Apr. 25, 2014
ロシア企業の執行機関 ――株式会社のミクロ実証分析――
The Multi-Tire Board System of Russian Corporations
要旨Abstract
本稿は，株式会社を対象とする大規模アンケート調査の結果に基づいて，ロシア企業による執行機関編成の実態を明らかにすると共に，複層型経営監督機構の要となる合議執行機関の設置確率及び人員規模の決定要因を実証的に分析した。本稿の実証結果は，集団経営体制に対する経営者側の必要が，合議執行機関設置の主要な動因である一方，外部投資家側の経営監督機能強化策としての合議執行機関への関心は，総じて低いことを強く示唆した。また，事業活動の国際化に積極的なロシア企業の間では，国際標準的な企業統治システムの観点から見れば異色の会社機関である合議執行機関の設置を回避する傾向が生じている可能性も同時に示された。
In Russia, a joint-stock company can adapt a multi-tire board system by establishing an executive board together with a board of directors and a single executive board. The Federal Law on Joint-Stock Companies does not contain any special requirements for the establishment and membership of the executive board and, hence, this issue is entirely left to each firm's discretion. The case studies in this paper suggest that about one third of Russian joint-stock companies have a collective executive board with a membership ranging from a minimum of 2 to a maximum of 23 persons. We also found that ownership by outside investors including the federal government and management groups, affiliation with a business group, the relative authority and status of the top manager, the complexity of the company management as well as differences in the form of incorporation are likely to affect firm-level decision making about the formation of a collective executive board.
書誌情報Bibliographic information
Vol. 63, No. 2, 2012 , pp. 155-170
HERMES-IR（一橋大学機関リポジトリ）: https://doi.org/10.15057/25859
JEL Classification Codes: D22, G34, K22, I22, P31, P34
