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Найдено 249 публикаций
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Статья
Kokoreva M., Stepanova A. Journal of Corporate Finance Research. 2012. No. 2. P. 34-44.

В этой статье мы изучаем влияние структуры капитала, структуры собственности и механизмов корпоративного управления на эффективность российских компаний. Наш вклад в изучение стратегической эффективности на развивающихся рынках заключается в применении кластерного анализа с целью выявления наиболее устойчивых и наиболее эффективных типов финансовой архитектуры крупных российских компаний. На выборке из 50+ российских компаний в период с 2005 по 2010 год мы выявили существование трех устойчивых типа финансовой архитектуры компаний в России.

Добавлено: 9 октября 2012
Статья
Stepanova A. N., Izabella G. Kazaryan. Journal of Corporate Finance Research. 2017. Vol. 11. No. 4. P. 11-35.
Добавлено: 31 января 2018
Статья
Хорин А. Н., Крикунов А. С., Булгаков А. Л. Journal of Corporate Finance Research. 2020. Vol. 14. No. 1. P. 29-38.
Добавлено: 9 декабря 2020
Статья
Kokoreva M. S., Stepanova A. N., Alsu Khisamitova. Journal of Corporate Finance Research. 2019. Vol. 13. No. 3. P. 19-34.

Данная статья вносит вклад в литературу по стратегическому менеджменту и корпоративному управлению в микрофинансовых организациях. Рынок микрофинансирования является одним из редких рынков, на котором женщины играют значимую роль как в сфере менеджмента, так и корпоративного управления. Цель нашего исследования заключается в раскрытии влияния присутствия женщин на финансовые и социальные показатели эффективности микрофинансовых организаций с учетом уровня рисков данных организаций. Мы представляем модель, которая позволяет учитывать влияние гендерного разнообразия на финансовые и социальные показатели эффективности микрофинансовых организаций в Восточной Европе и Центральной Азии. Мы фокусируемся на роли женщин среди кредитных инспекторов, в советах директоров или менеджменте в росте социальной и финансовой эффективности микрофинансовых организаций. Модель из двух сетов панельных регрессий для оценки социальной и финансовой эффективности протестирована на данных 193 микрофинансовых организаций Восточной Европы и Центральной Азии за 2010–2014 финансовые годы. Мы выяснили, что женщины могут быть особенно эффективны в микрофинансовых организациях с высоким уровнем риска, а также в небольших организациях. Для крупных микрофинансовых организаций с устойчивыми показателями влияние присутствия женщин не столь существенно. Мы выявили, что присутствие женщин в менеджменте, в качестве генерального директора и в составе советов директоров может повысить эффективность в более рискованных микрофинансовых организациях с высокой долей в портфеле кредитов с просроченной задолженностью более 90 дней. Мы также показали, что женщины в советах директоров стараются продвигать стратегию большего количества мелких кредитов с высокими процентами. Социальная эффективность микрофинансовых организаций в решающей степени определяется размером микрофинансовых организаций. Для крупнейших микрофинансовых организаций вопросы социальной деятельности лежат в сфере деятельности советов директоров, тогда как для небольших микрофинансовых организаций социальная деятельность в основном определяется генеральным директором и сотрудниками с очевидной положительной ролью женщин.

Добавлено: 11 декабря 2019
Статья
Ivashkovskaya I., Ponomareva O. Journal of Corporate Finance Research. 2008. Vol. 2. No. 4. P. 5-22.

The article presents the results of empirical an alysis of IPO’s efficiency for companies from Russia and other emerging markets. At first we examine the structure of the issues and the motives for going public. We analyze the interrelations between the motives and the influence of IPO on the operating results of the firms after IPO. In contrast to most empirical papers we find no significant decrease in operating measurers of efficiency after IPOs in Russia and Kazakhstan.

Добавлено: 10 февраля 2019
Статья
Bykova A. Journal of Corporate Finance Research. 2017. Vol. 11. No. 1. P. 37-49.
Добавлено: 15 октября 2016
Статья
Skvortsova I., Sidelnikova A. Journal of Corporate Finance Research. 2020. Vol. 14. No. 2. P. 35-57.
Добавлено: 24 сентября 2020
Статья
Anilov A., Pirogov N. Journal of Corporate Finance Research. 2016. No. 2 (38). P. 38-50.
Добавлено: 31 июля 2016
Статья
Galanova A., Lutsenko M., Zamorano J. Journal of Corporate Finance Research. 2020. Vol. 14. No. 3. P. 7-18.
Добавлено: 28 ноября 2019
Статья
Ochirova E. Journal of Corporate Finance Research. 2019. Vol. 13. No. 4. P. 87-94.
Добавлено: 17 февраля 2020
Статья
Makeeva E. Y., Синильщикова М. Journal of Corporate Finance Research. 2020. Vol. 14. No. 4. P. 7-18.
Добавлено: 10 ноября 2020
Статья
Guseva O., Stepanova A. N. Journal of Corporate Finance Research. 2019. Vol. 13. No. 1. P. 107-119.
Добавлено: 28 августа 2019
Статья
Kudryashova A., Solntsev Sergey. Journal of Corporate Finance Research. 2019. Vol. 13. No. 2. P. 50-65.

This paper examines profitability as a factor in the turnover of poorly-performing executives in Russian banks, and how this acts as a mechanism of good corporate governance. It is intended to identify and measure the relative effects of different determinants on executive turnover, and thus highlight the practical sets of circumstances where turnover is most likely. A relatively unique perspective on the study of corporate governance, we intend to demonstrate an aspect of corporate accountability for commercial performance and shed light on high-level manifestations of reactive management practices.

In order to construct the most realistic and robust analysis, we will take into account the idiosyncracies of the companies and individuals involved in this process, and also consider the influence of external economic and social developments where appropriate. The empirical data in this research consists of 3251 observations concerning members of the executive boards of the 50 largest Russian banks from 2005 till 2014. Contemporary accounting data and other financial and economic indicators for these companies is weighed alongside personal information about the banks executives. Descriptive statistics and econometric approaches are utilised in order to parse the provided data and construct a comprehensive explanatory model. Our interpretative process includes the application of probit regressions and OLS panel regressions with fixed effects.

The results of this evaluation may be summarised as follows. We found out that a decrease in return on equity (ROE) and a decrease in return on assets (ROA) leads to a higher probability of executive turnover. Changes in the EBITDA to total assets ratio did not correlate with executive turnover probability. State-controlled banks showed a higher executive turnover rate. A greater turnover rate during pre-crisis 2006-2007 may have been caused by banks’ demand for new executives, in their ambition to attain extensive growth. A higher turnover rate in 2014 could have been inspired by the economic sanctions again Russia, or influenced by a recent policy of the Central Bank of the Russian Federation aiming at a “clearance” of the banking system. Finally, it was demonstrated that personal characteristics of the members of the executive boards did not have a significant influence on executive turnover probability.

This study contributes to the limited literature in the area by analysing the determinants of turnover of members of the executive boards of banks depending on the profitability of banks and other characteristics. This is the first study of this kind, based on extensive Russian data which allows for the appraisal of the mechanisms of corporate governance. While a primary limitation of this study is that only large banks were included in the sample, the very presentation of these conclusions carries significant weight in terms of defining methodological parameters for future research. This area is ripe for further investigation. For example, it is immediately apparent that the results may be very different for small or medium-sized banks, let alone other kinds of financial and commercial institutions.

Добавлено: 22 октября 2018
Статья
Markovskaya E.I., Radushinsky D., Holodkova V. Корпоративные финансы. 2019. Т. 13. № 2. С. 104-113.

State-private partnership is one of the common formats of interaction between government and business.

The article is devoted to the analysis of current changes in the legislative base, the identification of relevant approaches to assessing the economic effects for stakeholders, as well as the construction of financial models in the framework of the implementation of agreements on public-private partnership. The article presents the result of testing the financial model that we propose, which can be used in concession agreements.

The article analyzes the legal framework and development trends of this form of interaction. We propose to consider and evaluate PPP projects from the point of view of 3 aspects: organizational, methodological and managerial (stakeholder). By stakeholders, we understand individuals and / or legal entities that are directly or indirectly interested in the results of the project.

Modern methods for assessing risks, benefits and effects for various stakeholders of projects implemented in the form of PPP are considered. For each of the stakeholders, we can identify the effects that they can evaluate in the process of analyzing projects implemented in the form of a public-private partnership. By effects, we understand the quantitative and qualitative results of a project that can be identified and, as a rule, measured.

It is suggested authors’ approach to building a financial model and evaluating the effects of PPP projects. The article describes the algorithm for building a financial model, and also presents the author’s approach to the assessment of the integral effect, taking into account the complex structure of the partnership participants

Добавлено: 11 декабря 2018
Статья
Vernikov A. V., Vassily Bokov. Journal of Corporate Finance Research. 2008. No. 7. P. 5-16.

Авторы статьи пытаются найти причины различий в оценках стоимости банковского бизнеса в России с точки зрения качества корпоративного управления.

Добавлено: 5 февраля 2013
Статья
Anilov Artem, Alexandrov M., Grafov Denis et al. Journal of Corporate Finance Research. 2014. No. 2. P. 77-90.
Добавлено: 28 ноября 2015
Статья
Stepanova A. N., Olga Ivantsova. Journal of Corporate Finance Research. 2012. Vol. 4. No. 24. P. 80-86.
Добавлено: 24 марта 2013
Статья
Rossokhin V. V., Ryabova E. Journal of Corporate Finance Research. 2020. Vol. 14. No. 1. P. 20-28.
Добавлено: 7 мая 2020
Статья
Rodionov I. I., Semenov A., Оскин А. Journal of Corporate Finance Research. 2020. Vol. 14. No. 3. P. 19-27.

Since 2006, Russian policymakers have been actively taking various measures to stimulate the venture capital market. Government venture capital funds are being created, for example, the Russian Venture Company with a capital of 15 billion rubles. Since 2011, thanks to the new legal mechanism, state-owned companies begin to invest in private venture funds. These measures have led to increased fundraising for startups. The main mechanism of such financing is grant support for young companies. According to 2018, the amount of grants to the total amount of funds raised in Russia is one of the highest among developed and developing countries, for comparison in the USA, it is more than 2.5 times lower. The venture market specifics is such that when deciding whether to invest in a company, investors inevitably turn their attention to the previous rounds of financing the company. The purpose of the work is to analyze the effect of the money grant received on the volumes of attracting subsequent financing.

To analyze the impact of the receiving money grant, the determinant approach was used, as the most common in research on this topic. Based on a sample of 184 Russian IT startups, two OLS models have built to show the effect of money grant size to follow-on investment rounds.

As a result, various sets of determinants were considered that explain the volume of investments attracted by startups for both international markets and the Russian market. In addition, an excursus was conducted to study the effectiveness of government venture funds, which are the main grantors in the Russian venture market. Based on the results of previous studies on this topic, it was shown that the size of the money grant has a positive effect on the amount of funding attracted in both follow-on rounds. For comparison, a number of previous studies of the Russian venture capital market show that the investment size of the current round has influenced only by the previous fundraising. Such a result testifies to the attractiveness for investors Russian IT startups that received grant support.

The scientific novelty of the article is that the amount of funding attracted by startups is explained by such a specific indicator as grant support. In addition, the results obtained have certain practical value for those who invest in Russian startups. Investing in startups that received grants increases the likelihood of an exit for the investor in the next investment round.

Добавлено: 9 декабря 2020
Статья
Grigorieva S., Egorova Angelina. Journal of Corporate Finance Research. 2019. Vol. 13. No. 3. P. 7-18.
Добавлено: 31 октября 2019
Статья
Grigorieva S., Morkovin R. Journal of Corporate Finance Research. 2014. No. 4 (32). P. 34-45.
Добавлено: 2 апреля 2015