Использование рыночных ожиданий в управлении российскими компаниями

Journal of Corporate Finance Research / Корпоративные финансы. 2013. Т. 7. № 4. С. 79–90.

Ivashkovskaya I., Dyachenko K.

This study is focused on the use market expectations in firm’s management. According to the results of previous researches performed on developed markets, expectations management is an efficient corporate  tool which allows managers to influence company’s value. The literature on expectations management in the emerging capital markets almost does not exist.  We contributed to the literature by examining emerging capital market and the paper is claimed to be the first empirical investigation on Russian market concerning the topic considered. We prove the existence of expectations management on Russian capital market. In order to find an answer Russian companies in the period from 2005 to 2012 have been analyzed. We performed three types  of analysis: graphical analysis, contingency analysis and tests of the rationality of market expectations. As a result of this investigation we found that the executives of Russian firms use market expectations management. Moreover, we show that this instrument is mostly applied after the financial crisis of 2008.

Keywords: стоимость компании, прогнозы аналитиков, market expectations management, companys value, Russian market, analysts forecast, управление рыночными ожиданиями, российский рынок капитала