Solomonov M.P.Scientific-Research Institute of Regional Economy of North, North-Eastern Federal University, Yakutsk, Sakha Republic, Russian Federation slmnvm@mail.ru
Subject The article considers the principal-agent relations in the State-owned and municipal property of the housing and public utilities sector. Objectives The purpose of the article is to offer a mechanism to strengthen the efficiency of principal owners with simultaneous strengthening the agent's role under the effective legislation on joint stock companies. Methods The method of the study rests on the analysis and comparison of various economic and interdisciplinary theories as applied to the Russian, and more specifically, to regional reality, to obtain scientific and practical result. Results If there is information asymmetry for the agent and the principal, the principal owner is not an effective owner under any legal organizational form of economy management. The State and municipalities acting as principals are in a particularly vulnerable area of relationships, as in these relations they are represented by their officials, who, in turn, may pursue their personal goals. Meanwhile, the domestic and foreign economic or legal literature has no strict theory or methodology related to the conduct of the State or municipality in these relations. I propose to vest stockholder capital in agents, so that they would become entrepreneurs, rather than mere owners. Conclusions and Relevance The scope of the study's findings is numerous municipal and State-owned enterprises that are vital for the region. The situation is that even in the event of municipality's bankruptcy, it is revived by local authorities under a different name.
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