employee
Saint Petersburg, St. Petersburg, Russian Federation
JEL D02 Institutions: Design, Formation, Operations, and Impact
JEL G38 Government Policy and Regulation
JEL P52 Comparative Studies of Particular Economies
In modern economic conditions, the development of Russian corporations is impeded by a complex array of institutional barriers that require in-depth analysis. Overcoming these constraints, rooted in institutional imperfections, is paramount to ensuring a sustainable growth trajectory and enhancing the competitiveness of domestic businesses. The objective of this article is to provide a theoretical analysis of the institutional barriers to the development of Russian corporations. To achieve this objective, a series of tasks must be addressed, including: an analysis of theoretical and methodological approaches to the study of corporations and corporate development issues; an examination of the influence of various institutional factors on corporate activities; and the identification of specific characteristics of the Russian institutional environment through case studies of individual corporations. The methodological foundation of this article comprises the evolutionary approach, institutional analysis, content analysis, and statistical methods. From the perspective of neoclassical and neo-institutional economic theory, the primary approaches to corporate research are examined. The article also presents theoretical perspectives on the definition of the category “corporation”. The author identifies the most significant external and internal institutional barriers to the development of Russian corporations. External institutional barriers include: inadequate protection of property rights, corruption, imperfections in the financial market, and the sanctions-based economic policies of several foreign countries. Internal institutional barriers encompass: the principal-agent problem in corporate relations, increased formalization and bureaucratic pressure, and resistance to change. The conclusion is drawn that the formation of an effective institutional environment is necessary, characterized by transparent and inclusive laws, a developed system of internal corporate governance, norms aimed at combating corruption and bureaucracy, the maintenance of competition and limitation of monopolistic power, a high-quality system of education and professional training, as well as social norms and cultural values that determine the technological creativity of entrepreneurship.
institutional barriers, corporations, principal-agent, formalization, bureaucracy, resistance to change, shareholders
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