Skip to main content

Introduction: Raiding Russia

  • Chapter
  • First Online:
  • 243 Accesses

Abstract

This study considers predatory raiders in the context of zoomorphism, the shaping of something in animal form or terms, and juxtaposes Soviet parasites against post-Soviet predators. The Russian predator, ascribed with animal characteristics, hunts for the most lucrative businesses, properties, and land. The introductory chapter outlines the problem of raiding, scholarly literature that exists on the topic, and presents the structure of this book that reflects the logic of inquiry into the matter of corporate hostile takeovers in Russia. Earlier chapters are conceptual, while the later ones are more practical. This study introduces the notion and concept of predatory raiding and suggests that it may serve as an explanatory model for corporate, property, and land raiding in Russia.

This is a preview of subscription content, log in via an institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   64.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD   84.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Notes

  1. 1.

    Raiding. Farlex Financial Dictionary. Retrieved January 12, 2017, from https://financial-dictionary.thefreedictionary.com/Corporate+Raiding

  2. 2.

    Hostile takeover. Farlex Financial Dictionary. Retrieved January 12, 2017, from https://financial-dictionary.thefreedictionary.com/hostile+takeover

  3. 3.

    Securities & Exchange Commission. Farlex Financial Dictionary. Retrieved January 12, 2017, from https://financial-dictionary.thefreedictionary.com/SEC

  4. 4.

    A greenback is a slang term for US paper dollars.

  5. 5.

    Greenmail. Farlex Financial Dictionary. Retrieved January 12, 2017, from https://financial-dictionary.thefreedictionary.com/greenmail

  6. 6.

    Berglof, Erik, & Roland, Gerard (Eds.). (2007). The Economics of Transition: The Fifth Nobel Symposium in Economics. New York: Palgrave Macmillan. Publications, including this edited volume, are authored by well-known political economists and appeared before in leading scholarly journals. For instance, Johnson, Simon, McMillan, John, & Woodruff, Christopher. (2007). Property Rights and Finance. In Erik Berglof and Gerard Roland (Eds.). The Economics of Transition: The Fifth Nobel Symposium in Economics (pp. 213–242). New York: Palgrave Macmillan, was initially published in American Economic Review, 92(5), pp. 1335–1356. Other works in the collection include: Johnson, Simon, McMillan, John, & Woodruff, Christopher. (2007). Courts and Relational Contracts. In Erik Berglof and Gerard Roland (Eds.). The Economics of Transition: The Fifth Nobel Symposium in Economics (pp. 243–297). New York: Palgrave Macmillan; Friedman, Eric, Johnson, Simon, Kaufmann, Daniel, & Zoido-Lobaton, Pablo. (2007). Dodging the Grabbing Hand: The Determinants of Unofficial Activity. In Erik Berglof and Gerard Roland (Eds.). The Economics of Transition: The Fifth Nobel Symposium in Economics (pp. 298–334). New York: Palgrave Macmillan; Johnson, Simon, McMillan, John, Kaufmann, Daniel, & Woodruff, Christopher. (2007). Why Do Firms Hide? Bribes and Unofficial Economy. In Erik Berglof and Gerard Roland (Eds.). The Economics of Transition: The Fifth Nobel Symposium in Economics (pp. 335–359). New York: Palgrave Macmillan; Treisman, Daniel. (2007).The Causes of Corruption: A Cross-National Study. In Erik Berglof and Gerard Roland (Eds.). The Economics of Transition: The Fifth Nobel Symposium in Economics (pp. 360–423). New York: Palgrave Macmillan.

  7. 7.

    For instance, Stanislav Markus is now working on his second book, titled The Politics of Wealth Offense: Oligarchs and the State in Developing Democracies, with contracts already extended by Cambridge University Press and Oxford University Press.

References

  • Agrawal, A., & Walkling, R. (1994). Executive Careers and Compensation Surrounding Takeover Bids. Journal of Finance, 49(3), 985–1014.

    Article  Google Scholar 

  • Alger, C. (2006). Livedoor Looking Glass: Examining the Limits of Hostile Takeover Bids in Japan. NYU Journal of Law and Business, 3, 309–329.

    Google Scholar 

  • Anderson, N. (2006). Hostile Takeover: Antiunionism and the Neoliberal Politics of Urban School Reform in New York. Working USA: The Journal of Labor and Society, 9(2), 225–243.

    Article  Google Scholar 

  • Andreeva, E. (2001). Organizatsionnye aspekty sliyanij i pogloshchenij: zapadnyj opyt i rossijskie realii [Organizational Aspects of M&A: Western Experiences and Russian Realities]. Economic Strategies, 1, 5–6.

    Google Scholar 

  • Andriyanov, V. (2007). “Tol’yattiazot” protiv reiderov. Belaya kniga [“Togliattiazot” Against Raiders. White Book]. Moscow: The Russian Union of Producers.

    Google Scholar 

  • Armour, J., & Skeel, D. (2007). Who Writes the Rules for Hostile Takeovers, and Why? The Peculiar Divergence of US and UK Takeover Regulation. Georgetown Law Journal, 95, 1727–1794.

    Google Scholar 

  • Astakhov, P. (2007). Reider [Raider]. Moskva: EKSMO.

    Google Scholar 

  • Auerbach, A. (1988). Corporate Takeovers: Causes and Consequences. Chicago: University of Chicago Press.

    Book  Google Scholar 

  • Auerbach, A., & Reishus, D. (1988). Taxes and the Merger Decision. In J. Coffee Jr., L. Lowenstein, & S. Rose-Ackerman (Eds.), Knights, Raiders, and Targets: The Impact of the Hostile Takeover (pp. 300–314). New York: Oxford University Press.

    Google Scholar 

  • Bandurin, A., & Zinatulin, L. (1999). Economiko-pravovoe regulirovanie deyatel’nosti korporatsii v Rossii [Economic and Legal Regulation of Corporations in Russia]. Moscow: BUKVITSA.

    Google Scholar 

  • Banerjee, A., & Owers, J. (1992). Wealth Reduction in White Knight Bids. Financial Management, 21(3), 48–57.

    Article  Google Scholar 

  • Baradwaj, B., Fraser, D., & Furtado, E. (1990). Hostile Bank Takeover Offers: Analysis and Implications. Journal of Banking & Finance, 14(6), 1229–1242.

    Article  Google Scholar 

  • Barclay, C. (1986). Defensive Strategies to Hostile Takeover Attempts: The Impact of Norlin Corp. v. Rooney Pace. Inc. Northern Kentucky Law Review, 13, 69–75.

    Google Scholar 

  • Barnatan, T. (1991). ESOPS as a Defensive Weapon When a Hostile Takeover Rears Its Ugly Head. Wayne Law Review, 38, 1877–1897.

    Google Scholar 

  • Belikov, O. (2007). Reiderstvo v Ukraini: realii s’ogodennia [Raiding in Ukraine: Realities of Modern Days]. Juridychny zhurnal, 4, 105–109.

    Google Scholar 

  • Berglof, E., & Roland, G. (Eds.). (2007). The Economics of Transition: The Fifth Nobel Symposium in Economics. New York: Palgrave Macmillan.

    Google Scholar 

  • Berkovitch, E., & Khanna, N. (1990). How Target Shareholders Benefit from Value-Reducing Defensive Strategies in Takeovers. Journal of Finance, 45(1), 137–156.

    Article  Google Scholar 

  • Bhagat, S., Shleifer, A., & Vishny, R. (1990). Hostile Takeovers in the 1980s: The Return to Corporate Specialization. Brookings Papers on Economic Activity, 21, 1–84.

    Google Scholar 

  • Borisov, Y. (2007). Kratky tolkovy slovar’ korporativnogo reidera [Brief Terminological Dictionary of a Corporate Raider]. Moscow: Gedeon.

    Google Scholar 

  • Borisov, Y. (2008). Reiderskie zahvaty: uzakonenny razboj [Raiding Takeovers: A Legalized Robbery]. Moscow: Piter.

    Google Scholar 

  • Bradley, M., & Wakeman, L. M. D. (1983). The Wealth Effects of Targeted Share Repurchases. Journal of Financial Economics, 11(1–4), 301–328.

    Article  Google Scholar 

  • Bruk, T., & Lehmann, H. (Eds.). (2012). In the Grip of Transition: Economic and Social Consequences of Restructuring in Russia and Ukraine. London: Palgrave Macmillan.

    Google Scholar 

  • Byrd, J., & Stammerjohan, W. (1997). Success and Failure in the Market for Corporate Control: Evidence from the Petroleum Industry. Financial Review, 32(4), 635–659.

    Article  Google Scholar 

  • Calamari, P. (2002). Protection of Confidential Business Information. In E. Wallach (Ed.), Corporate Raiding, Retention & Restructuring. New York: Practicing Law Institute.

    Google Scholar 

  • Carbonell, B., Foux, D., Krimnus, V., Ma, E., & Safyan, L. (2009). Hostile Takeovers: Russian Style. Knowledge Wharton, April 20. Retrieved August 3, 2009, from http://knowledge.wharton.upenn.edu/article.cfm?articleid=2217

  • Chang, S. (1990). Employee Stock Ownership Plans and Shareholder Wealth: An Empirical Investigation. Financial Management, 19(1), 48–59.

    Article  Google Scholar 

  • Chaplinsky, S., & Niehaus, G. (1994). The Role of ESOPs in Takeover Contests. Journal of Finance, 49(4), 1451–1471.

    Article  Google Scholar 

  • Coffee, J. (1988). Shareholders Versus Managers: The Strain in the Corporate Web. In J. Coffee Jr., L. Lowenstein, & S. Rose-Ackerman (Eds.), Knights, Raiders, and Targets: The Impact of the Hostile Takeover (pp. 77–134). New York: Oxford University Press.

    Google Scholar 

  • Coffee, J., Lowenstein, L., & Rose-Ackerman, S. (1988). Knights, Raiders, and Targets: The Impact of the Hostile Takeover. New York: Oxford University Press.

    Google Scholar 

  • Committee on Government Operations. (1988). Corporate Raiding of Worker Pension Plans: Hearing Before a Subcommittee of the Committee on Government Operations, House of Representatives, One Hundredth Congress, Second Session, September 28, 1988. Washington, DC: U.S. G.P.O.

    Google Scholar 

  • Cooke, T. E., Luther, R. G., & Pearson, B. R. (2003). The Information Content of Defense Documents in UK Hostile Takeover Bids. Journal of Business Finance & Accounting, 25(1–2), 115–143.

    Google Scholar 

  • Cundiff, V. (2002). Corporate Restructuring. In E. Wallach (Ed.), Corporate Raiding, Retention & Restructuring. New York: Practicing Law Institute.

    Google Scholar 

  • Demekhin, A. (2010). Tehnologii reiderstva v usloviyah ekonomicheskogo krizisa [Raiding During the Economic Crisis]. Yurist, February 2. Retrieved February 2, 2010, from http://www.gazeta-yurist.ru/article.php?i=982

  • Demidova, Е. (2007a). Hostile Takeovers and Defenses Against Them in Russia. Problems of Economic Transition, 50(5), 44–60.

    Article  Google Scholar 

  • Demidova, Е. (2007b). Vrazhdebnye pogloshcheniya i zashchita ot nikh v usloviyakh korporativnogo rynka Rossii [Hostile Takeovers and Defenses Against Them in Russia]. Voprosy ekonomiki, 4, 70–84.

    Google Scholar 

  • Dmitrieva, E. (2007). Reider kak yavlenie kriminalizirovannoi ekonomiki [Raider as a Phenomenon of the Criminalized Economy]. Sledovatel’, 6, 40–44.

    Google Scholar 

  • Donath, R. (1994). On the Way to US-Style Hostile Tender Offers in Germany – The European Attempt to Harmonize the Takeover Law and Its Impact on German Company Law. Annual Survey of International & Comparative Law, 1, 91–110.

    Google Scholar 

  • Faenson, M., & Pimanova, A. (2007). Reiderstvo (nedruzhestvenny zahvat predpriyatij): praktika sovremennoj Rossii [Raiding (Hostile Takeover of Enterprises) the Practice of the Modern Russia]. Moscow: Alfa-Press.

    Google Scholar 

  • Firestone, T. (2008). Criminal Corporate Raiding in Russia. The International Lawyer, 42(4), 1207–1230.

    Google Scholar 

  • Frye, T. (2014). Legality and Violence in Russia: An Introduction. Post-Soviet Affairs, 30(2–3), 87–88.

    Article  Google Scholar 

  • Frye, T. (2017). Property Rights and Property Wrongs: How Power, Institutions, and Norms Shape Economic Conflict in Russia. New York: Cambridge University Press.

    Book  Google Scholar 

  • Gans-Morse, J. (2012). Threats to Property Rights in Russia: From Private Coercion to State Aggression. Post-Soviet Affairs, 28(3), 263–295.

    Article  Google Scholar 

  • Gans-Morse, J. (2017). Property Rights in Post-Soviet Russia: Violence, Corruption, and the Demand for Law. New York: Cambridge University Press.

    Book  Google Scholar 

  • Gololobov, D. (2004). Aktsionernoe obshchestvo protiv aktsionera: protivodejstvie korporativnomu shantazhu [Joint-Stock Company Against a Stock-Holder: Resisting the Corporate Blackmail]. Moscow: Yustinform.

    Google Scholar 

  • Havrylyshyn, O. (2006). Divergent Paths in Post-Communist Transformation: Capitalism for All or Capitalism for the Few. London: Palgrave Macmillan.

    Book  Google Scholar 

  • Havrylyshyn, O. (2017). The Political Economy of Independent Ukraine: Slow Starts, False Starts, and a Last Chance. London: Palgrave Macmillan.

    Book  Google Scholar 

  • Hrabrova, I. (2000). Korporativnoe upravlenie: voprosy integratsii [Corporate Governance: Integration Issues]. Moscow: Alpina. Retrieved February 2, 2010, from http://www.latribune.fr/actualites/economie/international/20110718trib000636854/les-enfants-de-la-nomenklatura-russe-s-exercent-a-la-lutte-des-places-.html

  • Huckaby, T. (1991). Defensive Action to Hostile Takeover Efforts in Japan: The Shuwa Decisions. Columbia Journal of Transnational Law, 29, 439–459.

    Google Scholar 

  • Kazun, A. (2015a). Violent Corporate Raiding in Russia: Preconditions and Protective Factors. Demokratizatsiya: The Journal of Post-Soviet Democratization, 23(4), 459–484.

    Google Scholar 

  • Kazun, A. (2015b). Reiderstvo v regionakh Rossii: indikatory i factory [Raiding in Russia’s Regions: Indicators and Causes]. Mir Rossii, 24(3), 33–60.

    Google Scholar 

  • Konstantinov, V. (2008). Reiderstvo – ne moshennichestvo [Raiding Is Not Fraud]. Zakonnost, 11, 38–43.

    Google Scholar 

  • Krichevsky, N., & Kiryushkin, R. (2007). Risk reiderstva: sushchnost’, otsenka, upravlenie [Risk of Raiding: Essence, Estimates, Management]. Moscow: Marketing.

    Google Scholar 

  • Krylova, Y. (2018). Corruption and the Russian Economy: How Administrative Corruption Undermines Entrepreneurship and Economic Opportunities. New York and London: Routledge.

    Book  Google Scholar 

  • Luchin, V., & Kashkin, D. (2009). Reiderstvo: ugroza konstitutsionnomu stroyu Rossii [Raiding: A Threat to the Constitutional Order of Russia]. Zakon i pravo, 1, 8–11.

    Google Scholar 

  • Markus, S. (2012). Secure Property as a Bottom-Up Process: Firms, Stakeholders, and Predators in Weak States. World Politics, 64(2), 242–277.

    Article  Google Scholar 

  • Markus, S. (2015). Property, Predation, and Protection: Piranha Capitalism in Russia and Ukraine. New York: Cambridge University Press.

    Book  Google Scholar 

  • McCarthy, M. (1997). School Privatization: Friendly or Hostile Takeover? Journal of Education Policy, 1464–5106, 12(1), 61–69.

    Google Scholar 

  • Mlechin, L. (2009). Nado byt’ sil’nym [One Has to Be Strong]. Ogonek, 12(3–9), 23.

    Google Scholar 

  • Nikonova, N. (2009). Reiderstvo: grazhdansko-pravovye i ugolovno-pravovye aspekty [Raiding: Civil and Criminal Aspects]. Sankt Petersburg: Legal Center Press.

    Google Scholar 

  • Osipian, A. (2012). Predatory Raiding in Russia: Institutions and Property Rights After the Crisis. Journal of Economic Issues, 46(2), 469–479.

    Article  Google Scholar 

  • Osipian, A. (2018). The Political Economy of Corporate Raiding in Russia. London and New York: Routledge.

    Book  Google Scholar 

  • Pearce, J., & Robinson, R. (2004). Hostile Takeover Defenses That Maximize Shareholder Wealth. Business Horizons, 47(5), 15–24.

    Article  Google Scholar 

  • Riabchuk, M. (2003). Dvi Ukrainy: real’ni mezhi, virtual’ny viiny [Two Ukraines: Real Frontiers, Virtual Wars]. Kiev: Krytyka.

    Google Scholar 

  • Rochlitz, M. (2014). Corporate Raiding and the Role of the State in Russia. Post-Soviet Affairs, 30(2–3), 89–114.

    Article  Google Scholar 

  • Rochlitz, M. (2017). Violent Pressure on Business and the Size of the Informal Economy: Evidence from Russian Regions. In A. Polese, C. Williams, I. Horodnic, & P. Bejakovic (Eds.), The Informal Economy in Global Perspective: Varieties of Governance (pp. 173–193). New York: Palgrave Macmillan.

    Chapter  Google Scholar 

  • Rojansky, M. (2014). Corporate Raiding in Ukraine: Causes, Methods and Consequences. Demokratizatsiya: The Journal of Post-Soviet Democratization, 22(4), 411–443.

    Google Scholar 

  • Rudyk, N. (2006). Metody zashchity ot vrazhdebnogo pogloshcheniya [Defense Methods from Raiding]. Moscow: Delo.

    Google Scholar 

  • Rybakova, E. (2008). Preduprezhdenie reiderskih zahvatov vuzov [Proactive Measures Against Raiding Takeovers of HEIs]. Juridicheskoe obrazovanie i nauka, 4, 39–45.

    Google Scholar 

  • Sakwa, R. (2009). The Quality of Freedom: Khodorkovsky, Putin, and the Yukos Affair. New York: Oxford University Press.

    Book  Google Scholar 

  • Shnaider, N. (2007). Reiderstvo kak kriminogennoe yavlenie [Raiding as a Criminal Phenomenon]. In Legal Problems in the Modern Russia (pp. 182–187). Collection of Conference Talks. Omsk: Omsk State University.

    Google Scholar 

  • Skidanova, L. (2006). Nedruzhestvennye pogloshcheniya kak cherta rossijskoj ekonomiki [Hostile Takeovers as a Feature of the Russian Economy]. Aktual’nye problemy sovremennoj nauki, 4, 1–3.

    Google Scholar 

  • Skidanova, L. (2009a). Nedruzhestvennye pogloshcheniya kak raznovidnost’ korporativnogo konflikta [Hostile Takeovers as a Type of Corporate Conflict]. Chelovek i trud, 10, 54–55.

    Google Scholar 

  • Skidanova, L. (2009b). Reiderstvo kak sotsial’ny fenomen [Raiding as a Social Phenomenon]. Collections of the Russian State Pedagogic University, 117, 309–314.

    Google Scholar 

  • Skidanova, L. (2009c). Raiding During the Crisis: A New Wave. Conference Proceedings of the Third All-Russia Anti-Crisis Forum “Russian Consumer Market”, Moscow.

    Google Scholar 

  • Smetankina, U. (2007). Chto takoe reiderstvo? [What Is Raiding?]. Vlast, 1, 37–42.

    Google Scholar 

  • Thyrêt, I. (2010). Economic Reconstruction or Corporate Raiding? The Borisoglebskii Monastery in Torzhok and the Ascription of Monasteries in the 17th Century. Kritika: Explorations in Russian and Eurasian History, 11(3), 490–511.

    Article  Google Scholar 

  • Tikhomirov, B. (2006). Reiderstvo: uchebnoe posobie [Raiding: A Textbook]. Sankt Petersburg: Academic.

    Google Scholar 

  • Varnalij, Z. (2006). Tin’ova ekonomika: sutnist’, osoblyvosti ta shlyahi legalizatsii. Kiev: NIDS.

    Google Scholar 

  • Varnalij, Z., & Mazur, I. (2007). Reiderstvo v Ukraini: peredumovy ta shlyahi podolannya. Strategichni Pryoritety, 2(3), 129–136. Retrieved April 2, 2009, from http://www.niss.gov.ua/book/StrPryor/3/17.pdf

  • Yakovlev, A., Sobolev, A., & Kazun, A. (2014). Means of Production Versus Means of Coercion: Can Russian Business Limit the Violence of a Predatory State? Post-Soviet Affairs, 30(2–3), 171–194.

    Article  Google Scholar 

  • Yalanzhi, E. (2009). Reiderstvo: ataka klonov [Raiding: Attack of the Clones]. Shchit i Mech, №29 (1189), August 7. Retrieved August 7, 2009, from http://www.simech.ru/index.php?id=8942

  • Zahvat.ru. Russian Independent Non-governmental Website About Raiding. Retrieved from http://www.zahvat.ru/

  • Zhelnorovich, A. (2007). Reiderstvo v Rossii – pokazatel’ institutsional’nogo defitsita rossijskoj ekonomiki [Raiding in Russia: The Indicator of Institutional Deficit of the Russian Economy]. Rossijskaja justitsiya, 8, 6–10.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Rights and permissions

Reprints and permissions

Copyright information

© 2019 The Author(s)

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Osipian, A.L. (2019). Introduction: Raiding Russia. In: Political and Economic Transition in Russia. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-03831-1_1

Download citation

Publish with us

Policies and ethics