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Series

2001

Comparative and Foreign Law

Corporate governance

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Full-Text Articles in Law

A Property Theory Perspective On Russian Enterprise Reform, Michael Heller Jan 2001

A Property Theory Perspective On Russian Enterprise Reform, Michael Heller

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Why have Russian enterprises performed so poorly since privatization? This is a problem with many answers, each independently sufficient: the bleak mix includes vacillating macroeconomic policy, endemic corruption, a corrosive tax structure, poor human capital, and so forth. Even well-performing companies must hide good results because visible profits or dividends provoke confiscatory taxation and mafia visits. In such a difficult environment, the rule of law generally, and corporate governance in particular, may seem not to count. Macroeconomic implosions dwarf subtle distinctions in corporate dividend rules or minority voting rights.