Analysis of the impact of corruption in Russia on the performance of state-owned enterprises

This study empirically analyzes the impact of Russia’s institutionalized corruption—emerging in the wake of its post-transition period—on the managerial performance of state-owned enterprises (SOEs). Specifically, to assess how corruption influences both the national economy and corporate management, the study utilizes panel data from major SOEs listed on the Moscow Exchange (MOEX) between 2009 and 2021. The dependent variable is Return on Assets (ROA), while key national governance indicators—Corruption Perceptions Index (CPI), Economic Freedom Index, Democracy Index, and Press Freedom Index—are employed as independent variables. The empirical findings indicate that the CPI does not exhibit a statistically significant causal relationship with ROA. However, the Economic Freedom Index and Press Freedom Index appear to exert partial influence on the performance of SOEs. These results suggest that corruption in Russian SOEs is not merely a matter of inefficiency, but rather a complex phenomenon deeply embedded in institutional and political structures. This study offers meaningful policy implications for countries undergoing systemic transitions. It highlights the need for comprehensive reforms aimed at curbing corruption and enhancing the operational efficiency of state-owned sectors. Moreover, the findings provide an empirical foundation for promoting transparency in the governance of SOEs and serve as a basis for future anti-corruption and state ownership reform strategies.