An analysis of links between the ownership structure and financial stability: case of Russian companies
The paper identifies and analyzes key factors in the sectoral ownership structure, the influence of the CEO and competition among owners at the industry level and business size. We show the positive impact on the financial sustainability of the company of the CEO's equity participation (compared to the average industry share). We also show that if the property is distributed more evenly among owners-founders, there is a positive effect on the stability of the company. Thus, companies with a group of owners-founders are the most advantageous structure for the formation of a system of corporate governance in Russia.