The recent restructuring of the economy has led to the fact that the leaders of information
technology sector — Apple, Google, Facebook, Microsoft, Amazon — became the largest
companies in the world, replacing the banking and oil and gas sectors. The emergence
of a large number of technology start-ups resulted in the increase of the entrepreneurial
ownership. Business founders tend to issue dual class stocks to retain control over key
corporate decisions. The capital structure and the Board of Directors structure alter
along with changes in the ownership structure. In many large companies, more than
90% of directors have become independent. At the same time, the diversification of
the board of directors is improving by the active involvement of women in decisionmaking
processes. Zero debt popularity reflect the changes in the attitude to risk. The
article examines the main trends in the ownership structure of the largest US companies.
The research consolidates the results of theoretical and empirical research in the field of corporate governance, capital structure and ownership structure in the developed
markets. We provide the analysis of the dispersed ownership as the element of Anglo-
Saxon corporate governance model based on historical trends in the ownership structure
of companies in the US. The appearance of new sectors, the rapid development of
entrepreneurial ownership, the return of the popularity of dual class shares, the fashion
for gender diversification in the board of directors and the phenomenon of zero debt level
are illustrated by case studies of actual corporations and analytical reports. We discuss
all of the identified trends in terms of risk. In order to hedge the higher business risks of
new sectors the top management and investors reduce debt, invite women to the board
of directors and increase the degree of independence of the board of directors.
Added: Mar 15, 2017
Ч. 1. Волгоград: Волгоградское научное издательство, 2010.
Added: Jan 18, 2013
We propose a model in which an entrepreneur, seeking outside fi nancing, sells a large equity share to an outside blockholder in order to signal his low propensity to extract private benefi ts. A conventional theoretical rationale for the presence of an outside block holder is mitigation of the agency problem via some type of monitoring or intervention. Our model provides a novel insight: outside blockholders may be attracted by fi rms with low, rather than high, agency problems. Our result yields a new implication for the interpretation of an often documented positive relationship between outside ownership concentration in a fi rm and its market valuation: such relationship may be driven by “sorting” rather than by a direct effect of blockholder monitoring. In fact, we show that the positive correlation may arise even if the blockholder derives private benefi ts and has no positive impact on the value of small shares. Finally, we argue that our analysis may help explain why the market reacts more favorably to private placements of equity as opposed to public issues.
Added: Dec 4, 2015
Анисинкова Д. С., Балясникова М. А., Волотовская О. А. Корпоративные финансы. 2010. № 2(14). С. 84-93.
The aim of this review is to classify research papers on major vs. minor shareholders conflicts and ownership concentration. These issues are closely related both to each other and to manager vs. owner conflicts. Ownership concentration is property distribution among shareholders. Ownership concentration studies consider the following questions: how many major and minor shareholders are there in the company; how many inside shareholders are there and if they are minor or major; in what way concentration influences performance of the company; what costs are associated with major vs. minor shareholders conflicts etc. The bond between ownership concentration and manager vs. owner conflict is due to the fact that often managers are major shareholders along with other owners. In such cases incentive hypothesis, entranchement hypothesis, monitoring and control costs, as well as their effect on performance, should be considered together.
Added: Oct 28, 2012
2012.
Added: Feb 22, 2013
Dolgopyatova T. G. In bk.: China and Russia: Development in Transition. Beijing: Economic Science Publisher, 2011.
P. 259-278.
Added: Jun 2, 2013
We examine the effect of shareholder coalitions on the corporate payout policy in Spain, a context characterized by the presence of dominant shareholders. Our results show that shareholder coalitions affect payout policy negatively (both for dividends and shares repurchases). This finding suggests that shareholder coalitions serve as an instrument for the dominant shareholder’s to extract private benefits. We also find that the relation between the voting rights involved in the coalition and the dominant owner´s voting rights is negatively related to dividends. This result means that the dominant owner uses the coalition as a mechanism to amplify his or her control over the firm and reduce the cost of expropriation. The results provide new evidence on the effects of corporate control mechanisms on shareholders wealth; this evidence is complementary to the US or UK centered research, where dominant ownership is not as prevalent and, thus, it is more difficult to capture these effects.
Added: Dec 9, 2015
Васильев К.,
Рощин С.,
Мальцева И. и др. М.: Алекс, 2015.
Over the past decade Russia has experienced stable economic growth with Gross Domestic Product (GDP) growing by 7 percent per year from 1998 to 2007. While the nation still enjoys a relatively healthy growth rate, analysis shows that the sources for the future growth are limited and to boost growth Russia should rely on increasing labor productivity. Improving productivity will impose new demands on Russia's workforce requiring better skills to satisfy the needs of economy growth. The international business environment survey reports that Russia's private sector considers the lack of skills and education of workers to be the most severe constraint on its expansion and growth. Despite the very high level of formal education attained by Russian workers the problem behind this may be explained by the current quality and content of education, which does not develop the necessary skills and competences demanded by the labor market. This report examines the reasons and the consequences of this skills deficit, which constrain productivity and limits innovation ultimately stifling accelerated economic growth in Russia. The objectives of the report are: 1) to deepen the understanding of the structure and composition of this skills deficit by analyzing in detail the demand for and supply of particular cognitive and non-cognitive skills; 2) to review the capacity and problems of the current systems for skills provision in Russia both through the public and private provision thereby identifying some of the underlying reasons for this skills gap; and 3) to support the development of evidence-based policy making in professional education and training, which will lead to a system better responding to the challenges of the economy and labor market.
Added: Apr 5, 2015
Трунин П. В., Дробышевский С. М., Евдокимова Т. В. М.: Издательский дом «Дело» РАНХиГС, 2012.
Added: Mar 26, 2013
Долгопятова Т. Г. В кн.: Системное моделирование социально-экономических процессов: труды 35-ой Юбилейной Международной научной школы-семинара имени акад. С.С. Шаталина. г. Кострома, 18-23 сентября 2012 г.. Воронеж: Издательский дом ВГУ, 2014.
С. 54-63.
The paper describes dynamics of ownership concentration in Russian manufacturing, and factors of the dynamics against the background of economic growth of 2000s. The first signs of stock ownership de-concentration in some companies during 2005-2009 were revealed. Empirical analysis of determinants of changes in concentration was implemented (binary and ordinal regression models). Significant positive factors of this decline are companies’ entry to securities markets, their work in competitive environment, and share of foreign investors. Negative influence of propensity to future investments and of the share of Russian owners was also found out. The study is based on the data of two rounds of monitoring of about 1000 large and medium-sized companies conducted by the Institute for Industrial and Market Studies from HSE in 2005 and 2009.
Added: Aug 5, 2014
Vasiliev K.,
Roshchin S.,
Maltseva I. O. et al. Washington: World Bank, 2013.
Over the past decade Russia has experienced stable economic growth with Gross Domestic Product (GDP) growing by 7 percent per year from 1998 to 2007. While the nation still enjoys a relatively healthy growth rate, analysis shows that the sources for the future growth are limited and to boost growth Russia should rely on increasing labor productivity. Improving productivity will impose new demands on Russia's workforce requiring better skills to satisfy the needs of economy growth. The international business environment survey reports that Russia's private sector considers the lack of skills and education of workers to be the most severe constraint on its expansion and growth. Despite the very high level of formal education attained by Russian workers the problem behind this may be explained by the current quality and content of education, which does not develop the necessary skills and competences demanded by the labor market. This report examines the reasons and the consequences of this skills deficit, which constrain productivity and limits innovation ultimately stifling accelerated economic growth in Russia. The objectives of the report are: 1) to deepen the understanding of the structure and composition of this skills deficit by analyzing in detail the demand for and supply of particular cognitive and non-cognitive skills; 2) to review the capacity and problems of the current systems for skills provision in Russia both through the public and private provision thereby identifying some of the underlying reasons for this skills gap; and 3) to support the development of evidence-based policy making in professional education and training, which will lead to a system better responding to the challenges of the economy and labor market.
Added: Oct 8, 2013
The work contains diagnosing оf the problems in the Russian domestic savings; detailed analysis of 27 foreign pension systems in the world and instruments of development policy in collective investments in the United States, the European Union and the BRICS countries; quantitative study of factors affecting the level of development of pension funds and collective investments in 50 countries.
Added: Apr 15, 2014
Назарова В. В. В кн.: Теория и практика финансов и банковского дела на современном этапе. СПб.: Санкт-Петербургский государственный инженерно- экономический университет, 2012.
The development of Russian economy has led to the growing interest in stock market as an im-portant source of financing for companies. The paper examines the tools of stock market for company financing, particularly, the Initial Public Offering for financing companies' innovation activity. Fur-thermore, the paper investigates the advantages and disadvantages of equity issue, considers the crite-ria of its economic efficiency, and gives practical examples of equity issues conducted by innovative companies.
Added: Oct 9, 2012
Sprenger C.,
Lazareva O. BASIC RESEARCH PROGRAM WORKING PAPERS. WP BRP 160/EC/2017. НИУ ВШЭ, 2017
This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on a large-scale survey of Russian enterprises – one for shareholder protection and one for transparency. We estimate standard investment regressions where the cash flow variable is interacted with our corporate governance indices and variables capturing the ownership structure. The central result is that better shareholder protection diminishes the cash flow sensitivity of investment, particularly in firms with an outside controlling owner and in firms with low managerial ownership. In contrast, more transparency exacerbates financing constraints in some cases. We address the problem of the endogeneity of corporate governance by using fixed-effects regressions and a novel instrumental variable based on particular legal provisions for corporate governance in Russia depending on the number of shareholders.
Added: Nov 28, 2017
The paper examines the institute of minimum wage in developed and transition economies and in a number of the developing countries. First of all the institutional mechanism of minimum wage fixing is considered. One of the sections explores the dynamics of absolute and relative levels of minimum wage. The special attention is paid to the impact of the institute of minimum wage on the labour market. The author considers the mechanism of transmission of the minimum wage increases on the employment and unemployment dynamics. The paper also contains the result of the empirical research. The experience of many countries witnesses that large increases in minimum wage levels lead to the stagnation of the employ-ment, especially of the disadvantaged groups. The negative effect is larger for the companies with higher share of labour costs and more active use of unqualified labour, that is small businesses and agricultural enterprises. One of the main conclusions is that the minimum wage is not an effective tool of the poverty reduction as the majority of the recipients live in households of average and upper average income.
Added: Oct 13, 2012
Засимова Л. С. Вопросы государственного и муниципального управления. 2010. № 4.
С. 68-81.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
Added: Oct 2, 2012
Березовский Д. С. Вестник Московского государственного университета печати. 2011. № 2.
Added: Mar 3, 2014
Хинина Н. С. Казанская наука. 2010. № 4. С. 103-109.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.
Added: Nov 7, 2012
Яковлев А. А. Общественные науки и современность. 2008. № 4.
С. 21-37.
Added: Sep 22, 2012