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Article

«Дыры» в капитале компаний обрабатывающей промышленности: корпоративное управление и отраслевые ожидания

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 of the companies in the period of 2011-2015. The results showed, in particular, the probability of a negative company's net worth is higher, the lower the index of business confidence in the industry; the presence of agency problem; the smaller numerical membership of the board of directors; the higher concentration of ownership; and, if company is not privately owned or joint stock company. Robustness of the coefficients of the final specification was confirmed.