X Международная научная конференция по проблемам развития экономики и общества: в 3 кн.
This paper compares various techniques of valuating banks in Russia for empirical research purposes. From comparing the existing valuation methodologies we proceed to devise an alternative methodology of valuation that would be more rele-vant and applicable to the Russian banking industry. Our technique is based on the linkage of sales prices of banks in M&A transactions to the prices of fixed-income securities issued by these banks. The novelty of our approach lies in the utilization of a broader range of sources of price data that might prove useful in measuring investor perception of different performance characteristics of banking firms. We illustrate the application of our method with a calculation of the impact produced by the quality of corporate governance on the price of the bank measured through the price of its equity and other securities. The downside of our valuation method is being geared towards banking firms while its applicability to industrial companies remains to be researched.
The paper uses an experimental approach to study the voting power distribution. Using Montero, Sefton & Zhang (2008), we confirm their basic findings and explain some of their empirical paradoxes. Our main contribution deals with the question of how voters’ preferences to coalesce influence their behaviour and payoffs. We extend the basic design to allow for asymmetric voters' preferences depending on the coalitions they take part in. The results show that even small modifications of preferences lead to statistically significant differences in players' shares, justifying the use of generalized power indices over classical ones.
Russian multinational enterprises (MNE) expanded widely in the late 1990s through the summer of 2008 at the onset of the global financial crisis of 2008. The emerging market MNEs have now become a subject of intensive study with a particular focus on the actions and behaviors of firms from Brazil, Russia, India, China, and South Africa (BRICS). This paper attempts to flesh out the reputational and corporate social responsibility (CSR) aspects of this internationalization process. The paper finds that in select cases the reputation of a Russia MNE does play a role in their activities and that these emergent firms recognize host country stakeholders as an audience for concern when conducting OFDI.
To adapt foreign business practices to the turbulent business environment of Russia is a challenging task. Most research has analyzed transfer of MNE practices to the Russian operations (e.g. [May et al., 2005]), whereas the use of local knowledge has received less attention [Karhunen et. al., 2008]. This paper shows that in order to succeed in Russia, a foreign company needs not only to transfer its firm-specific advantages to the local operations but also harness local knowledge. We address this question by first, evaluating what kind of knowledge gaps a MNE entering Russia should close to operate successfully. Second, we analyze what means are used to upgrade managerial skills in the subsidiary. Empirically, we analyze Kemira GrowHow, a Finnish MNE, which has operated in Russia since the Soviet era. We first review literature pertinent to our research topic: the challenge of global integration versus local responsiveness, and the division of management responsibilities between the headquarters and the subsidiary.