Russian Enterprise Reform: Policies to Further the - download pdf or read online

By Harry G. Broadman

To augment and maintain financial prosperity, Russian gurus needs to enhance the enterprise weather in order that organisations restructure and the personal area flourishes inside of a industry setting. assembly this problem calls for activities on numerous fronts. The Russian executive requested the realm financial institution to put in writing coverage papers to deal with this factor. This quantity comprises these coverage papers which have been then offered at a high-level workshop in Moscow. the themes comprise: • elimination impediments to powerful interfirm festival, equivalent to structural focus, arbitrary regulatory practices, and access obstacles; • strengthening company governance incentive structures; • bettering the nascent institutional framework for the workout of creditor rights and implementation of firm financial disaster approaches; • decreasing barter and different nonmonetary sorts of enterprise transactions; and • fostering firm restructuring. the quantity additionally includes formal reviews on those papers awarded through senior Russian officers on the workshop.

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IH. RUSSIAN CORPORATE GOVERNANCE IN COMPARATIVE PERSPECTIVE This paper argues that the absence of effective mechanisms of corporate governance obstructs the development of long term lending and of more extensive equity investment in Itzhak Goldberg is Senior Economist, Europe and Central Asia, The World Bank. Raj Desai is Consultant, Europe and Central Asia, The World Bank. * 42 CorporateGovernancein Russia Russia--both local and foreign. Consequently, the enterprise restructuring needed to improve static efficiency and enhance dynamic growth has been hindered.

But the measures do not address the problem that the setting of license fees is subject to the discretion of local authorities, which results in price discrimination and arbitrary rule. Reforms here are a top priority. They should be based on other countries' experiences and on enacting legislation that sets precise, streamlined limits at all levels of government on the time and money required to get a business license in most sectors, and codifies sizeable criminal sanctions for officials who violate this rules-based system.

First, manager-owners may be more inclined to withdraw income in the form of higher salaries and other expenses. All owners, of course, have three avenues to withdraw money from the enterprise: (i) dividends; (ii) salary, perks and other expenses; and (iii) theft. Improved corporate governance should, of course, encourage owners to use the first option rather than the latter two. As with all income streams, dividends have to be shared among other stockholders. More importantly, however, high marginal tax rates in the FSU (as opposed to low tax revenues) provide incentives for managerowners to withdraw income as expenses rather than as dividends or capital gains, and to show personal expenses as corporate expenses.

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