GROSMAN, A., OKHMATOVSKIY, I. and WRIGHT, M., 2015. State control and corporate governance in transition economies: 25 years on from 1989. Corporate Governance, 24 (3), pp. 200-221.
Manuscript type: Review
Research Question/ Issue: Which forms of state control over corporations have emerged in countries that made a transition from centrally-planned to marked-based economies and what are their implications for corporate governance? We assess the literature on variation and evolution of state control in transition economies focusing on corporate governance of statecontrolled firms. We highlight emerging trends and identify future research avenues.
Research Findings/ Insights: Based on our analysis of more than a hundred articles in
leading management, finance and economics journals since 1989, we demonstrate how
research on state control evolved from a polarized approach of public – private equity
ownership comparison to studying a variety of constellations of state capitalism.
Theoretical/ Academic Implications: We identify theoretical perspectives that help us better understand benefits and costs associated with various forms of state control over firms. We encourage future studies to examine how context-specific factors determine the effect of state
control on corporate governance.
Practitioner/ Policy Implications: Investors and policy-makers should consider under which
conditions investing in state-affiliated firms generates superior returns.
This paper is closed access until 3rd December 2017.