State control and corporate governance in transition economies:25 years on from 1989


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 state-controlled firms. We highlight emerging trends and identify future research avenues. Research Findings/Insights - Based on our analysis of more than 100 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 policymakers should consider under which conditions investing in state-affiliated firms generates superior returns.

Publication DOI:
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
College of Business and Social Sciences > Aston Business School
Additional Information: This is the peer reviewed version of the following article: Grosman, A., Wright, M., & Okhmatovskiy, I. (2015). State control and corporate governance in transition economies: 25 years on from 1989. Corporate governance, Early view, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
Uncontrolled Keywords: corporate governance,transition economies,state capitalism,China,Russia,Management of Technology and Innovation,Strategy and Management,Business, Management and Accounting(all)
Publication ISSN: 1467-8683
Full Text Link:
Related URLs: http://www.scop ... tnerID=8YFLogxK (Scopus URL)
http://onlineli ... .12145/abstract (Publisher URL)
PURE Output Type: Review article
Published Date: 2016-05
Published Online Date: 2015-12-03
Accepted Date: 2015-09-29
Submitted Date: 2015-03-16
Authors: Grosman, Anna (ORCID Profile 0000-0002-4152-3479)
Wright, Mike
Okhmatovskiy, Ilya



Version: Accepted Version

| Preview

Export / Share Citation


Additional statistics for this record