Issues of corporate governance were first addressed in the middle 1990s, when voucher privatization was over, giving start to dynamic redistribution of property rights. At that time, attention was focused on predominance of employee ownership and on the managers, which had enough power to discriminate against outside owners (including foreign investors who were shocked by the habits of Russian corporate governance). Economic growth, which followed the financial crisis of 1998, gave start to a new wave of redistribution of property rights and revealed the problems in Russian corporations that were caused by loopholes in corporate legislation and enforcement. In the mid-1990s, a number of studies were launched and carried out with a special focus on issues related to corporate governance in the context of the patterns of private ownership emerging in Russian industry.
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