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Мотивы руководителей, модель управления и результаты деятельности фирмы
Экономический журнал Высшей школы экономики. 2014. Т. 18. № 3. С. 429–253.
Levina I. A.
The paper analyses the differences between firms with centralized model of decision-making and firms with decentralized model of decision-making, and studies the factors that affect choice of the decision-making model at the firm. The empirical analysis is based on the large survey “European Firms in a Global Economy” conducted in 2010 in 7 European countries: Germany, United Kingdom, France, Austria, Spain, Italy and Hungary.
It is shown that decentralized firms demonstrate better performance in a spectrum of different areas: they are more involved in the international trade (in particular, in the more complicated forms of international trade), innovative activities, R&D, training of employees. It is also shown that probability of centralization of firm management is significantly influenced by factors related to the distribution of property, as well as by individual characteristics of the CEO. In particular, concentration of property in the hands of individuals or families, belonging of the CEO to the family that controls the firm lead to a considerable increase in the probability of centralization. These results can reflect influence of personal (behavioral) motives of the firm owners or top managers on the choice of the governance model at the firm.
The results hold not only at the whole sample of the survey, but also for each of the countries in the sample. The influence of personal motives of individuals who run or control the firm on the probability of governance centralization at the firm is strong. For example, according to the predictions of proposed in the paper simple regression model, for the firms where CEO is an individual who controls the firm or a member of the family that controls it, probability of centralization of governance is on average 15 percentage points higher. In Austria, where the described effect is most prominent – 38 percentage points higher.
Nazarova V., Churakova I., Journal of Corporate Finance Research 2026 Vol. 20 No. 1 P. 86–99
This paper presents an empirical analysis based on the correlation between ESG performance and cost of equity capital of listed companies in mainland China and Hong Kong, China from 2018 to 2022. The final empirical results of the study show that there is a negative correlation between ESG performance and cost of equity capital in ...
Added: May 3, 2026
Vissoky G., Vigoda-Gadot E., Styrin E. M., Public Administration Review 2026 P. 1–11
We propose an interdisciplinary theoretical framework that integrates insights from political science, public administration, organizational theory, economics, psychology, sociology, and cognitive science to better understand the role of emotions in governance in the digital age. We argue that citizens' sentiments and emotional responses are central to their relationships with government institutions and bureaucracies. Building on bounded ...
Added: April 16, 2026
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Ivanov E., Molodchik M., Eurasian Business Review 2026 Vol. 16 P. 95–122
This study investigates the industry-specific effects of IT system adoption on company productivity, emphasizing how different industry conditions shape IT-driven performance. Using hierarchical linear modeling on a dataset of 1,500 companies from 12 industries over the period 2008–2021, we analyze the impact of Enterprise Resource Planning (ERP) and Business Process Management (BPM) systems. Our findings ...
Added: February 18, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Stepanova A. N., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 1 С. 15–26.
Структура собственности как элемент финансовой архитектуры может оказывать разнонаправленное влияние на корпоративные решения и результаты деятельности компаний. Оценка происходящих в ней процессов необходима не только для понимания политики оперативной адаптации компании к новым вызовам, но и для формирования новых устойчивых конфигураций финансовой архитектуры. Каковы новые процессы в структуре собственности в российских компаниях начала 2020-х годов ...
Added: January 15, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Korshunov I., Ерегина А. Г., Андронов И. А., Интеграция образования 2025 Т. 29 № 3 С. 422–444
The article is founded on foreign and domestic data from theoretical and empirical studies of skills for productivity increasing. The authors have identified four areas of the most relevant skills for increasing individual productivity: skills for a high-tech workplace; skills in managing socio-emotional and psychological condition; skills in managing of social environment for creating of a ...
Added: November 3, 2025
Петржик Н. М., Sandlerskiy R., Ермохина К. А. et al., В кн.: Тезисы конференции «Аэрокосмические методы и геоинформационные технологии в лесоведении, лесном хозяйстве и экологии»: Материалы IX Всероссийской научной конференции с международным участием (15 -17 апреля 2025 г. г.), Москва, Россия.: ЦЭПЛ РАН, 2025. С. 73–75.
The study is aimed at developing a methodology for assessing the parameters of ecosystem functioning using multispectral remote sensing data (MRSD) within the information-thermodynamic approach. This approach calculates the main components of the energy balance of a biogeocenosis as an open dynamic system that transforms solar energy due to the non-equilibrium of living matter, based ...
Added: September 7, 2025
Semenova E., Mikhail Komarov, , in: Sustainable Green Conversion. Selected Papers from ISPR2024, October 10-12, 2024 Budva-Montenegro, Volume 1Vol. 1,2.: Springer, 2025. Ch. 9 P. 125–144.
The article investigates the impact of large language models (LLMs), such as ChatGPT, on productivity within the digital product development industry. The research highlights the transformative role of LLMs in enhancing task completion speed, job satisfaction, and reducing fatigue, particularly for junior employees and less experienced professionals. Through a survey-based approach, the study identifies that ...
Added: May 6, 2025
Syropyatov V. V., Arenkov I. A., Sajid S. et al., Journal of Finance and Banking Review 2024 Vol. 8 No. 3 P. 116–124
Objective –This study investigates the role of customer service support (CSS) in co-creating brand value and enhancing corporate performance in the fintech industry. The research focuses on analyzing the impact of CSS on the customer journey from registration to first deposit. Methodology – The study utilizes historical data analysis and A/B testing. Client data from ...
Added: September 16, 2024
Berezinets I., Muravyev A., Russian Management Journal 2024 Vol. 22 No. 2 P. 193–222
Purpose: This article aims to provide new evidence on the role of several potential drivers of corporate disclosure that have been insufficiently studied or remain controversial in the literature on accounting and corporate governance such as one-tier vs. two-tier corporate boards, having grey directors on the board, direct vs. indirect government ownership and the ownership stake of second-largest shareholders. ...
Added: September 10, 2024
Мария Молодчик, Юлия Найденова, Евгения Шенкман et al., Форсайт 2024 Т. 18 № 2 С. 45–56
Еhe study investigates the Russian information and communication technologies (ICT) landscape with a focus on sustainable ICT combinations at the industry level. The ICT combination for a company reflects its ICT profile, which is considered in resource theory as the firm’s ability to create competitive advantages based on resource complementarity. Unlike previous papers, it is not an ...
Added: June 21, 2024