Yakovlev, A.; Simachev, Y.; Danilov, Y.; (2009) The Russian corporation: patterns of behavior during the crisis. (Economics Working Papers 100). Centre for Comparative Economics (CCE), SSEES, UCL: London, UK.

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Abstract

This paper considers the behavior patterns of Russian firms before and during the financial crisis of 2008-2009. To facilitate comparison, we define three main groups of actors at the firm level in the Russian economy – large, politically connected companies; mid-size firms that expanded in the 2000s with the help of administrative support, and successful mid-size firms driven by market factors. Many of the large companies practiced highly risky financial policy and experienced a decrease in efficiency before the crisis, and the managers and owners of some Russian firms have been engaging in opportunistic behavior during the crisis; the forms and causes of this behavior are analyzed here. We conclude by proposing some policy implications with emphasis on supporting successful mid-size firms driven by market factors.

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