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- Title
RUSSIAN CORPORATE LAW: IS "SELF-ENFORCEMENT" STILL THE WAY TO GO?
- Authors
Frants, Vlad
- Abstract
In 1995 Russia adopted the Law on Joint Stock Corporations ("LJSC") as the legal framework that would help the country develop healthy corporate governance practices and strong securities markets. The LJSC was based on a different corporate governance model, the 'self-enforcing' model. The 'self-enforcing' model was chosen as a template for the LJSC because it was designed to be effective in countries with a weak judiciary, cultural norms that discourage free market dynamics and nascent markets susceptible to outside forces. However, after its adoption in 1995, the LJSC failed to create adequate corporate governance practices and strong markets. This article examines the current political and economic conditions in Russia in order to determine which corporate governance model has the best chance of success. It argues that, in light of recent political and economic changes under President Putin, the self-enforcing model will now be successful and remains Russia's best hope for developing both strong securities markets and a favorable corporate culture.
- Subjects
RUSSIA; CORPORATION law; COMMERCIAL law; CORPORATE governance laws; SECURITIES industry laws; CORPORATE culture; FREE enterprise; PUTIN, Vladimir Vladimirovich, 1952-
- Publication
UCLA Journal of International Law & Foreign Affairs, 2008, Vol 13, Issue 2, p435
- ISSN
1089-2605
- Publication type
Article