NATIONAL CORPORATE GOVERNANCE MODEL: THE IMPERATIVES OF FUNDING THE GROWTH OF THE RUSSIAN ECONOMY

Abstract

The article discusses the role, importance, potential and problems of corporate organization of industry in Russia. We established that the implementation of a developed model of corporate governance is a reliable and effective system of funding the growth of enterprises. The authors reviewed corporate governance in economically developed countries, which are the main drivers of global economic development. On the basis of a broad analysis of theoretical studies and practice of large foreign and Russian corporations, we attempt to show that the assumption about the effectiveness of reforms in the Russian Federation on the basis of privatization of state property and due to this increase in funding of development processes has not remained a proven hypothesis. The reason for this is the reformers’ ignorance of the theoretical principles and international practical experience in the evolution of corporate governance. The methodical basis of this article is economic-statistical, system, and comparative research methods. The authors analyzed and compared large foreign and Russian corporations by industry, the position of the state in management, the number of shareholders, the volume and mechanisms of funding of innovations. We have also summarized the main ratings of large corporations by revenue and capitalization, financing for research and development. The authors identified trends in the gap between Russia according to the factors of the economically developed countries-leaders. The authors concluded that the impact of national corporate governance on the economic development of countries is complex and ambiguous. High productivity, advanced technologies and innovations allow economically developed countries to extract Schumpeterian rent, to obtain additional sources of R&D funding, providing themselves with competitive advantages. Based on a comprehensive analysis of statistical data, the authors recommend that the relevant executive and legislative authorities of the Russian Federation do not delay the entry into a new phase of development of the Russian economy, which can prevent systemic and insurmountable obstacles in the foreseeable future. We propose to strengthen the organization of corporate governance with legislation, state regulation and business practices.

Keywords

• funding of growth
• corporate governance
• economic growth
• institutions
• evolution
• liberal approach
• investments
• insiders
• outsiders
• stakeholders
• industrial policy
• economic theory
• technological structure