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Sitting on the fence: does having a ‘dual-director’ add to bank profitability?
Applied Economics Letters. 2015. Vol. 22. No. 8. P. 654-657.
Semenova M., Savchenko P. V.
This article investigates how the combination of positions between the Board of Directors and the management affects bank’s profitability. We use the 2010 bank-level data from 112 countries (Bankscope). Our results suggest that the positions combination reduce both banks’ ROA and ROE. We also show that the higher is the proportion of the Board members, who also hold a managerial position, the lower is the profitability of a bank. Thus, the corporate governance regulation should go beyond a simple restriction on holding simultaneously the CEO and the head of Board of Directors positions.
Publication based on the results of:
Vernikov A. V., / НИУ ВШЭ. Series WP1 "Институциональные проблемы российской экономики". 2007. No. 02.
The Working Paper examines 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, bank ...
Added: April 2, 2013
Vernikov A. V., Journal of Corporate Finance Research 2013 No. 3(27) P. 23-36
The paper aims to add to the literature on the connection between corporate governance and company valuation. We refer to the case of the Russian banks to suggest that connection between gpvernance and the stock price cannot be established in a convincing way due to data scarcity. Russia's stock market can supply sufficient statistical material ...
Added: November 16, 2013
Savchenko P. V., Semenova M., / Высшая школа экономики. Series FE "Financial Economics". 2013. No. 16.
This paper investigates how combining positions between the board of directors and top-management affects bank profitability. We use 2010 bank-level data from 112 countries. Our results suggest that combining positions reduces both ROE and ROA of banks. However, for banks in developing countries, the influence proves to be positive. We also show that the higher ...
Added: September 12, 2013
Karminsky A. M., Rybalka A., Шевченко Е. А., Российский журнал менеджмента 2018 Т. 16 № 1 С. 95-108
The successful activities of any commercial organization, in particular the bank, are based on a
clear corporate financial architecture: an effective financial strategy and corporate governance
system (relationship management, board of directors and shareholders). CEO is the main representative
of the bank and a reflection of its success or failure in the market. In this regard
there is a ...
Added: April 3, 2018
Grigorian M., Ризакулов Ф., 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
Shastitko A., Филиппова И. Н., Шабалов И. П., 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
Peresetsky A., Karminsky A. M., Golovan S. V., Economic Change and Restructuring 2011 Vol. 44 No. 4 P. 297-334
This paper presents results from an econometric analysis of Russian bank defaults during the period 1997–2003, focusing on the extent to which publicly available information from quarterly bank balance sheets is useful in predicting future defaults. Binary choice models are estimated to construct the probability of default model. In the first part of the paper ...
Added: October 4, 2012
Vernikov A. V., / Институт экономики РАН. Серия "Научные доклады Института экономики РАН". 2014.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: September 26, 2014
Vernikov A. V., / 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
Avdasheva S. B., / 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
Anilov A., 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
Шипилова А. О., Корпоративные финансы 2010 № 2(14) С. 94-102
The article familiarizes the reader with key ratings of corporate governance. It is concerned with the goals, specific features and methodology of such ratings as well as the availability of such ratings for Russian companies. The paper gives consideration to both commercial and research ratings. On basis of the analysis of existing ratings and research ...
Added: October 28, 2012
Kokoreva M. S., Ulugova A. E., 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
Kirdina S., Vernikov A. V., Journal of Economic Issues 2013 Vol. 47 No. 2 P. 475-484
We undertook an institutional anbalysis of commercial banks in Russia. After the failed experiment with private financial intermediation in the 1990s, Russia migrated towards a banking system consisting of three -- rather than two -- tiers and featuring core institutions controlled by the state directly or indirectly. This evolution is consistent with this country's historical ...
Added: May 28, 2013
Solntsev S., Пентюк А. Р., / 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
Пентюк А. Р., Solntsev S., 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
Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2013. No. 2223686.
This paper tries to assess some of the effects from industrial policy of growing state-controlled "national champions" in the Russian banking industry. We look at market concentration and competitiveness and average bank efficiency. A modified method of calculating the indicators of market concentration suggests that main segments of the market have crossed the threshold of high ...
Added: February 25, 2013
Vernikov A. V., / НИУ ВШЭ. Серия WP1 "Институциональные проблемы российской экономики". 2014. № 4.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: November 17, 2014
Vernikov A. V., Desenvolvimento em debate 2015 Vol. 3 No. 2 P. 29-45
The article examines the role of the state in the Russian banking industry. ...
Added: May 31, 2016
Anilov A., Ivashkovskaya I., 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
Penikas H. I., / Высшая школа экономики. Series FE "Financial Economics". 2012. No. 03.
The Basel Committee of Banking Supervision initiated a discussion on the most efficient practices to prevent bank managers from excessive risk-taking. This paper proposes a game-theoretical approach, describing the decision-making process by a bank manager who chooses his own level of risk and effort. If the level of risk implies the ...
Added: May 3, 2012
Karminsky A. M., Rybalka A., 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
Khon O. D., Управление экономическими системами: электронный научный журнал 2015 № 78 (6/2015)
This article remains the new changes in collateral security regulation’s rules in case of bank credit risk with its influence on bank corporate loans. ...
Added: October 27, 2016
Guseva O., Stepanova A. N., 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