sectors where state firms appear to enjoy lower competition. Originality/value While the effects of state ownership have been studied on many markets, there is a lack of studies on the effects of different forms, or the complexity, of state ownership beyond direct and indirect ownership. The authors contribute to the literature on the performance effects of state ownership by studying a multitude of forms of governmental ownership as well as the role of competition in Russia. Especially the profitability of state-controlled firms is significantly affected by industry characteristics. Implications of the results are discussed both from firm and policy maker perspectives.

Public Capital and Innovation

2012 ◽  
Author(s):  
Pierre-Richard Agénor
Keyword(s):  
Public Policy ◽  
Public Capital ◽  
Spillover Effects ◽  
Critical Issue ◽  
Government Interventions ◽  
Trade Offs ◽  
Different Types ◽  
Innovation Capacity ◽  
The Government ◽  
The Impact

This chapter extends the Allais–Samuelson Overlapping Generations models presented in chapters 1 and 2 to study interactions between infrastructure and human capital with R&D activities and growth. It begins by providing some background evidence on these interactions. The model is then presented and solved, and the impact of public policy, including potential trade-offs associated with the provision of infrastructure and other services by the government, is discussed. Again, this is a critical issue; if governments have access to limited resources to cover their expenditure, different types of government interventions may entail (temporary or permanent) trade-offs at the macroeconomic level—even though at the microeconomic or sectoral level these interventions are largely complementary. In addition, different types of government intervention may generate spillover effects on other sectors, which may have an indirect impact on innovation capacity.

Sector Switching in Good Times and in Bad: Are Public Sector Employees Less Likely to Change Sectors?

2017 ◽  
Vol 46 (4) ◽  
pp. 327-341 ◽  
Author(s):  
Jaclyn S. Piatak
Keyword(s):  
Economic Conditions ◽  
Federal State ◽  
Government Employees ◽  
Employment Decisions ◽  
For Profit ◽  
Public Managers ◽  
State And Local ◽  
The Government ◽  
The Impact ◽  
Sector Switching

With the retirement of the baby boomers looming and the growing number of opportunities to serve the public interest in broader ways than working in government, how dedicated are today’s public employees? This study examines the job sector changes of nonprofit and government employees compared with for-profit employees during both stable and unstable economic conditions. Sector switching within the government sector across federal, state, and local government employees is also examined. Findings show no sector differences during stable economic conditions, but illustrate federal government and nonprofit employees are more likely to move into the for-profit sector during times of economic instability. This study highlights the impact of tough labor market conditions on employment decisions. Nonprofits’ reliance on labor donations may no longer be sufficient, and public managers should tailor their recruitment and retention strategies to suit the level of government.

Research on Innovation Signals and Feedbacks between SMEs and the Government

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Xiao Feng ◽  
Weidong Meng ◽  
Bo Huang
Keyword(s):  
Government Subsidy ◽  
Switching Regression ◽  
Hidden Information ◽  
High Type ◽  
Financing Constraint ◽  
Different Types ◽  
The Government ◽  
The Impact ◽  
Innovative Capacity ◽  
D Investment

AbstractDue to the financing constraint that faced by small and medium-sized enterprises (SMEs), SMEs are more cautious in innovation investments, and thus more eager to gain external financial support. This paper discusses the impact of SMEs’ R&D investment on government subsidy under the constraint of hidden information. It adopts a modified endogenous switching regression model to solve the endogenous problems. The results show that SME’s initiative to signal its underlying innovative capacity has an important impact on Chinese government’s subsidy feedback. SMEs that send high-type signals have gained more subsidies. And when SMEs are with different types of innovation signals, they would have different influence mechanisms on subsidy feedback. This study concludes that the policymakers should make more use of its belief and give effective feedbacks to the entrepreneurs.

scholarly journals Measuring the Impact of Innovation Activities in Government

2020 ◽  
Vol 27 (94) ◽  
pp. 398-435
Author(s):  
Justin Brunelle ◽  
Daniel Frisk ◽  
Benjamin Mayer ◽  
Paula Randall ◽  
Awais Sheikh
Keyword(s):  
Research Team ◽  
Innovation Activities ◽  
Current State ◽  
Different Types ◽  
The Government ◽  
The Impact ◽  
Outcome Metrics ◽  
Government Innovation

As the government increasingly allocates resources to innovation, questions arise as to how innovation organizations measure their performance, and ultimately their effectiveness, in supporting government missions. Innovation organizations are expected to demonstrate their impact. Researchers from the MITRE Corporation assessed how government focused innovation organizations advance innovation and evaluate their results. The research team collected information from a total of 39 government innovation organizations to understand their roles, activities, and measures of success. This article presents MITRE’s findings on the current state of pursuing and measuring innovation in government, as well as recommendations for metrics based on the different types of innovation organizations. MITRE recommends that innovation organizations focus on identifying and collecting outcome metrics that are critical to aligning innovation activities and products with government missions.

scholarly journals The impact of different types of innovation and governmental support in the performance of firms: the case of Central and Eastern Europe manufacturing SMEs

2019 ◽  
Vol 17 (4) ◽  
pp. 923-939
Author(s):  
FÁBIO DE OLIVEIRA PAULA ◽  
JORGE FERREIRA DA SILVA
Keyword(s):  
Financial Performance ◽  
Eastern Europe ◽  
Absorptive Capacity ◽  
Central And Eastern Europe ◽  
Business Environment ◽  
Eu Member States ◽  
Different Types ◽  
Short Run ◽  
The Government ◽  
The Impact

Abstract This study examined companies from two different groups of countries in Central and Eastern Europe and their partnerships with the Government for the development of four types of innovation (product, process, organizational, and marketing). The research included ex-soviet republics (Eu members and non-members), and observed how each type of innovation affects the firms’ financial performance. A sample of 1,143 manufacturing SMEs from the Business Environment and Enterprise Performance Survey (BEEPS) were tested using multiple regression and logit. Based on the absorptive capacity theory, the results show that manufacturing SMEs from EU-member countries have a higher absorptive capacity and take advantage of the EU’s innovation promotion programs to innovate. On the other hand, the SMEs from non EU-member states perceive a quicker effect of the innovations in financial performance, considering that there is a technological gap between the two groups (non EU-members are less developed). Also, the introduction of different types of innovations simultaneously boosts the performance of firms from non EU-member countries in the short run.

scholarly journals On the Question of the Powers of the Federal Executive Authorities of Germany in the Field of Genetic Engineering

2020 ◽  
Vol 17 (3) ◽  
pp. 421-430
Author(s):  
Ekaterina Lebedeva
Keyword(s):  
Genetic Engineering ◽  
Public Administration ◽  
Russian Federation ◽  
Genetically Modified Organisms ◽  
Federal State ◽  
Federal Republic Of Germany ◽  
Federal States ◽  
The Russian Federation ◽  
The Government ◽  
The Impact

At the present stage of the development of genetic engineering activities in the Russian Federation the question of the expediency of distributing powers between federal executive bodies and executive bodies of constituent entities is relevant. In this regard, the experience of Germany in securing the relevant powers in the field of genetic engineering for the executive authorities is considered, in particular, the powers of the federal executive authorities of Germany are examined to release and place genetically modified organisms, to monitor the impact of artificial microorganisms on human health and the environment, as well as administrative functions for maintaining information registers of information about modified organisms. The Author analyzes the powers of the German Federal Ministry of Food and Agriculture (German: Bundesministerium für Ernährung und Landwirtschaft – BMEL), the Federal Office for Consumer Protection and Food Safety of Germany (German: Bundesamt für Verbraucherschutz und Lebensmittelsicherheit – BVL) and other bodies. In addition, the Author has investigated the powers of the federal states of the Federal Republic of Germany in the field of genetic engineering work related to the use and production of artificial microorganisms and GM products. As an example, the competence of the authorized body of the federal state of Hesse – the Department of the Government of Hesse for genetic engineering – is considered. Analysis of the powers of the executive authorities of Germany in the field of genetic engineering made it possible to formulate conclusions and recommendations for streamlining the powers of executive authorities and organizations in Russia. As a result, proposals were made to improve public administration in the field of genetic engineering activities in Russia, including the need to entrust a separate authority with the authority for comprehensive regulation in the field of genetic engineering activities, as well as the inexpediency of currently providing executive the authorities of the constituent entities of the Russian Federation, the powers to exercise public administration in the area under consideration.

Understanding artificial intelligence: insights on China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eleonora Veglianti ◽  
Yaya Li ◽  
Elisabetta Magnaghi ◽  
Marco De Marco
Keyword(s):  
Artificial Intelligence ◽  
High Frequency ◽  
Qualitative Data ◽  
Low Cost ◽  
Ecological Constraints ◽  
Content Type ◽  
Different Types ◽  
The Government ◽  
The Impact ◽  
Broad Level

Purpose The high frequency of disruption and dislocation of many industries, the migration to low-cost countries of different assets and activities, the increase in systemic risk, the birth of social and ecological constraints, as well as the new worldwide competitors require businesses and the overall society to change. In a so-called Industry 4.0. era, understanding the impact of artificial intelligence (AI) in developed as well as in underdeveloped economies has become increasingly crucial. The purpose of this study is to shed the light on the peculiarities of Chinese AI assessing the state of art of AI in this unique and valuable context. Design/methodology/approach Through a research based on a qualitative data analysis, the present paper suggests a new way to analyse AI and to support a better understanding of the local Chinese aspects influencing its development and implementation. Findings The development and implementation of AI in China required tailor solutions which account for the following three main dimensions: the location (i.e. territorial extension, the administrative boundaries); the government approach; and the human capital. Originality/value The analysis presents a broad level activity. In addition, the paper focused on Chinese scientific literature and different types of data (i.e. institutional documents, professional reports, websites and speeches in Chinese). The paper used a multi-faceted approach, including also the tacit knowledge of the authors about the context under investigation.

Weathering the Storm: The Impact of Cutbacks on Public Employees

2018 ◽  
Vol 48 (1) ◽  
pp. 97-119 ◽  
Author(s):  
Jaclyn S. Piatak
Keyword(s):  
Great Recession ◽  
The United States ◽  
Federal State ◽  
The Great Recession ◽  
Mass Layoffs ◽  
Government Sector ◽  
Nationally Representative ◽  
State And Local ◽  
The Government ◽  
The Impact

The United States saw mass layoffs and unemployment during the Great Recession, where jobs have been slow to recover especially in the government sector. Research on cutback management became widespread in the late 1970s into the 1980s and several researchers have called for attention to be reignited to determine what lessons can be applied to the Great Recession and beyond. However, little attention is paid to the influence of cutbacks on employees. How do layoffs impact public personnel? Using nationally representative employment data, this study examines sector differences in job loss, advance notice, job mobility, and sector switching. In addition to distinctions across job sectors, differences within the government sector across federal, state, and local employees are explored. Findings raise several questions for research and practice regarding the ability to recover staff in a timely manner, the diversity of the organization, and the capacity to cope with future crises.

Empirical research on the correlation between Real Earnings Management of state-owned enterprises and executive compensation — from the perspective of executive structural power

2019 ◽  
Vol 06 (01) ◽  
pp. 1950008 ◽  
Author(s):  
Lei Yu ◽  
Yuxuan Dai ◽  
Keguang Zheng ◽  
Yongjie Zhang
Keyword(s):  
Earnings Management ◽  
Executive Compensation ◽  
Empirical Research ◽  
Central Government ◽  
Real Earnings Management ◽  
Executive Power ◽  
Real Activity ◽  
Different Types ◽  
The Government ◽  
The Impact

This paper focuses on the impact of the executive compensation of state-owned enterprises and executive power on Real Activity Earnings Management (REM). Furthermore, this paper discusses the differences of impacts mentioned above between the central government holding enterprises and the local government holding enterprises, in order to test the impact of the government compensation regulation and the executive compensation of different types of enterprises on the enterprise accounting behavior. The empirical research shows that executive compensation can induce accountings to implement REM, which is more notable in local state-owned enterprises than in central enterprises.

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