?
The Unintended Benefits of Empowering Boards in Conglomerates: The Case Study of AFK Sistema. WP BRP 49/MAN/2016
Высшая школа экономики
,
2016.
No. 49.
This paper investigates the role of boards of directors of conglomerate subsidiaries in emerging markets. The paper based on a case study of AFK Sistema—a large diversified Russian business group including subsidiaries in 15 sectors. We show that creating corporate governance institutions at the subsidiary level can have unexpected advantages for the group as a whole and can be used to improve the quality of decision-making in the group. Sistema implemented corporate governance at this level to attract capital and to satisfy the demands of the minority shareholders, but over time started to use the already established institutions of the corporate governance as a tool of corporate management.
Keywords: корпоративное управлениесовет директоровразвивающиеся рынкиcorporate governanceboard of directorscorporate managementкорпоративный менеджментматеринская компания emerging marketsдочерняя компанияdiversified corporationsubsidiaryparent companyдиверсифицированная корпорация
Publication based on the results of:
Zavertiaeva M. A., Shenkman E., Kazarina E., Emerging Markets Finance and Trade 2024
This paper analyzes the service of independent directors on Board committees as a driver of corporate performance on emerging Russian market. We take a deeper look at the channels through which independent directors may influence Audit, Remuneration, Nomination, and Strategy committees’ performance. The question is tested using a sample of Russian listed public firms which ...
Added: July 4, 2023
Libman A., Dolgopyatova T. G., Yakovlev A. A., / Высшая школа экономики. Series MAN "Management". 2014. No. 29.
This paper investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The existing literature suggests that this type of company, even if they decide to recruit high-profile individuals as directors, rarely empowers the boards in the corporate governance structure. The paper conducts a case study of AFK Sistema—a large Russian ...
Added: December 26, 2014
Rasskazov S. V., Rasskazova A. N., СПб. : Отдел оперативной полиграфии НИУ ВШЭ – Санкт-Петербург, 2013
When writing this tutorial, the contributions received by the authors with the assistance of the NTF - National Training Fund subproject "Creating a center of excellence for economics teachers ' Innovation Project Development of education and work , received diplomas Russian competitions intellectual projects " Ideas for Russia " ( 2004) and "Power" (2008 , ...
Added: March 10, 2013
Libman A., Dolgopyatova T. G., Yakovlev A. A., Journal of Management Inquiry 2020 Vol. 29 No. 2 P. 188-205
This article investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The literature frequently suggests that in this type of companies, boards have little influence on the corporate decision making. The article conducts a case study of AFK Sistema—a large Russian founder-managed firm with concentrated ownership. We observe that, contrary to the expectations, in this company, the founder provided ...
Added: April 23, 2018
Влияние советов директоров на эффективность бизнеса: результаты зарубежных и российских исследований
Dulyak Y., Менеджмент и бизнес-администрирование 2011 № 4 С. 104-123
Results of empirical researches of interrelation parameters of activity of boards of directors and of efficiency of the companies are in detail characterized. Features of institute of board of directors in domestic business are considered. ...
Added: December 26, 2012
Ivashkovskaya I., Финансы и кредит 2009 № 48(384) С. 21-28
В статье отмечается, что в связи с глобальным финансовым кризисом проблема влияния механизмов корпоративного управления на эффективность компании приобретает особое значение. Предлагается новая модель исследования взаимосвязи качества корпоративного управления и стратегической эффективности компании на основе экономической прибыли. Анализируются результаты апробации модели на панельных данных 26 крупных российских компаний за 2002-2007 гг. ...
Added: December 3, 2009
Dolgopyatova T. G., Libman A., Yakovlev A. A., Journal for East European Management Studies 2018 No. 3
Added: January 27, 2017
Khassanov A., Корпоративные финансы 2021
In this paper, I study the possibility of modifying the Ohlson model, an alternative way of explaining the dynamics of stock prices of public companies, by adding corporate governance factors that might affect their market value to the model. The purpose of this work is to identify key indicators of corporate governance that affect the ...
Added: August 10, 2020
Ulugova A. E., Kokoreva M. S., Корпоративные финансы 2014
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to ...
Added: October 25, 2014
Makushina E., Евсиков Н. А., Вестник Московского университета. Серия 6: Экономика 2021 Т. 2 № 2021 (2) С. 140-158
The article examines changes in corporate governance bodies in connection with financial results dynamics of German, Austrian and Swiss companies. The main objective of the study was to trace causal links between financial indicators and boards’ gender composition. The paper used reports of European companies to determine boards’ compositions and financial results.
Using a sample of ...
Added: November 25, 2020
Dolgopyatova T. G., Baltic RIM Economies Review 2017 No. 2 P. 37
Trends of corporate governance development in Russian large firms typical for the 2000s are considered. Incentives for improved CG in Russian companies were pushed by regulators and the federal government as owners of big companies. Business was facilitated by their participation in the elaboration of new legal rules, early pre-announced changes, and possibilities for their ...
Added: April 14, 2017
Stepanova A. N., Финансы и кредит 2009 № 44 С. 38-45
Статья посвящена изучению зависимости результатов деятельности компаний от различных механизмов корпоративного управления, а также прочих структурных характеристик компании. Автором предложен интегрированный взгляд на проблематику путем внедрения комплексной концепции финансовой архитектуры в модель стратегической эффективности компании. В статье представлены результаты эмпирического исследования 212 европейских и российских компаний. ...
Added: November 24, 2009
Popov K., Makeeva E. Y., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 119-134
In recent years researchers have been paying significant attention to Environmental, Social, Governance (ESG) principles as a crucial factor in company performance. This paper aims to summarize the trends and findings in academic literature devoted to the board of directors as a determinant of ESG performance and non-financial disclosure quality. This paper also summarizes the ...
Added: March 6, 2023
Makeeva E. Y., Popov K., Дихтярь А. А. et al., Российский журнал менеджмента 2022 Т. 20 № 4 С. 498-523
Goal: the goal of this paper is to determine effects of board of directors characteristics on corporate value creation, taking into account ESG (Environmental, Social, Governance) principles.
Methodology: the methodological tool applied in this study is an econometric analysis of panel data for 48 Russian non-financial public companies with ESG score provided by Thomson Reuters Eikon in the ...
Added: March 6, 2023
Selivanovskiy A., Andriushova E., Хозяйство и право 2016 № 6 С. 19-37
The article deals with the effectiveness of disclosure requirements on the activities of the board of directors of the company, in terms of overcoming asymmetry information, conflict of interests, as well as the protection of investorsʼ rights and interests of the company. ...
Added: December 26, 2016
Guseva O., Stepanova A. N., Journal of Corporate Finance Research 2019 Vol. 13 No. 1 P. 107-119
In this paper, the authors focus on two primary governance mechanisms which can be considered as sources of support for startup companies: the company’s ownership contingent and the company’s management personnel. Based on descriptive statistics from a sample of 416 Skolkovo start-ups from the ‘Nuclear’ and ‘Space’ clusters, and a Start-up-Barometer survey of 300 IT-entrepreneurs, ...
Added: August 28, 2019
Anilov A., Journal of Corporate Finance Research 2019 Vol. 13 No. 2 P. 25-35
This paper aims to discover evidence on the possible impact of CEO overconfidence on payout policy, and the role of corporate boards in offsetting the possible negative effects of this overconfidence. Our investigation demonstrates the effect of overconfidence on the choice of payout method, specifically regarding the repurchases-dividends mix. We also evaluate the ability of ...
Added: October 27, 2019
Nazarova V., Kolkina A., 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 ...
Added: December 10, 2018
Zavertiaeva M. A., Popova P., Российский журнал менеджмента 2021 Т. 19 № 3
Despite the importance of personal ties in the Russian economy, established by researchers, there is
still no empirical evidence of the effect that interlocked boards of directors have on company
performance. The paper uses the Social Network Analysis technique to provide in-depth study of a
companyэs position in a network formed by formal connections among board members. The
calculated ...
Added: June 12, 2022
Jakobson L. I., Ivanova N., Telitsyna A., Мониторинг общественного мнения: Экономические и социальные перемены 2021 Т. 6 С. 459-476
The paper presents the data of the first empirical study on the role of Russian nonprofit corporate governance (boards). Board operations are analyzed through the lens of key theories of corporate governance in the third sector. Conducted interviews revealed that resources of effectiveness which the theories posit prerequisites are critically underused. It results from the prevalence ...
Added: January 8, 2022
Lopez Iturriaga F. J., Zavertiaeva M. A., Russian Management Journal 2020 Vol. 18 No. 1 P. 29-50
In this paper we apply social network analysis to study the boards of directors of 107 large listed Russian firms between 2009 and 2014. Traditional corporate governance metrics, such as demographic characteristics, experience or multiple directorships, confirm a previously established positive trend towards greater independence and better qualification of the boards of Russian firms. We ...
Added: June 16, 2020
I. V. Dergunova, T. G. Dolgopyatova, Russian Management Journal 2021 Vol. 19 No. 1 P. 5-34
The goal of this study is to empirically assess the influence of the board of directors’ work experience diversity on the performance of Russian non-public companies. The board work experience diversity is measured by the diversity index proposed by the authors, as well as by the number of work experience types and categories. Russian boards ...
Added: June 23, 2021
Yakovlev A. A., Danilov Y. A., Simachev Y. V., Российский журнал менеджмента 2010 Т. 8 № 2 С. 21-34
В статье проанализированы проблемы и новые вызовы для корпоративного управления, выявившиеся в контексте глобального экономического кризиса 2008-2009 гг. Показаны причины постепенного накопления неэффективности крупных корпораций, действующих на глобальных рынках. Обосновывается сходство между современными глобальными компаниями с их распыленной структурой собственности и советскими «общенародными» предприятиями - в силу отсутствия в обоих случаях ответственного собственника с долгосрочными ...
Added: October 14, 2012
Gulakova O., Rebiazina V. A., Смирнова М. М., Вестник Санкт-Петербургского университета. Серия 8. Менеджмент 2015 № 4 С. 39-73
The purpose of this paper is to broaden current view of customer orientation by exploring the specific forms of customer orientation in the Russian market. The investigation of the particularities of the customer orientation in Russia is in line with the current trends in marketing theory and instrument development and their adaptation to emerging markets. ...
Added: February 12, 2016