Adachi, Y.; (2005) Reconstitution of post-soviet ex-state enterprises into Russian business firms under institutional weaknesses. (Economics Working Papers 56). Centre for the Study of Economic and Social Change in Europe, SSEES, UCL: London, UK.

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Abstract

The paper provides an interpretation of the transformation of post-soviet Russian enterprises from the resource-based perspective of the firm in the context of institutional change. Based on the resource-based perspective, which conceptualises a firm as a collection of resources embedded in business functions that are organised within an administrative framework, this paper demonstrates that the restructuring of post-Soviet enterprises entailed their reorganisation or reconstitution into business units, able to engage in commercial activities and compete in a market oriented environment. Building on the resource-based interpretation of the firm in the post-socialist context, and focusing on the institutional environment in which firms operate, the paper analyses the role of informal business practices in Russia - particularly in the area of corporate governance - from the perspective of reconstitution of post-soviet enterprises into business units. Taking the case of Yukos Oil Company in the 1990s, it argues that considering informal practices in the context of fulfilling tasks of corporate reconstitution points to their functionality in the face of disintegration of the Soviet economic system and institutional weaknesses.

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