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Of all publications in the section: 232
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Article
Макеева Е. Ю., Саргсян Г. В. Корпоративные финансы. 2014. № 1 (29). С. 4-18.
This paper is concerned with stock liquidity as a factor in making capital structure decisions by managers of Russian firms. Although a big number of studies on capital structure occurred over the last few decades, stock liquidity has only recently attracted scholars’ attention as a possible driver for the choice of capital structure. Yet the existing papers are based on data from the developed capital markets. The latter differ substantially from the Russian market in terms of institutional environment and more liquid stocks. Against the background of revisions in the Russian clearing system that are expected to boost liquidity of stocks, this paper gains in currency. The theoretic mechanisms behind the interplay of stock liquidity and capital structure are discussed in previous studies. Lower stock liquidity is associated with higher transaction costs and informational asymmetry, and thus with higher required return. Therefore it is assumed that the managers aiming at firm value maximization would prefer debt to equity financing in case if stock is not liquid enough. There are also theoretic grounds to expect an opposite impact of capital structure on stock liquidity. However, the sign of such an influence has to be defined. On one hand, excessive indebtedness raises risks for investors, and thus undermines attractiveness of stocks and deteriorates liquidity. On the other hand, debt can induce managers to take more responsible decisions. This may reduce agency costs and informational asymmetry and have favorable effect on stock liquidity. Hypotheses are tested on data of Russian companies listed on MICEX in 2006 – 2011. We take company-years as observations. Dummy variables are introduced in order to account for the period of financial crisis in 2008 – 2009. The results of regression analyses suggest that the hypothesis about negative stock liquidity influence on capital structure is not rejected. Positive influence of capital structure on liquidity is also statistically significant. These opposite effects do not offset each other due to different adjustment speeds and effect sizes. The dummy variables indicate that the acquired patterns are not valid during the crisis.
Added: Mar 15, 2016
Article
Черкасова В. А., Мочалов Д. С. Корпоративные финансы. 2012. №  № 4(24). С. 46-57.

In this article an influence of the uncertainty on the forward market is researched, arising at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large russian extracting companies. The prices which are establishing on derivative financial instruments are expectations of future prices for base assets of derivatives. Such data are the certain aggregated forecast of future situation which the companies should take into consideration at formation of the investment policy.

Added: Feb 26, 2013
Article
Черкасова В. А., Мочалов Д. С. Корпоративные финансы. 2012. № 24 (4). С. 46-57.

Investment activity is a major factor of economic and innovative progress of the companies because due to the capital investments the growth possibilities of the company are created and realized, the same as increments of the investments and an increase in the value of the company. Thus different uncertainty, which is capable to influence essentially the investments of the companies and their efficiency, becomes an important object for researches.

In this article the analysis of influence of the uncertainty was carried out, which arises on the forward market at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large Russian extracting companies, which make an economic base of the country.

The level of development of investment planning is at insufficient level in such companies when the simplified models are used for creation of investment budgets. It leads to the increase of investments at several times during the implementation of the project.

In the last decade the financial markets began to play a significant role in activity of the russian companies, especially in the large companies, who want to take a stand at the international markets. Thus it would not be correct to be limited by consideration only classical stock market, where a trade of shares and bonds takes place, because rather young market of derivative financial instruments even in the western countries is also capable to make a considerable impact on activity of the companies and hence demands careful studying.

In the given circumstances the detection of the general regularities and dependences is necessary, and also the development of forecasting models, which would make planning process more exact. The correct prediction of future financial flows of the company can essentially increase the efficiency of investments of the company as the size of available funds will be estimated more adequately that will allow to provide the financing of important projects in due volume without distracting funds for significantly small projects in a situation when there can be a shortage of financing.

The value of this research is that on the forward market the prices, which are establishing on derivative financial instruments, are the expectations of future prices for base assets of such derivatives.

Such data are the aggregated forecast of future situation that the companies are not only able to, but should take into consideration at formation of the investment policy.

The uncertainty, which was expressed as volatility of the prices of derivative financial instruments, was investigated on existence of defining factors. The regularities revealed in this research, and also the carried-out imitating modeling of recurrence of uncertainty fluctuations, can help managers of the companies with adoption of right investment decisions and with the decision on a delay of implementation of the project in a situation of high predicted market uncertainty.

Investment activity is a major factor of economic and innovative progress of the companies because due to the capital investments the growth possibilities of the company are created and realized, the same as increments of the investments and an increase in the value of the company. Thus different uncertainty, which is capable to influence essentially the investments of the companies and their efficiency, becomes an important object for researches.

In this article the analysis of influence of the uncertainty was carried out, which arises on the forward market at formation of the prices for derivative financial instruments, a base asset for which is the main production of the large Russian extracting companies, which make an economic base of the country.

The level of development of investment planning is at insufficient level in such companies when the simplified models are used for creation of investment budgets. It leads to the increase of investments at several times during the implementation of the project.

In the last decade the financial markets began to play a significant role in activity of the russian companies, especially in the large companies, who want to take a stand at the international markets. Thus it would not be correct to be limited by consideration only classical stock market, where a trade of shares and bonds takes place, because rather young market of derivative financial instruments even in the western countries is also capable to make a considerable impact on activity of the companies and hence demands careful studying.

In the given circumstances the detection of the general regularities and dependences is necessary, and also the development of forecasting models, which would make planning process more exact. The correct prediction of future financial flows of the company can essentially increase the efficiency of investments of the company as the size of available funds will be estimated more adequately that will allow to provide the financing of important projects in due volume without distracting funds for significantly small projects in a situation when there can be a shortage of financing.

The value of this research is that on the forward market the prices, which are establishing on derivative financial instruments, are the expectations of future prices for base assets of such derivatives.

Such data are the aggregated forecast of future situation that the companies are not only able to, but should take into consideration at formation of the investment policy.

The uncertainty, which was expressed as volatility of the prices of derivative financial instruments, was investigated on existence of defining factors. The regularities revealed in this research, and also the carried-out imitating modeling of recurrence of uncertainty fluctuations, can help managers of the companies with adoption of right investment decisions and with the decision on a delay of implementation of the project in a situation of high predicted market uncertainty.

Added: Dec 23, 2014
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