Закон Гибрата в исследованиях роста фирмы
This paper analyses the main methods and results of academic researches testing Gibrat's law - the assumption of stochastic nature of corporate growth rates. Four versions of the Law are considered depending on the type of tested sample: all firms in an industry, companies that survive over the entire time period, only largest firms and newcomers. Analysis of corporate dynamics both in developed and in emerging markets indicates that Gibrat's law is likely to fail. Instead of being random, growth rates are determined by industry characteristics and firm-specific factors such as capital structure, R&D expenses, profitability etc. Gibrat's Law is accepted in some cases for large and mature companies but completely fails for newcomers. Thus, this conception can be viewed as a benchmark for researches in area of corporate growth but not as a strict regularity describing existing firm dynamics.
In this paper we propose a model of interaction between banks that make up the banking system of some open economy. This work investigates the evolution of the banking system on the key economic indicators. Bank's assets are used as an example of such an indicator. It is expected that the new money in the banking system can be created either through loans from outside the banking system or by credit issue. Withdrawal of funds from the bank occurs only as a result of bank debt (in the first case) or a debt relief to the client (in the second case). The model assumes that the emission brings an interest income or expense up to maturity. The paper theoretically shows that the growth of the banking system as a whole and the evolution of the distribution of proportions of each bank's assets in total assets of the banking system are two fundamentally different processes.
In this research the analysis of the impact of corporate financial architecture on company’s performance is conducted for a sample of large Russian companies. We focus on sustainable growth identified thru the application of intrinsic value change criteria. We employ integrated approach to understand the determinants of the sustainable growth based on key structural characteristics of a company. The financial architecture is represented by ownership structure (managerial ownership, foreign ownership and ownership concentration), corporate governance (the structure of the board of directors and internal control) and capital structure. We examine the difference in characteristics of growth sustainability of Russian companies representing three different types of financial architecture of more than 50 large Russian firms. Our results indicate that corporate financial architecture has a significant impact on the sustainable corporate growth in the Russian market. More importantly, we show that the nature of the influence depends on the type of financial architecture.
The second part of the scientific monograph contains the results of analyzis the effectiveness of corporate risk management and internal control systems. The scientific literature contains a fairly large number of methods that allow to evaluate the effectiveness of managerial decisions within the company, but most of them are designed to formally assess the functionality of a particular system of risk management in relation to the world wide "best practices". The monograph presents the recommendations on the organization of integrated risk management methodology and assess its effectiveness in accordance with modern trends in decision-making, such as short-termizm focus on short-term business profitability. The theoretical propositions supported by empirical calculations, analytical studies and practical recommendations. The emphasis is on managing business uncertainty, and as a result, growth in the discount rate and the reduction of investment attractiveness as a result of lack of transparency of administrative processes and the lack of clear criteria for evaluating the effectiveness of the processes. This monograph is intended for students, teachers and scientists, researchers, and professionals operating in the field of risk management.
The issue about relevancy of usage of concepts of representative and aggregate agents in modern economic science is very actual. The theoretical model [Malakhov, Pospelov, 2014] showed that the distribution of banks on proportions of assets is stable over time. If this result is correct for real data, then it will be another argument to use the concept of an aggregate agent in modeling a banking sector, which is an actual topic for macroeconomists. In this paper we provide an empirical test of this result using data from the Russian banking system. We also analyze other key variables, such as households’ deposits, firm’s credits, interbank credits, etc., because if distributions of proportions of these variables are stable too, then it will be an additional argument to use the concept of aggregate agents. This paper is aimed at selecting the optimal (in some sense) functional forms of distribution of proportions of the key variables and validating stability of these distributions over time. The actuality of this topic is also confirmed by recent events in Russian economy and banking system in particular.
We show that using generalized versions of well-known distributions, we can accurately describe the distribution of Russian banks in terms of a turnover balance sheet. In particular, the Pareto distribution of type IV and asymmetric generalized error distribution show a very high accuracy of approximation, these results being correct for all considered variables. The quality of approximation by these distributions is robust both in time and in the cross-sectional dimensions, however, individual banks can move within this distribution. Thus, we consider rather the distribution of banks of the entire Russian banking system than the distribution of individual banks.
Moreover, estimations of parameters of the distribution of proportions of assets have slightly changed during observation period and these changes could be possibly connected with structural shifts in the banking industry. Kolmogorov-Smirnov test shows that the differences between the distributions of proportions of assets become significant at 5% confidence level only when the difference between periods is more than 8 months. Thus, the theoretical model [Malakhov, Pospelov, 2014] mainly passes the empirical test.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
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.