This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on a large-scale survey of Russian enterprises –...

In this paper we investigate the role that corporate boards play in an environment of highly concentrated ownership and weak institutional environment using unique data from a survey of board members in Russian firms. In firms with high ownership concentration the board of directors may be just...