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An Analysis of Corporate Disputes Roman INSTITUTIONAL CHANGE IN RUSSIAN CORPORATE GOVERNANCE: AN ANALYSIS OF CORPORATE DISPUTES ROMAN STEPANOV PhD 2008 INSTITUTIONAL CHANGE IN RUSSIAN CORPORATE GOVERNANCE: AN ANALYSIS OF CORPORATE DISPUTES ROMAN STEPANOV A thesis submitted in partial fulfilment of the requirements of the University of Northumbria at Newcastle for the degree of Doctor of Philosophy Research undertaken in Newcastle Business School October 2008 Page ii ABSTRACT Russia has been lagging behind most of the developed countries and some of the transition economies in terms of the corporate governance infrastructure (Woodruff, 2004). However, the challenge to develop strategic assets, particularly in the form of oil and gas reserves, produced the need to attract foreign capital and expertise. This in turn has led to a mounting pressure to improve fundamental characteristics of corporate governance such as the regulatory environment, enforcement mechanisms, corporate structure and transparency (Preobragenskaya, 2004). Since strategic assets are at the very heart of the still undiversified Russian economy, it is easy to see how corporate governance has become one of the top priorities on the agenda of national reforms (EU- Russia Roundtable on Corporate Governance, 2006). This study attempts to register the perceived change in the institutional context in Russia through analysing reported corporate disputes. Thematic template analysis is applied to the data on corporate conflicts taken from the English language Russian press. The results of the study suggest a positive change in perception about the role of formal institutions with reference to private entities and a negative change in terms of perception in relation to state entities. This conclusion is based on the comparison of corporate disputes and enforcement practices employed by the parties to corporate disputes reported in 1998 and 2006. On an academic level this study addresses a call in the literature to give more consideration to the particularities of the management environment and the fragility of its social systems in Russia (Kuznetsov & Kuznetsova, 2001) as well as complement understanding of Russian corporate governance by concentrating on the in-depth analysis of company behaviour (Iwasaki, 2007). Page iii TABLE OF CONTENTS ABSTRACT ....................................................................................................... iii TABLE OF CONTENTS .................................................................................... iv LIST OF FIGURES, GRAPHS AND TABLES ................................................. viii LIST OF CONFERENCE PAPERS ................................................................... xi ACKNOWLEDGEMENTS ................................................................................ xii DECLARATION .............................................................................................. xiii CHAPTER 1: INTRODUCTION .......................................................................... 1 1.1 Setting the Scene ......................................................................................... 1 1.2 Brief Historical Background of Russia‘s Transition ....................................... 2 1.3 Rationale for the Study ................................................................................. 4 1.4 Summary of Contribution to Literature .......................................................... 5 1.5 Objectives of the Study ................................................................................. 6 1.6 Research Question ....................................................................................... 7 1.7 Methodology ................................................................................................. 8 1.8 Structure of the Thesis.................................................................................. 9 CHAPTER 2: LITERATURE REVIEW ............................................................. 10 Introduction ....................................................................................................... 10 Section 1: Corporate Governance and Russia ................................................. 11 1.1 Subject of Corporate Governance .......................................................... 11 1.2 The Role of Legislation ........................................................................... 12 1.3 Corporate Governance in Russia ........................................................... 13 1.4 The Role of Legislation in Russia ........................................................... 14 1.5 Institutional Infrastructure in Russia ....................................................... 15 1.6 The Rule of Law in Russia ...................................................................... 16 1.7 Research Question Revisited ................................................................. 21 Section 2: Corporate Disputes and Enforcement Practices .............................. 22 2.1 Defining Corporate Disputes .................................................................. 22 2.2 Enforcement Practices ........................................................................... 23 2.2.1 Relationship-Based Enforcement .................................................. 24 2.2.2 Self-Enforcement .......................................................................... 26 2.2.3 Third-Party Enforcement ............................................................... 27 2.2.4 Private Enforcement ...................................................................... 28 2.2.5 Administrative Levers of the State ................................................. 31 2.2.6 Shadow of Enforcement ................................................................ 32 2.2.7 Litigation ........................................................................................ 33 2.3 Research Question Revisited ................................................................. 35 Section 3: Media ............................................................................................... 36 3.1 The Role of the Media in the Study of Russian Corporate Governance . 36 3.1.1 Information Diffusion ..................................................................... 38 3.1.2 Agency Theory and Corporate Governance .................................. 39 Page iv 3.1.3 Media Effectiveness ...................................................................... 41 3.2 Research Question Revisited ................................................................. 42 Outlining the Gap in Literature .......................................................................... 42 Chapter Summary ............................................................................................ 44 CHAPTER 3: METHODOLOGY ....................................................................... 45 Introduction ....................................................................................................... 45 Section 1: Philosophical Underpinning ............................................................. 46 1.1 Research Philosophy.............................................................................. 46 1.2 Top-Down Approach............................................................................... 46 1.3 Philosophy of Pragmatism ...................................................................... 47 1.4 Methodological Implications of Pragmatism ........................................... 49 1.5 Pragmatism in the Study of Corporate Governance ............................... 51 1.5.1 Russian Context ............................................................................ 52 1.6 Mixed-Methods Research ....................................................................... 53 1.7 Research Quality .................................................................................... 53 1.7.1 Trustworthiness ............................................................................. 54 1.7.2 Credibility ...................................................................................... 55 1.8 Status of the Findings ............................................................................. 55 1.9 Source of Subjectivity ............................................................................. 57 Section 2: Data Collection ................................................................................ 60 2.1 The Moscow Times Archival Data .......................................................... 60 2.1.1 Definition of Corporate Disputes ................................................... 60 2.2 Semi-Structured Interviews .................................................................... 62 2.2.1 Interviews with the Moscow Times Reporters ............................... 63 2.2.2 Telephone Interviews .................................................................... 64 2.2.3 Transcribing .................................................................................. 65 Section 3: Data Analysis ................................................................................... 66 3.1 Method of Analysis ................................................................................. 66 3.2 Template Analysis .................................................................................. 67 3.2.1 A Priori Themes ............................................................................ 68 3.2.2 Developing Themes ...................................................................... 68 3.2.3 Coding
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