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Maria Yudkevich. LIA is the first research and educational center at HSE that brings together young researchers — faculty and PhD students — whose professional interests lie in the field of institutional analysis and its applications. Economics of Education team leaders: Prof. Yaroslav Kouzminov, Dr. Maria Yudkevich, Dr. Gregory Andrushchak :. Economics of non-profit sector and social capital team leader: Prof. Leonid Polishchuk :.

The Laboratory for Studies in Economic Sociology was established in It is headed by Prof. Vadim Radaev. LSES conducts sociological research of consumer markets using methodology of new institutionalism in Sociology. The main subject of research is the complex connections between formal and informal rules, inclouding studies of the shadow economy. The main research projects include:. Institute for Industrial and Market Studies IIMS has been engaged in empirical research of transition economies since and is positioned among the leading Russian research institutions in this filed.

IIMS is particularly known for its enterprise surveys and the tricky interplay between developments in academic economics and its connection to political problems.

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The institute is headed by its director and HSE vice-rector Dr. Andrei Yakovlev, who is doing research in business-government relations and industrial policy. Among its key researchers are Prof. Svetlana Avdasheva industrial organization and competition policy , Prof. Tatyana Dolgopyatova corporate governance , Dr. Boris Kuznetsov competiveness and industrial policy , Dr. Ksenia Gonchar innovations and economic geography , Dr. Victoria Golikova management and entrepreneurship , Dr.

Curtis J. Milhaupt and Mark D. West

Aleksei Zudin business-government relations. The Institute monitors company behaviour through largescale enterprise surveys, and generates comprehensive firm level electronic data sets, complementing the national official statistics.

In addition, the IIMS contributes empirically grounded policy advice through the studies commissioned by federal and regional authorities, regular publications and various public events on economic policy issues. The Institute contributed to the implementation of several reforms, including the elaboration of e-Russia program, development of corporate governance regulations and new instruments of industrial and innovation policy as well as reform of the state procurement system. IIMS is also consulting the business community on various issues of company behaviour and public policy.

Lev Yakobson, the head of the Center is Assistant Dr. Irina Mersiyanova. The Center's goal is to organize and conduct research on both theoretical and applied problems of civil society and nonprofit sector and to generate and develop suggestions for stable functioning of nonprofits.

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Another goal is to improve the system, mechanisms and functioning of government support of civil society institutions. The Center monitors the current state of civil society in the Russian Federation. The monitoring is aimed to provide relevant, reliable and thorough information for all the interested parties.

This information is essential for analysis and forecast of Russian civil society development. The basic results of civil society monitoring are published in monographs and in the leading journals, and are placed on the Center's Website. They are also used in teaching activities, and discussed at seminars and conferences by a wide range of experts and everybody interested in problems of Russian civil society development. The results of monitoring are used by the federal government bodies in order to work out state policy of developing civil society institutions.

Moreover, they are used by the Public Chamber of the Russian Federation in the Annual report on current state of Civil society in Russia.

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The Center is headed by Prof. Vladimir Gimpelson. The focus of academic interest of the Center is the specific character of labour market functioning in the transition economy. Within this broad framework the Center for Labour Research pays particular attention to the following problems:.

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The Center for Labour Research is one of the leading Russian research centers in the field of labour market studies. Its' members regularly consult Russian ministries and departments, international economic organizations and employers' unions. Upjohn Institute for Employment Research. This project has brought together the economists and sociologists from different parts of Russia and the CIS.

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Individuals are the key constituents of the firm in a knowledge-based economy. This argument has been hidden by the nexus of contracts view of the firm that does not include employees in the analysis of the nature of the firm. Arguably, employees should play a significant role in corporate governance.

To quote Summers , p. As a result, a firm-specific human investment has a much higher value in a given firm than it has anywhere else because the knowledge is valuable in the context of a particular employment. In traditional firms, human capital was immobile and exclusively dependent on physical and tangible assets.

In modern firms, human capital is more mobile, but specialized human investments have greater value in the existing employment relationship than in alternative uses. In this view, Blair , p. Employees accept their dependent relationship, even if they know that they will also be engaged in real economic inertia that limits their reemployability because they could get a promotion, rent and more power see section 4. In human capital intensive firms, the opportunity given by property rights is often proposed employee shareholding plan. Participation in management, like in Japanese or German firms see Charny, , seems to be an informal and nonlegal mechanism for creating a collective social identity.

Economic Organizations and Corporate Governance in Japan - Oxford Scholarship

There, labor management interacts with corporate governance Damiani, As a consequence, cohesion of the group cannot be analyzed separately from corporate governance. Therefore, norms, corporate culture, organizational goals and social relationships have to be taken into consideration see Rajan and Wulf, At the same time, the physical assets have become less important to value creation when compared with human assets and intangible assets.

The maximization of shareholder value no longer leads to the maximization of the value of the firm in a knowledge-based economy that is not strictly based on market prices. The main limit of the nexus of contracts model is indeed focused on the distribution of the surplus and is not about the creation of value. Such a perspective necessarily leads one to analyze inalienable assets, such as human and intangible assets, separately from the corporate governance. Yet, a crucial feature of the modern firm is to be linked to a dynamically changing environment that needs to implement organizational structures based on intangible and distinctive assets.

These assets, which are neither physical nor financial, appear to be a source of sustainable advantage in the economic value creation process at both the micro- and macroeconomic levels. For example, Commons , p. Certain types of assets can be the object of property rights, such as with intellectual property rights for patents, trademarks, designs and copyrights.

Intellectual property rights have a market value and are elements of goodwill 6. Other intangible assets, which are embedded either in social and relational capital 7 or in the organizational capital 8 of the firm, cannot be the objects of contracts or traditional property rights enforced by the law Mahoney, Asher and Mahoney, Intangible assets are idiosyncratic to the firm and are difficult to be materialized and measured. Thus, they cannot be clearly enforced by property law. The concept of ownership does not apply to things like loyalty or friendship.

That is why some economists prefer using the term of implicit or relational contracts as a means of shaping decisions. In other words, complementarities mean the whole system is worth more than the sum of its parts and members see Baron and Kreps, These complementary effects are based on firm-specific information, knowledge and personal networks. The aim of the management is to protect the integrity and the durability of the whole corporate entity by considering these cognitive and relational elements. Essential legal principles, particularly contract and ownership, can only link shareholders and tangible assets to the firm, whereas complementarities can economically link stakeholders and intangible assets to the firm.

One of the more crucial questions is about the value of intangible capital. Intangible assets are not marketable and seem to be far from the efficient market hypothesis. Furthermore, the development of intangible assets needs important resources that should be provided by shareholders.

Assessing Abe's Third Arrow: Corporate Governance Reform in Japan

However, such investments are risky, which is due to their irreversibility. Because of this growing part of intangible assets, links between vertically autonomous firms have been strengthened to both share risks and access to technological and industrial complementarities. However, these new trends in the industrial world have led firms to inter-firm cooperation.