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Executive Board: The Russian Experience 1000070323904 Iwasaki, Ichiro 12613 Hitotsubashi University Russian Research Center, Institute of Economic Research, Hitotsubashi University Hitotsubashi University metadata only access executive board multi-tier board system corporate governance strategic management Russia This paper is the product of a Japan-Russia joint research project entitled “Corporate Governance and Integration Processes in the Russian Economy" launched by the Institute of Economic Research, Hitotsubashi University (Tokyo), and the Institute for Industrial and Market Studies, State University - Higher School of Economics (Moscow). The research was financially supported by grants-in-aid for scientific research from the Ministry of Education and Sciences in Japan (Nos. 21402025 and 23243032) and the Joint Usage and Research Center of the Institute of Economic Research, Kyoto University and Hitotsubashi University. In this paper, using a unique dataset of joint-stock companies, we empirically examine the determinants of the choice and size of the collective executive board, a core element of the multi-tier board system of Russian firms. Our empirical evidence strongly suggests that the need of company executives for a collective management system is a key driver for the formation of a collective executive board, while outside investors are generally indifferent toward its adoption as a means to strengthening the monitoring and control functions over top management. We also found that Russian firms in the pursuit of the internationalization of their business activities tend to avoid the establishment of a collective executive board, which is a diverse corporate organ from the viewpoint of the international standard of corporate governance systems. Russian Research Center, Institute of Economic Research, Hitotsubashi University 2011-05 eng technical report NA http://hdl.handle.net/10086/19158 https://hit-u.repo.nii.ac.jp/records/2000530 This version has been revised. The new version is available at http://hdl.handle.net/10086/25472 RRC Working Paper Series ; No. 32 1883-1656