Daria Benz, Elena Kozlova, Elena Silova


Issues related to research of the corporate sector efficiency are extremely important because it is the corporations, which act as a nucleus of almost any economic system. Efficiency of the corporations is largely due to internal corporate quality interactions, i.e. the level of contractual relations efficiency. In the existing economic literature, the questions of contractual relations efficiency still lack sufficient investigation. The present article examines the efficiency of the contractual relations and the factors affecting it, as well as problems of opportunism in Russian corporations and its impact on the contractual relations efficiency.  In the graphic models presented, the efficiency curves of contractual relations and opportunism are described; the major factors that reduce the contractual relations efficiency in corporations are highlighted. The article examines the impact on the contractual relations efficiency of quality of corporate institutes. The basic corporate institutes and their key features are allocated. A quantitative analysis of the contractual relations efficiency, by building production functions of Cobb-Douglas, is conducted; this analysis introduces indicators characterizing the dividend policy and the level of remuneration for management personnel as factors.


corporation, contractual relations, efficiency, opportunism, corporate institute, institutional environment,

Full Text:



Ausan, A., & Satarov, G. (2012). Prioriteti institusionalnih preobrazovaniy v usloviyah economicheskoy modernizacii. [Priorities of institutional change in terms of economic modernization]. Economic Questions. 6 , 65-74.

Baker, G., Gibbons, R., & Murphy, K. J. (2000). Relational Contracts and the theory of the firm. Quarterly Journal of Economics, 117(1), 39-84. doi:10.1162/003355302753399445

Barhatov, V. I., & Pletnev, D. A. (2013). Corporativnaya vlast v Rossii: podhodi, problemi i resheniya.[Corporate power in Russia: approaches, problems and solutions]. Economy in context of globalization: challenges, trends, prospects, 25-31.

Barhatov, V. I., & Pletnev, D. A. (2013). Osobennosti proyavlenia opportunizma v rossiyskih mashinostroitelnih corporaciyah. [Features opportunism in Russian engineering corporation]. Organizer of production, 2, 15-20.

Belkin, V. N. (2011). Socialno-economicheskie osnovi opportunizma rabotnikov rossiyskih predpriyatiy. [Socioeconomic Bases of Employees Opportunism of Russian Companies]. Yekaterinburg: Institute of Economics UrO RAN.

Benz, D. S. (2010). Effectivnost contractnih otnosheniy v corporacii. [Efficiency of Contractual Relations in the Corporation]. Vestnik ChelGU. Series “Economics,” 28(209), 91.

Furubotn, E. G., & Rihter, R. (2005). Instituti I economicheskaya teoriya: Dostigeniya novoi institucionalnoi economicheskoy teorii. [Institutions and Economic Theory: Achievements of new institutional economics.]. St. Petersburg: Publishing house of St. Petersburg State University.

Jensen, M. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance, 48(3), 831-880. doi:10.1111/j.1540-6261.1993.tb04022.x

Macneil, I. (1983). Values in contract: Internal and external. Northwestern University Law Review, 78(2), 340-418.

Milgrom, P., & Roberts, J. (1999). Economika, organizaciya i menedgment. [Economics, organization and management]. St. Petersburg. Economic School.

Parker, D., & Hartley, K. (2003). Transaction Costs, Relational Contracting and Public Private Partnerships: A Case Study of UK Defence. Journal of Purchasing and Supply Management, 9(3),

-108. doi:10.1016/S0969-7012(02)00035-7

Popov, E. V., & Simonova, V. L. (2006). Forms of Opportunism Between Principals and Agents. International Advances in Economic Research. 12(1), 115-123. doi:10.1007/s11294-006-6140-0

Radigin, A. D., & Entov, R. M. (2006). Vneshnie mehanizmi corporativnogo upravleniya: nekotorie prikladnie problemi. [External governance mechanisms: some applied problems]. Moscow. Institute Economy in Transition.

Rating of the Biggest Russian Corporations (2012). Retrieved from http://www.raexpert.ru/releases/2012/Oct01/

Williamson, O. E., & Winter, S. G. (2001). Priroda firmi. [Nature of the Firm]. Moscow. Delo.

Xiao, H., & Proverbs, D. (2003). Contractor relationships: A comparison in Japan, the UK and the U.S. Journal of Construction Procurement, 9(2), 52-64.

DOI: http://dx.doi.org/10.12955/cbup.v2.448


  • There are currently no refbacks.

Print ISSN 1805-997X, Online ISSN 1805-9961

(c) 2016 Central Bohemia University