Концентрация собственности как механизм корпоративного управления в российских публичных компаниях: влияние на финансовые результаты деятельности
This study is devoted to the analysis of ownership concentration as the mechanism of corporate governance and its impact on corporate performance. We estimated the concentration through the Herfindahl-Hirshman Index, whereas corporate performance indicators are measured trough ROA and Tobin’s Q. Based on the data of Russian public companies during 2004-2013 years, we found out that high concentrated companies outperform firms who have distributed shareholders. According to the results ownership concentration could be considered as the instrument compensating drawbacks of the institutional environment on emerging markets.
In 2008, it appeared that the BRIC nations’ economies would continue to provide growth opportunities for businesses of all kinds. After a decade of unprecedented growth, however, Brazil, Russia, India, and China have unexpectedly slowed. In this innovative book, expert contributors diagnose and examine the factors that might be responsible for the changing trends in the BRIC and other emerging market economies and that may determine the future course of these economies and their prospects for sustained growth.
Operating in a constantly changing environment , companies need to adapt to these daily conditions.Moreover , it is important not just to adapt , but remain competitive . Today optimally selected groups in the organization are more valuable than the production technology. The bottom line is that the way to solve the problem ( a working group ) can be copied , but the creation is optimal , the best " set " , but still turns out not effective at all. But you can not argue that the successful development of the company rather the presence of certain groups. It is important to manage them. How to do it ? How to select people ? How to manage them ? How to achieve effective work groups composed ? All these questions are relevant today , so it is important to explore the chosen theme.
The paper discusses corporate performance modeling through the integrated conception of corporate financial architecture. We examine the influence of financial architecture based on ownership structure, capital structure and corporate governance over strategic performance of Russian nonfinancial companies. First, we conduct a comparative analysis of different measures for corporate performance using economic profit and Tobin’s Q as dependent variables. Second, we test our model using the unique research database of 70 Russian companies that allowed us to test different dimensions of corporate governance quality and to demonstrate the high correlation between the quality of corporate governance and Russian companies’ performance. Third, we contribute to the challenging issue of exploring the relationship between boards and corporate performance before the global crisis and within the crisis. We contribute to the literature by applying new approach derived from corporate financial architecture concept to economic profit modeling in an emerging market.
Emerging markets, to which Russia belongs to, represent a significant part of the world economy and have a tendency to expand their share. According to Sheth (Sheth, 2011), emerging markets have common marketing features. At the same time, each country has a number of specific marketing features that distinguish it from other countries and leave their mark on marketing activities of companies in this country. Understanding of marketing practices is important because it helps to analyze peculiarities of company's marketing activities, adjust existing theories and models of marketing and create new ones, that relevant to the reality of emerging markets. Also it allows adjusting the existing marketing activities to the market more efficiently. Thus, the purpose of this paper is to identify the specifics of marketing practices of Russian companies.
We investigate the cross section momentum effect in the Japanese stock market over the period January 1997 to December 2013, sub-periods before August 2008 and during the crisis September2008–2009. From previous studies, it follows that the Japanese market is the exception to the findings on developed capital markets (momentum effect does not occur or is weak). Our study highlights the limitation of standard notions; we document the conditional nature of momentum and identify the characteristics of companies and their stocks and market states, allowing investors to earn positive momentum profit in the Japanese market (the statistically significant positive monthly return of zero cost portfolios is not less than 1%). It is shown that investors should take into account the seasonal pattern (for the Japanese stocks this revealed two months when we do not recommend taking investment activity) to increase portfolio profits. We explain the results from the specifics of the Japanese financial and governance systems, the ownership structure of listed Japanese firms and socio-cultural factors.
Building long-term customer relations plays a pivotal role in contemporary management practice. Customer relationship management process in a company involves various different actors ranging from top management to line-level employees. One of the key areas of it is related to the utilization of corporate CRM system which serves as crucial information source in providing better customer insight. This article explores directions for improving the use of CRM system through analyzing the gaps between its perception by managers and sales representatives in a multinational pharmaceutical company. The field research is based on a quantitative data from online questionnaires. The sample consists of 219 representatives based in four emerging markets. These initial findings could be useful for other pharmaceutical companies in emerging markets.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.