Corporate Governance and Efficiency of Russian Companies from Stock Market Perspective

The article shows that a transition from a static to a dynamic analysis of corporate governance changes of the definition of "corporate governance" to include not only relationships between a company and its shareholders, but also company relationships with a variety of other stock market participants. The article analyses corporate governance's level of influence on company efficiency. It also suggests a minimum set of key corporate governance principles, by examining which company meets compliance with most well-known principles of corporate governance. The conclusions are illustrated using case studies of Russian companies.