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Влияние концентрации инсайдерской собственности на эффективность инвестиций компаний на развивающихся рынках
Корпоративные финансы. 2014. № 2. С. 3-18.
Cherkasova V. A., 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.
Karnoukhova E., / НИУ ВШЭ. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2019.
Added: October 27, 2019
Анисинкова Д. С., Балясникова М. А., Волотовская О. А., Корпоративные финансы 2010 № 2(14) С. 84-93
The aim of this review is to classify research papers on major vs. minor shareholders conflicts and ownership concentration. These issues are closely related both to each other and to manager vs. owner conflicts. Ownership concentration is property distribution among shareholders. Ownership concentration studies consider the following questions: how many major and minor shareholders are ...
Added: October 28, 2012
Kokoreva M. S., Stepanova A. N., Гайфеев Б. Р., Экономическая политика 2022 Т. 17 № 6 С. 68-89
Concentration of corporate ownership has increased worldwide during recent years, especially in the holdings of the largest investors. The paper examines this trend in order to understand how changes in the stakes of the largest shareholders affect corporate governance and performance. In order to take into account the different goals and motives among institutional investors, ...
Added: January 23, 2023
Cherkasova V. A., Корпоративные финансы 2014 № 4 (32) С. 112-129
The review is constructed on financial architecture, which is one of the most popular concepts of the corporate finance. There is a limited number of the empirical works devoted to studying of the state participation in a share capital, hence, the article contains the review of the theoretical works devoted both to influence of structure ...
Added: December 31, 2014
Гаврилов Д. Д., Ratnikova T. A., Экономический журнал Высшей школы экономики 2014 Т. 18 № 3 С. 387-428
More and more attention in theoretical studies are beginning to attract non-financial aspects of the functioning of enterprises, influencing management decisions. One of the most common concepts in this direction is an integrated theory of financial architecture. The greatest research interest of an extensive set of characteristics of the financial architecture cause the ownership structure ...
Added: November 18, 2014
Cherkasova V. A., Аудит и финансовый анализ 2013 № 6 С. 267-275
The article proposes a model for identification the stages of the life cycle of companies, the same to the problems of under- and overinvestment, which were tested on the sample of Russian companies. The author made a research of capital structure on the each stage of the life cycle of organization, and investment activity of ...
Added: January 29, 2014
Karnoukhova E., Stepanova A. N., Kokoreva M. S., / Высшая школа экономики. Series FE "Financial Economics". 2018.
Innovative companies are a major driver of the global economy. The typical major owner is an institutional investor. In recent years the stakes of institutional owners have increased, which should increase the role of institutional investors. Institutional investors, however, differ. Traditional investment managers, banks, insurance companies and hedge funds have different goals and strategies, so ...
Added: November 26, 2018
Larin A. V., Novak A., Вестник Санкт-Петербургского университета. Серия 5. Экономика 2019 Т. 35 № 4 С. 1-20
The article discusses the relationship of dividend policy and the quality of corporate governance. On the one hand, decisions on payout policy can be viewed as mechanisms for resolving agency conflict or substitutes for best corporate governance practices, on the other hand, the quality of corporate governance itself is a determining factor in corporate financial ...
Added: December 7, 2019
Stepanova A. N., Anna Tereshchenko, Journal of Corporate Finance Research 2016 No. 3 P. 5-23
R&D projects in pharmaceutical industry are extremely risky and bring benefits in long-run period. Self-interested managers try to avoid risk and underinvest in R&D. In this paper we study the effect of independent directors, insider ownership and scientific connections on R&D investments. Independent directors and insider ownership can mitigate agency problem by additional monitoring and ...
Added: December 7, 2016
Kokoreva M. S., Stepanova A. N., Karnoukhova E., Экономическая политика 2016 Т. 11 № 6 С. 36-59
The recent restructuring of the economy has led to the fact that the leaders of information
technology sector — Apple, Google, Facebook, Microsoft, Amazon — became the largest
companies in the world, replacing the banking and oil and gas sectors. The emergence
of a large number of technology start-ups resulted in the increase of the entrepreneurial
ownership. Business founders ...
Added: March 15, 2017
Масленникова М. А., Stepanova A. N., Корпоративные финансы 2010 № 3(15) С. 35-46
The paper is based on the study devoted to the ownership structure impact on corporate performance through the integrated conception of corporate financial architecture. The object of the study is top Russian and Brazilian public non-financial companies in the end of crisis 2008 year. First of all, we contribute to the literature by applying the ...
Added: October 27, 2012
Khvostova I., Novak A., Силкина О. С., Финансы: теория и практика 2018 Т. 22 № 5 С. 90-104
The article examines the issue of differences in the dividend policy of public and private companies in Russia. State corporations form more than 40% of revenues of the largest Russian companies, at the same time the role of ownership structure in determining dividend policy is not uniquely determined in the literature. Comparative analysis of Russian ...
Added: October 1, 2018
Cherkasova V. A., Дуняшева Р. Ф., Экономический журнал Высшей школы экономики 2016 Т. 20 № 4 С. 513-538
We investigate the phenomenon of asymmetric information that is typical in both developed and emerging markets. The purpose of this paper is to explore the impact of asymmetric information on the value-enhancing capital budgeting in emerging markets. This study examines three measures of asymmetric information – general return variation, firm-specific return variation and stock price ...
Added: December 12, 2016
Dolgopyatova T. G., Problems of Economic Transition 2007 Vol. 50 No. 5 P. 7-24
At the time of completion of mass privatization, practically all researchers characterized the shareholdings of Russian firms as dispersed and insiderowned. 1 In the post-privatization period and against the background of the concentration of ownership, the share capital of firms was redistributed from ordinary employees to managers and from work collectives to external owners.
Restrictions on ...
Added: March 29, 2013
Novak A., Khvostova I., Larin A. V., / SSRN. Series "Working Papers". 2019.
The article discusses the relationship between dividend policy and the quality of corporate governance. On the one hand, decisions on payout policy can be viewed as a mechanism for resolving agency conflict or substitutes for best corporate governance practices, on the other hand, the quality of corporate governance itself is a determining factor in corporate ...
Added: December 10, 2019
Ovanesova Y., Шахова Г. В., Экономическая политика, Российская Федерация 2021
Nowadays the question is often raised: is the state effective if it is the owner of the company? The privatization process has passed a little more than 30 years in Russia, so researchers have the opportunity to conduct an analysis. In addition to state participation in the shareholder structure, the authors consider the share of ...
Added: September 14, 2021
Stepanova A., Yakovlev S., Journal of Corporate Finance Research 2010 No. 4(16) P. 17-30
In this paper the authors model the impact of state ownership as a component of the corporate financial architecture on corporate performance and conduct a cross-country analysis of this effect in order to identify the geopolitical differences. The cross-country analysis is focused on the level of development of the institutional mechanisms, designed to protect minority ...
Added: October 27, 2012
Aistov A., Kuzmichev K., Финансовая аналитика: проблемы и решения 2012 № 47(137) С. 15-23
Авторы показывают, в какой степени такие факторы риска, как рыночный фактор из модели САРМ, фактор стоимости и фактор размера из трехфакторной модели Фамы-Фрэнча и фактор предыдущих доходностей из четырехфакторной модели Фамы–Фрэнча–Кархорта, влияют на избыточную доходность паевых инвестиционных фондов. ...
Added: January 12, 2013
Kapeliushnikov R., / НИУ ВШЭ. Серия WP1 "Институциональные проблемы российской экономики". 2005. № 03.
Added: April 1, 2013
Stepanova A. N., Финансы и кредит 2009 № 44 С. 38-45
Статья посвящена изучению зависимости результатов деятельности компаний от различных механизмов корпоративного управления, а также прочих структурных характеристик компании. Автором предложен интегрированный взгляд на проблематику путем внедрения комплексной концепции финансовой архитектуры в модель стратегической эффективности компании. В статье представлены результаты эмпирического исследования 212 европейских и российских компаний. ...
Added: November 24, 2009
Stepanova A., Kokoreva M., Studies in Economics and Finance 2014
In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is ...
Added: October 25, 2013
Tikhomirov D., Цехомский Н. В., Известия Санкт-Петербургского государственного экономического университета 2021 № 6 С. 23-27
This article is a continuation of the material presented in No. 5 2020 of the journal «Izvestia of the St. Petersburg State University of Economics» and contains the results of our study of the recognition and goodwill impairment by several the largest Russian companies. We have identified that up to 75 companies from the 500 largest companies in ...
Added: August 18, 2022
Lopez Iturriaga F. J., Crisóstomo V. L., Brandão I. d., SSRN Electronic Journal 2019 P. 1-22
This paper analyzes the incentives of large shareholders to implement the corporate governance system that favors their interests within a framework of highly concentrated ownership and poor legal protection for investors. A metric for corporate governance based on the fulfillment of non-mandatory rules of good corporate governance is used. System GMM (Generalized Method of Moments) ...
Added: February 27, 2020
Muravyev Alexander, / IZA. Series "IZA Discussion Paper". 2016. No. 10436.
This paper provides new evidence on the structure, dynamics and performance effects of corporate boards in publicly traded companies in Russia. It takes advantage of a new and unique longitudinal dataset of virtually all Russian companies whose shares were traded in the RTS/MICEX/MOEX over 1998-2014. The analysis highlights a number of strong trends in the ...
Added: January 12, 2017