Оценивание неэффективности в модели стохастической границы: анализ данных российской промышленности
In this paper we study the influence of insider ownership on firm performance in emerging capital markets of BRIC countries in 2003–2013. We adjusted the classic model of firm performance proposed by Morck, Shleifer, and Vishny (1988) for the inefficient emerging capital markets. To modify the classic model we, first, apply the concept of investor protection rights developed by La Porta (2002) and, second, introduce additional factors controlling the growth rates and risk level. We test two specifications, linear and cubic, of the modified model for the sample of 97 nonfinancial companies in Brazil, Russia, India and China. The results demonstrate that the insider ownership increases the firm performance at low and high levels of insider ownership illustrating the “convergence of interests” hypothesis. When insiders own medium-size blocks of company’s shares (23,2–61,3%), the insider ownership decreases the corporate performance, thus illustrating the “entrenchment effect”. Finally, we demonstrate that the entrenchment effect became stronger in times of global financial crisis of 2008–2009.
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.