Shareholder Access to Manager-Biased Courts and the Monitoring/Litigation Trade-Off
RAND Journal of Economics. 2010. Vol. 41. No. 2. P. 270-300.
Priority areas: economics
, Journal of Institutional and Theoretical Economics 2013 Vol. 169 No. 2 P. 355-381
Should outside blockholders be more common in countries with weaker shareholder protection? I show that there can be a U-shape dependence of the outside ownership concentration on the quality of shareholder protection. This result is in line with the recent empirical evidence questioning the traditional law and finance view. In my model, a lower cost ...
Added: November 18, 2013
, Journal of Comparative Economics 2021
This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. In order to evaluate the quality of corporate governance, we develop two corporate governance indices based on a large-scale survey of Russian enterprises – one for shareholder protection and ...
Added: September 2, 2021
, , Journal of Corporate Finance Research 2014 Vol. 2 No. 30 P. 90-102
We suppose that the agency conflicts between shareholders and bondholders may affect the level of risk of company's debt instruments, therefore, increasing the cost of debt of the firm. A number of corporate governance mechanisms are developed to alleviate the conflicts. This paper surveys research on the relationship between corporate governance and the cost of ...
Added: September 10, 2014
, Journal of Corporate Finance Research 2019 Vol. 13 No. 2 P. 25-35
This paper aims to discover evidence on the possible impact of CEO overconfidence on payout policy, and the role of corporate boards in offsetting the possible negative effects of this overconfidence. Our investigation demonstrates the effect of overconfidence on the choice of payout method, specifically regarding the repurchases-dividends mix. We also evaluate the ability of ...
Added: October 27, 2019
, , , Российский журнал менеджмента 2018 Т. 16 № 3 С. 435-464
В статье на примере одной из успешных отраслей российской промышленности — от расли производства труб большого диаметра (ТБД) для магистральных трубопроводов — исследуется связь отдельных аспектов корпоративного управления компаний и развития отрасли. В настоящее время специфика корпоративного управления в России приводит к короткому горизонту планирования, большой значимости неформальных правил и силь ной зависимости вектора развития компаний от интересов контролирующих акционеров (собственников ...
Added: October 30, 2018
, , М. : Перо, 2014
The monograph concerned on the organizational problems of monitoring programs of innovative development at the biggest Russian companies. In the book there is an original methodical approach to managerial accounting, analysis and control of the progress and results of innovation at enterprises. Conception underlines features and level of development of corporate management technology and specific ...
Added: February 26, 2015
, , Эмпирическая оценка факторов смены руководителей российских торгуемых компаний / НИУ ВШЭ. Серия WP15 "Научные труды Лаборатории исследований рынка труда". 2015. № 2.
The article examines an efficiency of corporate governance in the leading Russia’s companies using empirical data. The impact of companies’ poor financial results on CEO replacement is estimated using original empirical data. The main factor of CEO replacement is ROA fall while fall of company’s capitalization hasn’t significant effect on CEO change. During the crisis ...
Added: October 28, 2015
, , Journal of Economic Behavior and Organization 2017 No. 133 P. 87-107
We propose a model in which an entrepreneur, seeking outside fi nancing, sells a large equity share to an outside blockholder in order to signal his low propensity to extract private benefi ts. A conventional theoretical rationale for the presence of an outside block holder is mitigation of the agency problem via some type of ...
Added: December 13, 2016
«Дыры» в капитале компаний обрабатывающей промышленности: корпоративное управление и отраслевые ожидания
, , Журнал Новой экономической ассоциации 2018 Т. 38 № 2 С. 76-103
In the second half of the 2000s there has been a decline of the high concentration of ownership in Russian manufacturing industry. Structural shifts in corporate governance affect the financial stability of companies. In this paper, using logistic regression we investigate the impact of corporate governance factors and sector expectations on a negative net worth ...
Added: October 17, 2017
Раскрытие и предоставление информации о конфликте интересов в деятельности совета директоров акционерного общества
, , Хозяйство и право 2016 № 6 С. 19-37
The article deals with the effectiveness of disclosure requirements on the activities of the board of directors of the company, in terms of overcoming asymmetry information, conflict of interests, as well as the protection of investorsʼ rights and interests of the company. ...
Added: December 26, 2016
Повышение эффективности корпоративного управления на железнодорожном транспорте Республики Узбекистан
, , Транспорт Российской Федерации 2018 № 6 (79) С. 23-25
The necessity of increasing the efficiency of corporate governance in the railway transport of the Republic of Uzbekistan is substantiated and disclosed. An assessment of the main results of the railway company activity is given. Based on the analysis of the performance indicators of the railway company, the main directions for improving corporate governance were ...
Added: January 21, 2019
, , Экономическая политика 2015 Т. 10 № 6 С. 160-170
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to ...
Added: January 18, 2016
, , Journal of Economics and Business 2017 No. 92 P. 10-28
Prior research on market timing theory in relation to developing markets only analyzes equity issuance and provides contradictory results. Using a sample of large Russian companies in nonfinancial sectors between 2008 and 2015, this paper analyzes both equity and debt market timing to explore the impact of market timing on firms’ capital structure. To test ...
Added: July 19, 2017
, Takeovers under Asymmetric Information: Block Trades and Tender Offers in Equilibrium / Центр экономических и финансовых исследований и разработок в российской экономической школе, Российская экономическая школа. Series "CEFIR / NES Working Paper". 2013. No. 185.
I study transfers of control in a firm having atomistic shareholders and one dominant minority blockholder (incumbent). A potential acquirer can try to acquire control by purchasing the incumbent's share. If the negotiations are successful, the control changes hands via a block trade. If the negotiations fail, the acquirer can launch a public tender offer. ...
Added: November 25, 2013
, , Journal of Corporate Finance Research 2019 Vol. 13 No. 1 P. 107-119
In this paper, the authors focus on two primary governance mechanisms which can be considered as sources of support for startup companies: the company’s ownership contingent and the company’s management personnel. Based on descriptive statistics from a sample of 416 Skolkovo start-ups from the ‘Nuclear’ and ‘Space’ clusters, and a Start-up-Barometer survey of 300 IT-entrepreneurs, ...
Added: August 28, 2019
, , Сезонная корректировка как источник ложных сигналов / Высшая школа экономики. Серия WP2 "Количественный анализ в экономике". 2013. № WP2/2013/04.
The paper analyzes aberrations that appear as a side-effect of seasonal adjustment when applied to time series of economic data in the neighborhood of an abrupt change in level, the pattern of dynamics that was typical for economic crises. Under these circumstances the standard algorithms of seasonal adjustment are shown to be able to produce ...
Added: September 30, 2013
Мониторинг и планирование развития систем информационной поддержки корпоративного управления и стратегического менеджмента
, Бизнес-информатика 2012 № 3 (21) С. 63-69
In the paper the questions of monitoring and planning of Performance Management Information Support Systems (PMISS) development are discussed. The role of the monitoring and planning functions in the general development management system is disclosed, basic requirements to these functions and general principles of their practical implementation are formulated. The main elements of the monitoring ...
Added: October 21, 2012
, , 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 ...
Added: October 22, 2018
, , Journal of Management and Governance 2020 No. 24 P. 989-1017
In this article, we evaluate CEO behavior in terms of his or her preferences to risk, and how the actions of boards of directors interplay with these behaviors. Specifically, we set out to test whether the actions of boards of directors can overcome the negative impacts of CEO behavior on various aspects of payout policy. ...
Added: October 27, 2019
Взаимосвязь агентских издержек и структуры собственности на примере российских и восточноевропейских компаний
, , Корпоративные финансы 2009 Т. 10 № 2 С. 40-56
Статья представляет результаты эмпирического исследования агентских издержек на российском и восточноевропейском рынках. В качестве измерителей агентских издержек внутри компании выступают прокси-переменные, которые позволяют измерить влияние структуры собственности, состава совета директоров и банковского мониторинга. Результаты, полученные на выборке, состоящей из 131 компании, позволяют сделать выводы о том, что определенные аспекты агентской теории справедливы для российских компаний. ...
Added: November 7, 2012
, Холдинги и модель корпоративного управления в России / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 18.
Holding company groups constitute an important segment of Russian business. The rise of holding company groups in Russia, on the one hand, mirrors the history of business groups over the course of industrial restructuring and modernization in developing countries, especially those in transition. On the other hand, the agency problem in complex organizations such as ...
Added: March 14, 2013
, Corporate governance and control in Russian banks / University Library of Munich. Series "Munich Personal RePEc Archive". 2008. No. 10028.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, ...
Added: September 3, 2012
Организационные формы и стимулы в государственных закупках: естественный эксперимент для одной российской государственной организации
, , , Экономический журнал Высшей школы экономики 2016 Т. 20 № 2 С. 285-310
This paper analysis the impact of centralized monitoring enlargement in a large public organization on incentives for efficient activity of organization’s departments, which have different levels of financial autonomy. We analyze the data of the large public organization during 2008-2013. The efficiency of departments’ activity was measured by competiveness of their procurements and delays in ...
Added: October 14, 2015
, , Проблемы теории и практики управления 2016 № 1 С. 117-125
The article examines an efficiency of corporate governance in the leading Russia’s companies. The impact of companies’ poor financial results on CEO replacement is estimated using original empirical data. . To evaluate the effectiveness of corporate governance in the article was conducted an empirical evaluation of the factors changing the company's CEO, according to changes ...
Added: October 15, 2015