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Human Capital

Human Capital

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Human Capital

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  1. Human Capital Michael D. Intriligator, SergueyBraguinsky, and VitalyShvydko

  2. Scientific Heritage • Development of the former Soviet union • Research workers and technical personnel

  3. Post-Soviet Deterioration • Government expenditures • Hiring and real wages in the 1990s • Emigration of Russians

  4. Impediments and Policies • Russian research institutes • A technological lead of Russia • Commercialization

  5. Information Technology • The IT industry in Russia • Problem: lack of long-term economic stability and funding

  6. General Issues • The policy for Russia’s economic development • Requirement of Russia

  7. Conclusion • Russia’s latent comparative advantage by human capital

  8. 18. Restructuring Agencies By David Ellerman, Dmitri Kuvalin, and Marshall Pomer

  9. Situation • Voucher Privatization lead to unprepared managers • Question of State Responsibility in Bankrupcy cases • Three Alt • Liquidation • Renationalization • Reorganization cum restructuring

  10. Restructuring Agency • “Legislated powers to oversee the dismantling and revitalization of incompletely privatized, renationalized, or bankrupt enterprises” • Decentralization • Sister Companies

  11. Decentralization • Smaller Firms: Less distance between levels • Split up horizontally or vertically into self-managing teams/profit centers • Spin offs

  12. Process of Enterprise Decomposition • Firm is divided into separate profit centers • Spun off • Shut down • Ideally, liquidation of nonviable units AND new daughter firms of viable • OR, conglomerates. • Various Roles and Expectations

  13. Proposed Restructuring Agency • “Expedite reorganization of large organizations in serious default” • Legislated authority to decide what parts of mother company should be liquidated/spun off. • Regional – autonomy given to branch locations • Company fail to comply, bankruptcy • Large enterprises with technological potential • Accountability

  14. Management • Re-hired by new sister company • Agency review qualification of owner’s choice in managers • Training • Manager Buy Outs (MBOs)

  15. Limits to Decentralization • Lost control over industrial policy, tax compliance, and capital flight • Salaries (Larger firm= bigger salary) • How unbundled • Vertical vs. lateral integration • Sometimes, merger better.

  16. Outside Source • “Do outside directors and new managers helpimprove firm performance? An exploratory study in Russian privatization” by Mike W. Penga, Trevor Buckb, Igor Filatotchev. Journal World of Business • Looked at restructuring • Privitization to insiders = no restructuring • Outside Ownership = more restructuring • Performance Increase with New Managers

  17. Results • Claim 1. True • Claim 2. False • Claim 3. False • Reasons why • Strong Collective Mentality • Foreigners Limited to push for reform • Economy