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Article

Влияние концентрации инсайдерской собственности на эффективность инвестиций компаний на развивающихся рынках

Корпоративные финансы. 2014. №  2. С. 3-18.
Черкасова В. А., Дуняшева Р. Ф.

This paper contributes to understanding the relationship between insider ownership and investment performance in emerging markets measured by marginal Tobin’s Q. We will attempt to separate the positive wealth effect of managerial ownership from the negative entrenchment effect. The research analyses other determinants of corporate investment performance: institutional ownership, firm size and R&D intensity. The study was conducted on the sample of companies of Brazil, Russia, India and South Africa over 4-year period, 2009-2012.