Устойчивость роста компаний с развивающихся рынков капитала: эмпирический анализ
Journal of Corporate Finance Research / Корпоративные финансы. 2012. Т. 6. № 4. С. 5-31.
Ivashkovskaya I., Волотовская О. А.
The article develops the original methodology for corporate growth analysis by means of author’s sustainable growth indices derived from the economic profit criteria. We use the sample of the firms from different industries in 14 emerging capital markets. We show that sustainable growth indices have high explanatory power for understanding total shareholder returns and for forecasting its long run trends.
Priority areas: economics
, , Journal of Management Control 2015 Vol. 26 No. 4 P. 377-403
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the performance of M&A deals in emerging capital markets based on the economic profit model and comparing the results with ones obtained by means of traditional method—accounting studies. Examining a sample ...
Added: October 14, 2015
, Вестник Санкт-Петербургского университета. Серия 5. Экономика 2016 № 4
Now there is a common practice in many Russian and foreign companies to include in asset pricing models a premium for small capitalization (size premium). As a rule, companies employing this approach (including Russian companies) use premiums of such reports as Ibbotson SBBI Classic Yearbook or Duff & Phelps Risk Premium Report. However, an information ...
Added: October 9, 2016
, , Финансы и бизнес 2020 Т. 16 № 3 С. 61-78
One of the main considerations in any M&A transaction is the method of payment. The right choice of method of payment contributes to the reduction of the company's cost of capital, risk diversification, and shareholders' wealth creation. The article presents the analysis of earnout contracts, which have been increasing in popularity in the last decades. ...
Added: April 16, 2021
, , Экономический журнал Высшей школы экономики 2015 Т. 19 № 2 С. 199-217
The performance of mergers and acquisitions (M&A) is one of the key issues in corporate finance. We contribute to existing literature by examining the performance of M&A deals based on the economic profit model and comparing the results with ones obtained by means of traditional methods – accounting studies. Applying economic profit as an indicator ...
Added: July 17, 2015
The Effect of Cross-Border and Domestic Acquisitions on Shareholder Wealth: Evidence from Brics Acquirers
, , Journal of Corporate Finance Research 2014 No. 4 (32) P. 34-45
The topic devoted to cross-border M&A performance has received wide attention in academic literature. Most existing studies examine wealth effects of international M&As in developed countries. We contribute to existing research by examining the market reaction to the announcements of M&As initiated by companies from BRICS countries over 2000–2012. We assess the long-term performance of M&A deals along with ...
Added: April 2, 2015
, , Корпоративные финансы 2015 Т. 4 № 36 С. 72-87
This article presents the results of a study of corporate capital structure in emerging capital markets, taking into account the business cycles of the economy. Our study was conducted on the data of 581 companies from BRICS countries for the years 2002-2014. We revealed that the target capital structure is dependent on set of factors ...
Added: January 18, 2016
Диверсификация бизнеса на основе стратегии органического роста: потенциал создания стоимости на развитых и развивающихся рынках капитала
, Journal of Corporate Finance Research / Корпоративные финансы 2015 Т. 9 № 1 С. 22-37
The article investigates corporate diversification through organic growth strategy and firm performance in developed and emerging capital markets. On the sample of 365 companies with 104 companies representing emerging capital markets and 261 companies from developed capital markets for the period of 2009-2012 we show that in emerging capital markets such diversification destroys value in ...
Added: March 30, 2015
, , The Impact of Corporate Governance on Financing Policy: Evidence from Emerging Markets / Высшая школа экономики. Series FE "Financial Economics". 2014.
Corporate governance is one of the crucial characteristics of the firm, which not only provides protection for investors but also significantly affects all decisions taken by the firm, including financing policy. The results of studies examining developed capital markets show that strong corporate governance provides more favourable terms of financing. In addition, due to information ...
Added: October 13, 2014
, , Корпоративные финансы 2014 № 2 С. 19-32
The paper presents the results of optimal capital structure range analysis which appears in case of significant recapitalization costs. The review of existing studies is complemented be the study conducted on a sample of large BRICS companies for 2002-2010 years. Results of the study demonstrate the presence of an optimal capital structure range for companies ...
Added: October 3, 2014
, , The Performance of Mergers and Acquisitions in Emerging Capital Markets: New Evidence / Высшая школа экономики. Series FE "Financial Economics". 2013. No. WP BRP 20/FE/2013.
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the influence of M&A deals on company value in the short-run using the event study method and in the long-run based on economic profit concept. Examining a sample of 80 deals ...
Added: October 25, 2013
Влияние сделок слияний и поглощений в финансовом секторе на стоимость компаний-покупателей на развивающихся рынках капитала
, , Корпоративные финансы 2013 № 4(28) С. 63-81
The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast ...
Added: March 16, 2014
, , Do Cognitive Biases Impact M&A Performance in Emerging Markets? Evidence from Russian Firms / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2021. No. 82/FE/2021.
Added: May 31, 2021
, , Puzzle of Corporate Diversification Efficiency in BRIC countries / Высшая школа экономики. Series FE "Financial Economics". 2015. No. WP BRP 47/FE/2015.
Researchers have long tried to define the impact of corporate diversification on firm value. Academic papers mainly concentrate on the effects of corporate diversification in mature markets while its consequences in emerging capital markets are less explored. This article presents the results of an empirical analysis of corporate diversification strategies of a sample of companies ...
Added: September 14, 2015
Действуют ли классические концепции выбора структуры капитала на развивающихся рынках? Эмпирический анализ компаний Восточной и Центральной Европы
, , Journal of Corporate Finance Research / Корпоративные финансы 2010 Т. 4 № 3 С. 47-62
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. ...
Added: October 27, 2012
, , 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
, , Вестник международных организаций: образование, наука, новая экономика 2013 Т. 8 № 4 С. 44-66
The relationship between income inequality and economic growth is complex. Some inequality is integral to the effective functioning of a market economy and the incentives needed for investment and growth. But inequality can also be destructive to growth, for example, by amplifying the risk of crisis or making it difficult for the poor to invest ...
Added: November 27, 2013
Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала
, , Корпоративные финансы 2012 № 3 (23) С. 31-43
This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A ...
Added: October 27, 2012
, , Финансы: теория и практика 2018 Т. 22 № 1 С. 104-117
Introduction. The issue of growth is becoming a priority for many companies today. The growth of an enterprise is connected with many difficulties to solve which it is necessary to evaluate a great number of factors influencing it. However until now there has not been formed any approaches to neither the meaning of this term, ...
Added: March 24, 2018
The interaction of corporate and macroeconomic determinants of financing policy in emerging capital markets
, , , In the book: XII International Academic Conference on Economic and Social Development. In four books. Book 4. Moscow: HSE 2012 P. 499-508
Added: August 16, 2021
Влияние внутренних и институциональных факторов на скорость приспособления к целевой структуре капитала на развитых и развивающихся рынках
, , Корпоративные финансы 2013 № 4 (28) С. 5-22
The paper presents the results of dynamic trade-off empirical testing on the data of 30 countries for 2005-2010. The authors show that the speed of adjustment to the target capital structure for Western Europe countries is mostly determined by internal factors. Meanwhile for emerging capital market the growth rate of GDP as well as time ...
Added: March 10, 2014
8.2. Тестирование практики построения прогнозного бета-коэффициента в конструкции САРМ с учетом низкой ликвидности ценных бумаг на российском рынке
, Аудит и финансовый анализ 2010 № 4 С. 225-236
In this study we analyze a problem of the account of low liquidity of securities at carrying out of the fundamental analysis in the Russian capital market. The discount rate for prediction cash flow is a important factor in target price calculation. Standard САРМ as a model to explain assets pricing has restrictions in practical ...
Added: September 28, 2012
, Корпоративные финансы 2012 № 2 С. 58-70
The paper presents the results of dynamic trade-off empirical testing on the data of BRIC and Eastern European companies. On the sample of 403 large public companies within 2002-2010 financial years the relevance of dynamic trade-off theory was revealed. Moreover it was found out that market timing and pecking order motives influence the debt-to-equity choice ...
Added: December 7, 2012
Cheltenham : Edward Elgar Publishing, 2015
This book provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and economic crisis. In the first part, the macroeconomics of finance-dominated capitalism, the theories of financial crisis and important past crises are reviewed. The ...
Added: April 14, 2016
, , Journal of Corporate Finance Research 2016 No. 2 (38) P. 38-50
Financing and payout decisions generally affect company’s economic performance: they have impact (both directly and indirectly) on the free cash flow and, thus, on company’s and shareholders’ value. Search for optimal capital structure and optimal payout policy strategy that are likely to maximize shareholders’ utility resulted in the papers, dedicated to determinants of capital structure ...
Added: July 31, 2016