Взаимосвязь личностных характеристик СЕО и эффективности деятельности компаний на разных стадиях жизненного цикла
This article reviews how CEOs of technology companies can be successful in companies performance at different stages of the life cycle. The object of the research is the tech companies of the United States of America. The companies are given special attention today as the driver of the new economic cycle. Due to the fact that the technology sector is closely related to the personalities of CEOs, who determine the vector of development, activities and functioning of companies, the study analyzes the choice of the most suitable leader depending on the stage of the life cycle.
Purpose The purpose of this paper is to address the issue of efficiency of corporate universities. An efficiency is defined in relative terms: as having relatively better performance in comparison to other companies. Different indicators of performance were employed in order to analyze short-term and long-term efficiency. A comparative analysis of European companies and emerging Russian companies is performed in order to understand if there are country differences in the efficiency of corporate universities. Design/methodology/approach To avoid potential omitted variable bias, fixed effect within estimator is employed. This estimator enables controlling for a firm-specific time-constant effect which conditions company’s performance and is responsible for other individual traits. The rest of the characteristics are controlled with a proxy, which are traditional for corporate finance studies. Findings There are contradictory results for the efficiency of a corporate university; for the European companies, a corporate university brings positive effect for the short-term performance, nevertheless, as the authors have found that it destructs value in long term. A company with a corporate university has 70 percent less market value added than an average company. There is a negative short-term synergy while the long-term synergy is positive. The results for the Russian sample are very consistent: corporate universities have negative or neutral effect on the performance. Originality/value This study contributes to the literature about strategic management and human resources management. It addresses the issue on efficiency of corporate universities in companies considering this as one of the key strategic investment in human resource policy. It appears that the corporate university is not a panacea for all companies to develop their human development policy.
The article examines the assessment of financial architecture influence on the European retail companies’ efficiency. The approach is based on a comprehensive analysis of the influence of the financial architecture components. Hypothesis tested on the basis of data on public companies of European retail listed on the London Stock Exchange from 2004 to 2015.
To substantiate the relationship between the financial architecture and the company's performance indicators in the study, the following metrics are analyzed: ROA, reflecting the return on total assets; Tobin Q, reflecting the investment attractiveness of the company; EVA strategic efficiency indicator, reflecting the company's economic profit (taking into account the definition of the weighted average cost of capital).
In order to model the impact of financial architecture influence on the companies’ efficiency in the work, the panel regression method is implemented, which allows increasing the number of observations, minimizing the collinearity between explanatory variables, and increasing the effectiveness of the estimates obtained. In order to obtain application conclusions, two models were built: a model with fixed effects, allowing to take into account additional characteristics of the company; Model with random effects, which allows to minimize the shortcomings of the first model.
The analysis showed that the financial architecture of retail companies affects their strategic and operational efficiency (EVA and Tobin Q), but does not affect their balance performance indicator (ROA).
As a result of this study, the determinants of the efficiency of large European retailers were identified, and a model of strategic efficiency based on the concept of financial architecture was implemented.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.