现代产业经济学系列讲座第148期

时间：2017年6月21日（周三）13:30–15:00

地点：史带楼303室

主题：Lost in Translation? International Mobility of Boards and Blockholder  Appropriation

主讲人：Anna Grosman, Loughborough University, UK

主持人：孙霈教授

简介：

Emerging economies are characterized by state capitalism, concentrated ownership and constrained resources, where domiciled MNEs face underinvestment due to the misappropriation of resources. While emerging economies integrate Western corporate governance practices, the resulting outcomes are often very different. We introduce multiple agency theory to examine how independent directors seen as agents with multiple roles mitigate blockholder appropriation. Using unique panel data from Russian public firms where the government and the business elite (oligarchs) are predominant shareholders, we find that independent directors in oligarch owned firms are less efficient in mitigating blockholder appropriation than in state-owned enterprises (SOEs). To further test these integrative and disintegrative logics, we investigate three international boundary conditions, namely foreign listings of Russian firms, Russian Multinational Enterprises (MNEs), and Western independent and non-executive directors on Russian boards. Our study contributes to research on how governance practices developed in advanced economies get lost in transition when adopted in developing economies.

Dr. Anna Grosman is a lecturer (assistant professor) in Innovation and Entrepreneurship at Loughborough University London and holds a PhD in Corporate Finance from Imperial College London. Her research examines how institutional environments, ownership networks, board structures, firm transparency, executive compensation and social capital influence firm investment behaviors and other outcomes. Geographically, Anna’s focus is on Russia and China. The review of state control and corporate governance in China, Russia and other transition economies over the last 25 years was published in Corporate Governance: An International Review. In September 2016, Anna began a research project on banking deregulation and SME innovation in China, funded by the British Academy and the Shanghai Academy of Social Sciences. Prior to her PhD, Anna worked for Georgia-Pacific/Koch Industries as a Director of Corporate Development and M&A in the international division for four years. Prior to that, Anna worked for six years in investment banking and corporate finance for CIBC World Markets, Citigroup and Close Brothers.

产业经济学系

2017-6-9