Governance in state-owned companies: an empirical analysis with sectoral effects

The article presents the results of empirical research of governance quality in joint-stock companies with state participation. A comprehensive approach to assessing the quality of governance which involves estimating specific indices of corporate governance quality characterizing the activities of key elements of the existing management system is used. An econometric assessment of the impact of private indices on the companies' EBITDA performance was carried out, also taking into account the companies' sectoral affiliation factor. The research sample consisted of 99 largest Russian companies from various industries. A comparative analysis was made of the results of corporate governance quality assessment in companies with state participation and in private companies. Based on the results of the study the most acute problems of corporate governance systems in companies with state participation, which should be considered when developing principles for reforming the existing model of governance to adapt to the new economic reality.