Современные проблемы советов директоров российских компаний и направления их решения

Introduction. Being a corporate governance body, the board of directors underwent quite a long transformation in the framework of its functions in connection with the development of corporate regulators in Russia and the desire of domestic companies to implement the best international corporate governance practices. In the 90s and in the early 2000s, the board of directors was at the stage of formal functioning, starting in 2014 - at the standardization stage, implementing the agent concept. Today, despite compliance with Russian and international corporate governance standards, boards of directors have problems of a global nature that cannot be solved within the framework of agent theory. The development of boards of directors in domestic companies within the framework of resource theory is relevant. Theoretical analysis. The article analyzes the transformation of the external and internal characteristics of boards of directors since their appearance in Russian companies. The authors distinguish the stages of boards of directors’ development, prove the formal nature of the first stage, the development of the board in the framework of agent theory and the emergence of the third stage of development, which should correspond to the resource model of boards of directors. Results. In the process of the study, the board of directors’ problems were identified regarding interaction with managers, internal relationships, passivity and indifference of members, imbalance. As a direction for solving problems, it is proposed to build a council within the framework of a balanced council model in which balance is formed in a dynamic aspect.Введение. Являясь органом корпоративного управления, совет директоров прошел достаточно длительную трансформацию в рамках выполняемых им функций в связи с развитием корпоративных регуляторов в России и стремлением отечественных компаний внедрять наилучшие международные практики корпоративного управления. В 1990-е гг. и в начале 2000-х гг. совет директоров находился на этапе формального функционирования, начиная с 2014 г. - на этапе стандартизации, реализуя агентскую концепцию. На сегодняшний день, несмотря на соответствие российским и международным стандартам корпоративного управления, советы директоров имеют проблемы глобального характера, не решаемые в рамках агентской теории. Актуальным является развитие советов директоров в отечественных компаниях в рамках ресурсной теории. Теоретический анализ. В статье анализируется трансформация внешних и внутренних характеристик советов директоров с момента их появления в российских компаниях. Авторы выделяют этапы развития советов директоров, доказывают формальный характер первого этапа, развитие совета в рамках агентской теории и зарождение третьего этапа развития, которому должна соответствовать ресурсная модель советов директоров. Результаты. В процессе исследования были выявлены проблемы советов директоров, касающиеся взаимодействия с менеджерами, внутренних взаимоотношений, пассивность и безучастность членов, несбалансированность. В качестве направления решения проблем предлагается построение совета в рамках модели сбалансированного совета, в которой сбалансированность формируется в динамическом аспекте

Mediation as A Tool for Resolving Corporate Conflicts in Russia

The scientific community, rating agencies and news media pay close attention to the issue of corporate conflicts, which affect company's operations, business reputation and capitalization. The research conducted by the authors of this article is devoted to the search for answers to questions about corporate conflict resolution tools. In our research mediation is regarded as an instrument for resolving corporate conflicts in Russia. The article presents the content of the mediation process and emphasizes the importance of this method in resolving persisting corporate conflicts that are witnessed in current Russian practice. The authors analyze the characteristics of corporate conflicts and highlight the fundamentals of mediation in resolving them in Russia. The article concludes that the institution of mediation in Russia does not match the essence of mediation as an extra-judicial form of conflict resolution

Interrelation between dividend policy and corporate reputation in Russian companies

The paper analyses the formation and development of dividend payment procedures in Russian companies and explores the content of corporate reputation and its components. According to the dividend signaling hypothesis, dividends, being an indicator of profitability and financial stability, act as determinants of a company's sustainable development. This affects its stock price and forges corporate reputation for investors. The authors examine the dynamics of dividends paid out by the leading Russian companies highlighting the phases of emergence and formation of dividend policy in Russia, industry-specific nature and the dominant type of dividend policy. The authors apply the classification of the types of dividend policy (conservative, moderate and aggressive) and use the methods of analysis and synthesis, econometric modeling (regression model building). The source data include the ratings and statistical evidence provided by the Russian Institute of Directors (RID) as well as statistical data retrieved from online resources. The authors conclude that, since 2001, Russian companies have been paying dividends to win investment attractiveness in the eyes of foreign investors. We suppose, therefore, that the emerging dividend policy is becoming one of the indicators of corporate reputation of Russian companies. The analysis shows no statistically significant dependence of stock prices of Russian companies on the size of dividends paid out, but there is some evidence that dividend signaling hypothesis is being implemented in the Russian economy. The study reveals that aggressive dividend policy prevailing in companies partly owned by the state is due to the specificity of rules and regulations in Russia and ambitions of other companies to improve their reputation among investors