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Концентрация собственности как механизм корпоративного управления в российских публичных компаниях: влияние на финансовые результаты деятельности

Быкова А. А., Молодчик М. А., Шамилова Е. Г.

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.