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Regular version of the site
Of all publications in the section: 229
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Article
Гайфутдинова Н. С., Кокорева М. С. Корпоративные финансы. 2011. № 3. С. 44-58.

The paper presents the results of empirical testing of behavioral capital structure concepts relevance for leverage choice made by Russian companies. Conducted on the sample of 50 large public companies the analysis revealed the insignificance of market timing theory. However the results show that information cascades and management overconfidence and optimism can partly explain the debt-to-equity choice of Russian companies.

Added: Oct 2, 2012
Article
Гладышева А. А., Кишилова Ю. О. Корпоративные финансы. 2018. Т. 15. № 1. С. 20-43.

Political connections and their influence on firm performance is one of the most relevant topics of corporate governance for emerging markets, and Russia is not an exception. The composition of the Board of Directors has on impact on the whole range of key corporate decisions, both investing and financing. The presence of an official can either exacerbate agency problems, leading to decreasing efficiency, or, conversely, result in an improvement of performance due to a variety of preferences and benefits from political power. The direction of influence has been the heart of academic discussions and among the different social groups, however, the lack of relevant researches for Russia exists. Based on hand-collected corporate panel data for the period from 2011 to 2014, we investigate the influence of political connections on non-financial Russian listed enterprises. A sample of 106 companies is divided into two sub-samples: politically connected firms (PCF) and firms that do not possess the trait (NCF). This article is devoted to the exploration of two fundamental issues. How does a politically connected person on the board of directors influence the access to the debt financing, its cost and key firm performance indicators? And, in general, what role do the outside PC-directors play in corporate governance? ROA, EBIT-margin, assets turnover, ROE and q-Tobin are used as performance measures. With the means of panel data analysis we have showed that there is a nonlinear dependence between the degree of political interdependence and the company's balance-sheet efficiency: a positive impact on it is achieved only below 27% of the board’s affiliation. It indirectly gives evidence for the agency theory. In addition, we find a quadratic relationship between the share of politically connected directors and the amount of cash in the accounts. However, it should be noted that the main effect comes from the political connections of the federal level. Hypotheses about the positive impact of political connections on the access to debt financing and the negative - on the cost of debt, were not confirmed.

Added: Jun 25, 2018
Article
Назарова В. В., Колькина А. В. Корпоративные финансы. 2018. Т. 12. № 3. С. 7-26.

The perspective of corporate governance in Russia is a topical issue nowadays. It is caused by the fact that the Russian business conditions demand special approach to formation of an optimum corporate governance system.

The purpose of the study is to assess the impact of individual components of corporate governance on the value of companies with two development strategies: diversification and focusing. The main hypothesis considered in the work is that, depending on the chosen development strategy (diversification or focus), different corporate governance mechanisms have a different impact on the value of these companies. To substantiate the hypothesis put forward, a regression model of the influence of the main factors of corporate governance on the economic value added indicator (EVA) has been constructed.

As a result of the conducted research for companies using diversification and focusing strategies, the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the company’s management, and the state’s participation in the share capital of the company was revealed. Based on the results of the regression model constructed for the sample, we can draw the following conclusions: depending on the chosen development strategy, a different structure of corporate governance is traced, in particular, for diversified companies a more independent board of directors is characteristic, as well as greater state participation in the share capital the company. In the context of a variety of diversification strategies, the focus is on only two strategies. In prospective studies, it is supposed to consider the influence of other factors of corporate governance (for example, corporate debt, dividend payment form) on companies with related and unrelated diversification strategies.

Compared to the existing research, a comprehensive study of the influence of such corporate governance factors as the share of independent directors on the board, the share of shares owned by the company’s management, and state participation in the company's share capital on the results of Russian companies implementing diversification and focusing strategies, made practice-oriented conclusions.

The results of the study can be useful for managers and managers of corporate structures in order to assess the effectiveness and efficiency of the existing management system in the company.

Added: Dec 10, 2018
Article
Чиркова Е. В., Суханова М. С. Корпоративные финансы. 2013. № 4. С. 46-62.

Most foreign studies find that the forecasts of financial performance of the company by its management have effect on return on its hares and theirs volatility, and that market reaction on the negative news is stronger. In Russia, management forecasts are typically publicized in the course of the conference calls made in the same days when the financial results are published. This practice makes the analysis of the short-term influence of the management forecasts on shares quotes impossible. This paper analyses the impact of corporate earnings guidance on the long-term return on shares and share price volatility as well as the impact of earnings surprises on the long-term shares’ return. The estimate was made based on the panel data for a sample of 27 Russian public metal mining companies and fertilizers’ producers for the period of за 2006–2011. Our study reveals no link between earnings guidance and return on shares as well as between earnings surprises and return on shares. At the same times share prices of companies which provide earnings guidance are more volatile than those which do not. Thus, an increase in transparency does not result in increased return on shares as compared to less transparent companies, but it increases share price volatility and risk associated with investments in such shares. This effect may mean that investors do not take into account the management forecasts of the Russian public companies. Those forecasts may be too inaccurate due to high volatility of business environment, absence of regulation of corporate forecasts’ disclosure and managers’s interest in overstating the forecasts. 

Added: Mar 12, 2014
Article
Григорьева С. А., Гринченко А. Ю. Корпоративные финансы. 2013. № 4(28). С. 63-81.

The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast to existing studies we analyse the latest period and examine the impact of the economic crisis of 2008-2009 on the performance of M&A. Based on the sample of 264 deals we find that mergers and acquisitions create shareholder’s value. We also find that the main determinants of M&A performance are method of payment, deal size, number of previous acquisitions made by the acquirer prior to the current transaction, acquirer’s intellectual capital and the difference in countries development.  

 

Added: Mar 16, 2014
Article
Багаев А. С., Кочугуева М. Н. Корпоративные финансы. 2011. № 1. С. 68-75.

This article is intended to summarize the key works on Quality Management in order to obtain a unified theoretical basis. Applicability to Russian companies is discussed. Differences between the classic quality paradigm and the TQM ideas are focused and studied thoroughly. Basing on the most recognized works of Crosby, Juran and Deming, the history of Quality Management ideas development is shown. Mechanisms of impact of implemented quality management systems on company results are shown, since it is required in order to perform an empirical study of quality management effectiveness. Also several aims for empirical studies are proposed. Possibility of Quality Management implementation for Russian companies is also discussed.

Added: Oct 2, 2012
Article
Григорьева С. А., Троицкий П. В. Корпоративные финансы. 2012. № 3 (23). С. 31-43.

This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A performance for the companies from BRIC countries are the acquirer’s size and friendly character of the deal.

Added: Oct 27, 2012
Article
Партин И. М., Васин А. Д. Корпоративные финансы. 2014. № 3 (31). С. 23-37.

For today in academic literature there is no consensus about what factors determine the probability of a company to participate in M&A deals. Determinants of company’s M&A activity seem to be the issue of current importance. During the corporate life cycle there are changes in most company’s financial indexes. That is why the corporate life cycle stage may have a significant influence on the possibility of a company to take part in M&A. Thus, the main aim of this study is to analyze the influence of corporate life cycle stages on the probability of a company to participate in M&A deal from the perspective of acquiring firms in the developing capital markets. The analysis was provided for BRICS companies as the main drivers of M&A market. In this study for the identification of corporate life cycle stage the modified methodology of Anthony and Ramesh (Anthony, Ramesh, 1992) has been used. The application of this methodology to the emerging capital markets requires some specific adjustments of the indicators which are used in the original model. To study the influence of corporate life cycle stages on the probability of a company to participate in M&A two logistic regressions have been used. The empirical evidence from the sample of BRICS listed companies during the period from 2010 to 2013 shows the significant differences in the probability to participate in M&A deal as a buyer on the different life cycle stages. The possibility of a company to participate in M&A declines from stage to stage during the corporate life cycle. Moreover, the different influence of the same factors at various life cycle stages has been proved empirically. The research reveals the necessity of taking into account the company’s life cycle stage while investigating the probability of participation in M&A deal.

Citation: Partin I., Vasin A. (2014) Vliyanie stadii zhiznennogo tsikla kompanii na veroyatnost' ee vstupleniya v sdelku M&A na razvivayushchikhsya rynkakh kapitala [The Influence of Corporate Life Cycle on M&A Activity of the Company in Developing Capital Markets]. Journal of Corporate Finance Research, no 3 (30), pp. 23-37 (in Russian)

Keywords: mergers; corporate life cycle; acquisitions; M&A activity; M&A determinants

Added: Oct 4, 2016
Article
Черкасова В. А., Батенкова А. А. Корпоративные финансы. 2007. Т. 3. № 3. С. 64-76.
Added: Nov 3, 2012
Article
Масленникова М. А., Степанова А. Н. Корпоративные финансы. 2010. № 3 (15). С. 35-46.

The paper is based on the study devoted to the ownership structure impact on corporate performance through the integrated conception of corporate financial architecture. The object of the study is top Russian and Brazilian public non-financial companies in the end of crisis 2008 year. First of all, we contribute to the literature by applying the integrated approach to corporate performance modeling. Second, we study the changes in corporate governance mechanisms during the global crisis (2008) and their influence over strategic performance. Finally, we conducted cross-country analysis of performance models in two of four BRIC countries.

Added: Dec 13, 2010
Article
Масленникова М. А., Степанова А. Н. Корпоративные финансы. 2010. № 3(15). С. 35-46.

The paper is based on the study devoted to the ownership structure impact on corporate performance through the integrated conception of corporate financial architecture. The object of the study is top Russian and Brazilian public non-financial companies in the end of crisis 2008 year. First of all, we contribute to the literature by applying the integrated approach to corporate performance modeling. Second, we study the changes in corporate governance mechanisms during the global crisis (2008) and their influence over strategic performance. Finally, we conducted cross-country analysis of performance models in two of four BRIC countries.

 

Added: Oct 27, 2012
Article
Черкасова В. А., Фрадкина М. М. Корпоративные финансы. 2010. № 2(14). С. 68-75.

Any company in market economy faces with a problem of acceptance of strategic decisions, under conditions of uncertainty concerning the future. Under conditions of economic crisis when level of uncertainty increases, this problem becomes especially actual. One of methods for reduction the influence of the uncertainty factor by the company activity, received a new push to development in second half of twentieth century, is the scenario approach. It gives responsibility to analyze the influence of possible changes of factors and their combinations on company's activity and to make a decision on adequacy of strategy of company's development and possibility of its realization in the given economic situation. Given article offers one of possible techniques of the scenario approach with reference to realization of strategy of the company, based on the algorithm within the limits of model of scenarios research, developed by Bryant&Lempert (2010). Simulation model, on the basis of which scenarios are developed, can consider both internal strategic variables, and a considerable amount of external factors which influence company's activity.

 

Added: Oct 28, 2012
Article
Репин Д. В. Корпоративные финансы. 2008. № 5.
Added: Nov 6, 2008
Article
Лапшин В. А., Терещенко М. Ю. Корпоративные финансы. 2018. Т. 16. № 2. С. 53-69.
Added: Jul 16, 2018
Article
Кокорева М. С., Никифоров М. С. Корпоративные финансы. 2015. Т. 4. № 36. С. 72-87.

This article presents the results of a study of corporate capital structure in emerging capital markets, taking into account the business cycles of the economy. Our study was conducted on the data of 581 companies from BRICS countries for the years 2002-2014. We revealed that the target capital structure is dependent on set of factors which is the same for both periods of economic growth and recession. The speed of adjustment to the target capital structure is dependent upon the stage of the business cycle of the economy and is higher for in economic growth periods. The study also found out that the direction of the impact of the determinants of the speed of adjustment varies depending on the state of the economy (the deviation from the target capital structure leads to an increase in the speed of adjustment in periods of growth and a fall - in times of recession).

Added: Jan 18, 2016
Article
Удальцов В. Е., Тихонова Н. М. Корпоративные финансы. 2013. № 1. С. 5-16.

The subject of this investigation is transparency and its impact on Russian companies’ performance. On the one hand, it is considered that high level of transparency reduces informational asymmetry, mitigates agency problem and adverse selection, and helps financial market to function efficiently. But Russia is a developing country with high level of corruption ( 154place in Corruption Perceptions Index 2010)and weak property rights protection. So it is costly to firms to have high level of disclosure quality because there is considerable probability of state interference in business in Russia. Thereby high level of disclosure is a trade-off between the benefits from investors’ confidence and the costs of potential expropriation by predatory government. The article considers review of transparency investigations, its impact on company performance depending on internal and external conditions, different ways to estimate transparency, it contains the results of panel regression analysis of transparency in Russia on the period 2009–2011. The investigation includes 129 largest Russian companies.

Added: Nov 17, 2013
Article
Горелая Н. В., Кузнецова К. Ю. Корпоративные финансы. 2017. Т. 12. № 4. С. 11-27.

The necessity of deep understanding of high liquidity creation and liquidity management and awareness of factors’ determination, which have influence on liquidity buffer, created by the banks, open wide opportunities for research in this field. This paper empirically examines how internal bank characteristics and macroeconomic conditions affect high liquidity creation in the bank system. Using bank level data, we analyze the impact of different factors on liquidity buffer created by commercial banks. The regression results indicate that bank size and sustainability of banks’ sources reduce the amounts of liquid assets on the banks’ balance sheet. On the other hand, return on assets and credit risk ratios increase the size of liquidity buffer: banks are increasing loans’ volume and they are supposed to have high level of loan losses by trying to invest more resources in highly liquid assets. There is found no convincing statistical proof to the theoretical hypothesis that influence of an ownership of the bank (state owned or foreign) and deposit insurance coverage are significant. We find that macroeconomic conditions (GDP growth, funding rate, crisis) are also significant for Russian banks’ liquidity statement. The finding suggests that process of creation the liquidity buffer is procyclical: banks accumulate liquidity in times of economic recovery and are spending it during the crisis period. The assessment method and research results, elaborated by the authors, might be in a field of a practical interest for both liquidity bank management and a regulator, which is responsible for the whole stability of a bank sector.

Added: Jan 29, 2018