?
Does Corporate Financial Architecture Contribute to Sustainable Corporate Growth? The Evidence from Russian Companies
Journal of Corporate Finance Research / Корпоративные финансы. 2014. Vol. 8. No. 4. P. 11–33.
In this research the analysis of the impact of corporate financial architecture on company’s performance is conducted for a sample of large Russian companies. We focus on sustainable growth identified thru the application of intrinsic value change criteria. We employ integrated approach to understand the determinants of the sustainable growth based on key structural characteristics of a company. The financial architecture is represented by ownership structure (managerial ownership, foreign ownership and ownership concentration), corporate governance (the structure of the board of directors and internal control) and capital structure. We examine the difference in characteristics of growth sustainability of Russian companies representing three different types of financial architecture of more than 50 large Russian firms. Our results indicate that corporate financial architecture has a significant impact on the sustainable corporate growth in the Russian market. More importantly, we show that the nature of the influence depends on the type of financial architecture.
Ivashkovskaya I., Grishunin S., Makeeva E. Y. et al., International Journal of Financial Studies 2026 Vol. 14 No. 5 P. 120–146
Inclusive growth has increasingly emerged as a central framework for understanding how firms can align economic performance with social inclusion and environmental responsibility, particularly in emerging markets characterized by institutional volatility. In the context of geopolitical shocks and economic sanctions, such as those faced by Russia during 2022–2023, the normative meaning of inclusive growth is ...
Added: May 6, 2026
Ismailova E., Финансы и бизнес 2026 Т. 22 № 1 С. 37–61
In recent years, there has been a growing body of research examining how environmental, social, and governance (ESG) indicators affect the terms of mergers and acquisitions (M&A). A particularly relevant issue is the relationship between a company’s ESG profile and the acquisition premium — a markup over the target firm's market value. This review summarizes ...
Added: April 24, 2026
Novikova O., Kurganova K., Pravo. Zhurnal Vysshey shkoly ekonomiki 2026 Vol. 19 No. 1 P. 269–296
This article investigates the institution of independent directors in BRICS countries (Brazil, Russia, India, China, South Africa) as a transplanted element of Anglo‑American corporate governance. Its goal is to test the widespread assumption that increasing the number of “independent” directors automatically improves corporate oversight in jurisdictions with concentrated ownership and strong state participation. Methodologically, the ...
Added: April 18, 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
Budnik R., Право. Журнал Высшей школы экономики 2026 Т. 19 № 1 С. 81–111
The neural network breakthrough in the development of technologies for producing information objects based on the scientific and artistic heritage of mankind has intensified the discussion about what AI generated products are. Whether they can legitimately be considered protected results of creative activity, and who owns the copyright to them. The problem is aggravated by ...
Added: March 25, 2026
Storchevoy M., Rogova E., Kochetkova D., Journal of Corporate Finance Research 2025 Vol. 19 No. 4 P. 105–125
The paper aims to develop an approach for assessing the quality of corporate governance in ESG ratings for regional companies in the Northwestern Federal District (NWFD) of Russia. A distinctive feature of these companies is that they, firstly, operate within the regional economy, and secondly, are not always publicly listed entities that come under the ...
Added: March 24, 2026
Бушманова М. Е., Leontiev D., Rasskazova E., Психология. Журнал Высшей школы экономики 2025 Т. 22 № 4 С. 650–672
The aim of this study was to determine the relationship between the personality characteristics of football players and their in-match effectiveness as well as their level of preparedness for the season. Characteristics of motivation and personality potential (conceptualized as self-regulation potential) were examined as possible psychological predictors of success in football. The following battery of ...
Added: February 12, 2026
Durasova A., М.: ИНФРА-М, 2026.
Thе book is dedicated to non-financial reporting and responsible investment practices within the context of sustainable development. It examines international disclosure standards, methodologies for assessing ESG factors, regulatory initiatives, as well as procedures for the verification and audit of non-financial data.
The content aligns with the requirements of the latest generation of Russian federal state educational ...
Added: January 11, 2026
Милова П.А., The Journal of the New Economic Association 2025 Vol. 3 No. 68 P. 112–144
In this paper, we investigate the relationship between family ownership and financial performance of Russian family companies. This study is motivated by the underexplored ownership structure of Russian enterprises, which was studied mainly from the perspective of state ownership. However, the number of family-owned and operated companies in Russia is increasing. We analyzed the data ...
Added: December 12, 2025
Leonidov A., Ponomarenko A. A., Radionov S. et al., Journal of Asian Economics 2025 Vol. 101 Article 102077
The paper outlines the concept of a parsimonious international settlement system for emerging market economies that does not necessitate the transformation of existing national financial systems. Simulation analysis showed that the system has the potential to accommodate up to two-thirds of international payment flows between 34 countries. Notably, market forces related to exchange rate fluctuations ...
Added: November 14, 2025
Borja S., Вестник гражданского права 2026 Т. 26 № 1 С. 98–119
The prevailing view in the doctrine considers the merger of the creditor and debtor as a cause of extinguishment of obligations, raising the question of its impact on the creditor’s interest. However, legal scholars who follow this view have failed to provide a comprehensive answer to it, despite their numerous attempts over many years. In this regard, ...
Added: October 20, 2025
Regina Gataullina, Maria Kokoreva, Journal of Corporate Finance Research 2025 Vol. 19 No. 2 P. 38–52
This study investigates the relationship between economic policy uncertainty (EPU) and corporate risk-taking in Russian firms, focusing on the moderating effects of corporate governance mechanisms. Using a panel dataset of 126 companies listed on the Moscow Exchange Broad Market Index from 2010 to 2021, the study applies a fixed-effects model to examine how corporate governance ...
Added: October 7, 2025
Khandkarov I., Хозяйство и право 2021 № 10 С. 29–44
The article is devoted to remote general meetings in business companies. The advantages and disadvantages of such meetings are analyzed, and the legal framework for their holding in Russia, the United States, China, and the European Union is considered. The paper evaluates the novelties of the Russian regulation of online meetings and the existing alternatives ...
Added: September 30, 2025
Федоров А. С., Право. Журнал Высшей школы экономики 2025 № 3 С. 252–277
The current regulation of relationships arising due to the exercise by a parent company of corporate control over a subsidiary (“relationships of controllability”) in Russian law is insufficiently clear and consistent. The law, doctrine and judicial practice do not define the boundaries of application of the rules of para 2 and 3 of Art. 67.3 ...
Added: September 30, 2025
Borja S., Вестник гражданского права 2025 Т. 25 № 6 С. 116–165
The prevailing view in the doctrine considers the merger of the creditor and debtor as a cause of extinguishment of obligations, raising the question of its impact on the creditor’s interest. However, legal scholars who follow this view have failed to provide a comprehensive answer to it, despite their numerous attempts over many years. In this regard, ...
Added: August 30, 2025
Besstremyannaya G., Dasher R., Journal of Corporate Finance Research 2025 Vol. 19 No. 2 P. 5–14
India offers an excellent illustration of a pattern of economic transition when an emerging economy adapts the concept of corporate governance to its economic and cultural environment. A vital component of good corporate governance is corporate governance disclosure, which has received growing attention among researchers of the Indian and BRICS economies.
The present paper provides a meta-review ...
Added: August 20, 2025
Makeeva E. Y., Popov K., В кн.: Российские корпорации на пути к антихрупкости. Финансовая архитектура компаний.: М.: Издательский дом НИУ ВШЭ, 2025. Гл. 2 С. 27–69.
Board of directors plays a crucial role within the corporate financial architecture framework. This governing body is responsible for monitoring managers’ performance and balancing interests of shareholders and other stakeholders. Corporate Board contributes significantly to the company’s long-term development by establishing strategic priorities using the unique resource of human capital accumulated by Board members – ...
Added: July 8, 2025
Ivanov D., Rozhkov M., , in: Handbook of Ripple Effects in the Supply Chain.: Springer, 2025. Ch. 11 P. 215–247.
We study capacity disruption and recovery policy impacts on supply chain (SC) performance. Discrete event simulation methodology is used for analysis with real company data and real disruptions. Two novel findings are shown. First, disruption-driven changes in SC behaviour may result in backlog and delayed orders, the accumulation of which in the post-disruption period we ...
Added: May 15, 2025
Klaro Ramires P. M., Вестник Московского университета. Серия 6: Экономика 2025 Т. 60 № 2 С. 178–201
Growing importance of social and environmental issues encourage business, society, and state to combine their efforts in implementing the sustainable development agenda. The purpose of this study is to identify institutional determinants that influence Russian companies’ corporate sustainability. The object of the empirical study is big Russian companies that implement sustainable practices of various scales ...
Added: May 6, 2025
Tekutev D., В кн.: Национальный доклад по корпоративному управлению: Выпуск XIV.: Национальный совет по корпоративному управлению, 2025. С. 237–263.
Whistleblowing (доносительство, осведомительство, информаторство, оповещение) - распространение человеком (как правило, сотрудником) информации о деятельности в частной или государственной организации, которая является незаконной, мошеннической, небезопасной или аморальной.
Внедрение в систему корпоративного управления практик и механизмов, поддерживающих whistleblowing, является важным аспектом системы комплайенса, управления рисками и внутреннего контроля. Такая практика поддерживается в том числе международными документами в области ...
Added: March 5, 2025
Osiyevskyy O., Sinha K., Shirokova G. et al., European Management Journal 2026 Vol. 44 No. 2 P. 245–259
Innovation capabilities form the basis for firms’ adapting to changing external environments and creating and sustaining competitive advantage. Yet we still know relatively little about the impact of the distinct types of innovation capabilities on firm performance and its reliability. Grounded in the organizational capability view of innovation, our study is the first to propose ...
Added: February 2, 2025