Russia's Evolving Corporate Governance in the Cultural Context

Abstract

The paper explores evolution and current state of the Russian corporate governance in cultural context. Russia has a relatively short history of corporate governance, and securities market and stock capital play a less significant role, compared to the West. The evolution of culture and corporate governance is analyzed in a comparative setting. Under the Soviet framework, business and corporate developments were non-existent or severely restricted. The post-Soviet capitalism is characterized by dynamic and turbulent developments in corporate governance and business culture. The paper examines the Russian findings from the recent international studies of culture and explores cultural impact on corporate governance in the country.