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The Working Paper examines peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, topmanagers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market,is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.

Does Corporate Governance Really Predict Firms' Market Values in Emerging Markets? The Case of Russian Banks