Does corporate governance really predict firms’ market values in emerging markets? The case of Russian banks

Journal of Corporate Finance Research. 2013. No. 3(27). P. 23–36.

Vernikov A. V.

The paper aims to add to the literature on the connection between corporate governance and company valuation. We refer to the case of the Russian banks to suggest that connection between gpvernance and the stock price cannot be established in a convincing way due to data scarcity. Russia's stock market can supply sufficient statistical material for a study involving just two large state-controlled banks. This discussion is potentially relevant for other economies that share institutional characteristics such as high ownership concentration, the shallowness of the stock market, and substantial role of state-controlled firms.

Keywords: корпоративное управление, банки, Россия, Russia, corporate governance, banks, valuation, развивающийся рынок, оценка компании, emerging stock markets