- List of Figures
- List of Tables
- Notes on Contributors
- Foundations of Business Groups: Towards an Integrated Framework
- Business Groups in Historical Perspectives
- Business Groups in Prewar Japan: Historical Formation and Legacy
- Business Networks in Postwar Japan: Whither the Keiretsu?
- Business Groups in South Korea
- Business Groups in Taiwan
- Business Groups in China
- Business Groups in Thailand
- Business Groups in Singapore
- Business Groups in India
- Business Groups in Argentina
- Business Groups in Brazil
- Business Groups in Chile
- Business Groups in Mexico
- Business Groups in Israel
- Business Groups in Turkey
- Business Groups in Russia
- Business Groups in South Africa
- Business Groups in Emerging Markets: Paragons or Parasites?
- The Riddle of the Great Pyramids
- Economic Institutions and the Boundaries of Business Groups
- Business Groups and the State: The Politics of Expansion, Restructuring, and Collapse
- Corporate Governance of Business Groups
- The Kin and the Professional: Top Leadership in Family Business Groups
- Diversification Strategy and Business Groups
- Capability Building in Business Groups
- Technological Innovation and Business Groups
Abstract and Keywords
This article tracks the evolution of Russian business groups since their emergence during privatization in the 1990s and the restructuring and consolidation that followed. As in other economies, the growth of business groups in Russia has been a natural response to multiple market and government failures that gave rise to “institutional economies of scale.” This article argues that some of the business groups will grow into major multinational companies while others will be acquired by foreign multinationals (either unit by unit or wholesale). Few are likely to remain diversified conglomerates. Furthermore, this article also discusses the phenomenon of government-owned business groups and so-called state corporations. While the focus of this article is on private business groups, understanding their evolution is virtually impossible without reference to state-owned groups, or the large state-owned firms (which may be bigger than many business groups but essentially have one business unit).
Sergei Guriev is Morgan Stanley Professor of Economics and the Rector of the New Economic School in Moscow, Russia. He is also the President of the Center for Economic and Financial Research at the New Economic School and a Research Affiliate at the Centre for Economic Policy Research, London. His research interests include contract theory, corporate governance, political economy, and labour mobility. He has published in international refereed journals including American Economic Review, Journal of European Economic Association, and Journal of Economic Perspectives.
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