In this paper we analyze interrelations between ownership structures, corporate governance and investment in three … transition countries: Russia, Ukraine and Kyrgyzstan. In contrast to most empirical papers on corporate governance, we study …-linear. In Russia, the relationship between the share of the largest non-state shareholder and corporate governance is either …

observed in the past few years. The corporate governance in Russia started formulating in the nineties of the 20th century as a … Russia’s companies, including the model of companies’ owners, the role of the state both in the ownership structure and in … system in Russia. …

We study whether Russian Financial-Industrial Groups facilitate access by Russian firms to investment finance. We … control set of large firms categorized by dispersed ownership or/and management and employee control. We find that investment … reallocation hide opportunistic value transfer across firms. Specifically, we assess the quality of the investment process in group …