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Does Corporate Governance Have an Effect on Performance in the European Banking Sector? Evidence from a Crisis Environment
Высшая школа экономики
,
2012.
No. 10.
Stepanova A., Ivantsova O.
After the financial crisis, the necessity to support large inefficient banks had a crucial impact on a number of economies in Europe. This paper focuses on the effect that corporate governance mechanisms has on performance for commercial banks operating in developed and emerging European markets. We test a model of market-based bank performance for a sample of 150 commercial banks from 27 European countries over a period from 2004 to 2011. As a result, we show that such governance mechanisms as ownership concentration, state ownership, board independence, and others do have a significant influence on bank performance. We also find significant differences between models for developed and emerging markets, as well as for different geographical regions. Studying the financial crisis provides us with evidence for structural movements in the relationship model between corporate governance and bank performance as a result of the 2008-2009 crisis. In general, the important determinants lose their significance after 2007. Though, due to the possible endogeneity problem in our models, we should be cautious when interpreting the causality of connections between factors.
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
Kokoreva M., Stepanova A., Journal of Corporate Finance Research 2012 No. 2 P. 34-44
In this paper we study the performance effects of capital structure, ownership structure and corporate governance mechanisms of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing cluster analysis of financial architecture and market performance of Russian companies. Our idea is to ...
Added: October 9, 2012
Масленникова М. А., Stepanova A. N., 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 ...
Added: October 27, 2012
Ivashkovskaya I., Stepanova A. N., Journal of Management and Governance 2011 Vol. 15 No. 4 P. 603-616
Performance of the firm depends on its structural dimensions: capital structure, ownership structure and corporate governance. Their interactions are known as corporate financial architecture according to S. Myers. In this paper we analyze financial architecture which is a mix of ownership structure, capital structure, control and board’s composition, and therefore, provides the given framework for ...
Added: November 18, 2012
Ivashkovskaya I., Stepanova A. N., Kokoreva M. S., М. : ИНФРА-М, 2015
В монографии обосновывается и развивается новый подход к изучению фирмы и принимаемых в ней финансовых решений. Насколько драйверы эффективности компаний на практике соответствуют теоретическим представлениям о формировании корпоративной эффективности? Есть ли существенные различия между драйверами эффективности на развитых и развивающихся рынках? Нужно ли управлять структурой собственности компаний? Можно ли оптимизировать структуру капитала в отрыве от ...
Added: October 25, 2013
Pirogov N., Бобрышев Н. А., Корпоративные финансы 2009 Т. 10 № 2 С. 40-56
Статья представляет результаты эмпирического исследования агентских издержек на российском и восточноевропейском рынках. В качестве измерителей агентских издержек внутри компании выступают прокси-переменные, которые позволяют измерить влияние структуры собственности, состава совета директоров и банковского мониторинга. Результаты, полученные на выборке, состоящей из 131 компании, позволяют сделать выводы о том, что определенные аспекты агентской теории справедливы для российских компаний. ...
Added: November 7, 2012
Stepanova A. N., Rabotinskiy, I., Journal of Corporate Finance Research 2014 Vol. 2 No. 30 P. 90-102
We suppose that the agency conflicts between shareholders and bondholders may affect the level of risk of company's debt instruments, therefore, increasing the cost of debt of the firm. A number of corporate governance mechanisms are developed to alleviate the conflicts. This paper surveys research on the relationship between corporate governance and the cost of ...
Added: September 10, 2014
Stepanova A., Kokoreva M., Studies in Economics and Finance 2014
In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is ...
Added: October 25, 2013
Stepanova A. N., Anna Tereshchenko, Journal of Corporate Finance Research 2016 No. 3 P. 5-23
R&D projects in pharmaceutical industry are extremely risky and bring benefits in long-run period. Self-interested managers try to avoid risk and underinvest in R&D. In this paper we study the effect of independent directors, insider ownership and scientific connections on R&D investments. Independent directors and insider ownership can mitigate agency problem by additional monitoring and ...
Added: December 7, 2016
Stepanova A. N., Olga Ivantsova, Journal of Corporate Finance Research 2012 Vol. 4 No. 24 P. 80-86
This paper is focused on the recent research in the area of performance effect of corporate governance in banking sector. We review the results of studies devoted to two key nonfinancial characteristics of a commercial bank influencing its performance. In the first part of the paper we analyze the evidence on board of directors structure ...
Added: March 24, 2013
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
Malofeeva T. N., Makushina E., Козицына М. А., Российский журнал менеджмента 2021
Corporate Social Responsibility (CSR) is a companies’ response to modern society which accused companies’ activities due to appearance of such global problems as social differentiation, poor labor conditions, inequality, and global environmental problems. The phenomenon of CSR has been examined by experts for a long time, however in developing countries the process of establishment of ...
Added: September 14, 2021
Stepanova A. N., Kokoreva M. S., / Высшая школа экономики. Series FE "Financial Economics". 2013. No. WP BRP 21/FE/2013.
In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is ...
Added: October 25, 2013
Stepanova A. N., Ivantsova O., Journal of Corporate Finance Research 2016 Vol. 10 No. 4 P. 29-45
This paper aims to investigate the effect that internal corporate governance mechanisms have on the performance of commercial banks, how it differs for developed and emerging European markets, and whether it has changed as a result of the financial crisis. The key statistical tool used in the paper is the panel data analysis of the ...
Added: March 15, 2017
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
Ivashkovskaya I., Stepanova A., Felício J. et al., Innovar 2014 Vol. 24 No. 53 P. 83-98
This research focuses on the relationship between corporate governance and performance in the largest European listed banks, which have been studied to a lesser extent within this field. The study is based on agency theory and we use a sample of 404 observations referring to 97 banks selected from the annual ranking of the 2,000 ...
Added: September 10, 2014
Ivashkovskaya I., Zinkevich N., Journal of Corporate Finance Research 2009 Vol. 3 No. 4 P. 34-56
This article presents the results of empirical research of the impact of corporate governance system elements (ownership structures and board characteristics) and company performance in the economies with concentrated ownership. Major goals of this study were to develop the empirical methodology allowing for causal relationship between ownership structure elements and corporate performance and to test the methodology using the high-quality data from the developed ...
Added: November 14, 2012
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
Ryabova E., Румянцева Т. В., Финансовая аналитика: проблемы и решения 2012 № 33 С. 39-46
Актуальность темы объясняется тем, что финансовая архитектура российских компаний является неэффективной и ее структурные характеристики в рамках интегрированного подхода нуждаются в доработке. В этой связи в статье определяются ключевые структурные характеристики современной компании, и проводится оценка их влияния на рыночную стоимость фирмы. ...
Added: September 6, 2012
Nazarova V., Глебов С. П., Финансы: теория и практика 2017 Т. 21 № 4 С. 100-115
The article examines the assessment of financial architecture influence on the European retail companies’ efficiency. The approach is based on a comprehensive analysis of the influence of the financial architecture components. Hypothesis tested on the basis of data on public companies of European retail listed on the London Stock Exchange from 2004 to 2015.
To ...
Added: December 27, 2017
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
Ivantsova O., Stepanova A. N., International Review of Finance 2014
Added: October 21, 2014
Kokoreva M. S., Ulugova A. E., Экономическая политика 2015 Т. 10 № 6 С. 160-170
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: January 18, 2016
Grigorian M., Ризакулов Ф., Транспорт Российской Федерации 2018 № 6 (79) С. 23-25
The necessity of increasing the efficiency of corporate governance in the railway transport of the Republic of Uzbekistan is substantiated and disclosed. An assessment of the main results of the railway company activity is given. Based on the analysis of the performance indicators of the railway company, the main directions for improving corporate governance were ...
Added: January 21, 2019