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Does the Agency Theory play football?
Universia Business Review. 2017. No. 53. P. 18–59.
Sánchez L. C., Barajas A., Sánchez- Fernández P.
This paper aims to analyze how ownership influences the performance of European football teams. The study of efficiency allows us to identify relative performance in the achievement of several objectives, as is the case of football teams pursuing both financial performance and sports success. The analysis shows that football teams organized as members clubs, with dispersed ownership and uncontrolled by foreign investors perform better. Thus, property structures facilitating less control over managers relate positively to performance.
Publication based on the results of:
Zelenkov Y., Шуликов А. П., Российский журнал менеджмента 2025 Т. 23 № 3 С. 458–480
Purpose: to explore operations strategies of Russian football clubs based on the proposed meth-od of identification of the dominant model of operations. Methodology: two basic strategies are identified: acquiring skilled players and generating revenue through sporting achievements or developing young talents and generating revenue through their sale The dynamics of production assets (teams) and sporting ...
Added: December 22, 2025
Belousova V., Chichkanov N., Kraiouchkina J. et al., , in: Handbook of Financial Econometrics, Statistics, Technology, and Risk Management (In 4 Volumes) Volume 1Vol. 1.: World Scientific Publishing Co. Pte. Ltd, 2025. Ch. 12 P. 413–459.
This chapter explores how banks set priorities in their loan portfolio and funding mix depending on their form of ownership. We apply a two-stage approach: machine-learning method LASSO with K-fold cross-validation technique to select the meaningful determinants of bank’s loan and funding mix, which is followed up by panel data analysis. The classification of banks ...
Added: April 12, 2025
Ivashkovskaya I., Makeeva E. Y., Popov K., Вопросы экономики 2024 № 10 С. 42–76
Achievement of the UN Sustainable Development Goals at global and national levels is possible only in case of successful implementation of ESG principles in corporate strategies, meaning development of corporate environmental responsibility, social responsibility, high quality and transparency of corporate governance. Characteristics of board of directors as a superior corporate governance body are among the ...
Added: October 21, 2024
Ivashkovskaya I., Makeeva E. Y., Popov K., Вопросы экономики 2024 № 10 С. 42–76
Achievement of the UN Sustainable Development Goals at global and national levels is possible only in case of successful implementation of ESG principles in corporate strategies, meaning development of corporate environmental responsibility, social responsibility, high quality and transparency of corporate governance. Characteristics of board of directors as a superior corporate governance body are among the ...
Added: October 10, 2024
Fedyunina A., Ruzhanskaya L., Yuri Simachev, Journal of the Knowledge Economy 2025 Vol. 16 No. 3 P. 11063–11095
The urgent imperative for policymakers globally is the widespread adoption of industrial robots, yet a consensus on the critical factors driving this adoption remains elusive. This paper investigates the determinants of robotization in manufacturing, uniquely examining both conventional and artificial intelligence–based (AI-based) robots. We emphasize the role of foreign direct investments (FDIs) and the state as key stakeholders in the ...
Added: September 26, 2024
Sorokin P., Afanaseva I., Шмаевка В. К. et al., М.: Издательский дом НИУ ВШЭ, 2023.
The issue of agency (enterprise, initiative) is one of the central ones for the corporate sector. The key factor determining the importance of this issue is the processes of ‘destructuration’, that is, the growth of variability in the forms of social organization in various spheres of public life.
The authors identified three levels of proactive behavior ...
Added: November 16, 2023
Yurevich M. A., Simachev Yu. V., Kuzyk M. G. et al., International Journal of Innovation Studies 2023 Vol. 7 No. 2 P. 101–114
This study examines how internal research and development (R&D), external knowledge acquisition, and R&D contracted with other companies interact in local and foreign-owned enterprises in post-communist economies. A large sample of firm-level data from the Business Environment and Enterprise Performance Survey (BEEPS) across 26 post-communist countries (including European Union (EU) members and non-EU states of ...
Added: December 21, 2022
Popov K., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 5–20
In recent years researchers pay significant attention to Environmental, Social, Governance (ESG) principles as a crucial factor for company’s performance. This paper aims to summarize trends and findings in academic literature devoted to Board of directors as a determinant of ESG performance and non-financial disclosure quality. This paper also summarizes key findings for Board’s moderating ...
Added: December 5, 2022
Fridman A., Вербецкий А. Д., Вопросы экономики 2022 Т. 2022 № 11 С. 73–89
This paper analyses optimal privatization policy in exhaustible resource industry where a public domestic firm is less cost efficient than a private multinational firm. It is shown that the impact of foreign penetration on optimal privatization depends on the cost asymmetry between the public and private firm. If the cost efficiency gap is small, then ...
Added: October 1, 2022
Belousova V., Karminsky A. M., Myachin N. et al., Emerging Markets Finance and Trade 2021 Vol. 57 No. 10 P. 2870–2887
The paper examines how the type of ownership affects the efficiency of Russian banks. Using bank-quarter data for selected banks in the period 2004–2015, we combine stochastic frontier analysis (SFA) methodology with an intermediary approach to assess both profit and cost efficiency scores. Our key findings show that foreign-owned banks are the most profit efficient, ...
Added: July 27, 2021
Lopez Iturriaga F. J., Crisóstomo V. L., Brandão I. d., SSRN Electronic Journal 2019 P. 1–22
This paper analyzes the incentives of large shareholders to implement the corporate governance system that favors their interests within a framework of highly concentrated ownership and poor legal protection for investors. A metric for corporate governance based on the fulfillment of non-mandatory rules of good corporate governance is used. System GMM (Generalized Method of Moments) ...
Added: February 27, 2020
MDPI, 2019.
Sports economics is a relatively new field of research that is experiencing rapid growth in the economics literature. The importance of the sports industry to economies, coupled with the availability of financial and productivity data, have made the study of sports economics a useful avenue for exploring research questions that have eluded mainstream economics fields. ...
Added: February 21, 2020
Makarova V. A., Стратегические решения и риск-менеджмент 2019 № 3 С. 220–227
In this article, the problem of optimizing investments in risk management is considered through the theory of the firm and the problems arising from this theory (the problem of the “principal-agent”, the theory of contracts).
The purpose of this study is the theoretical and empirical evidence of the optimal investment model proposed by the author for ...
Added: November 8, 2019
Spitsin V., Mikhalchuk A., Spitsina L. et al., Journal of International Studies 2018 Vol. 11 No. 3 P. 57–69
This paper analyses the development patterns for the foreign-owned enterprises in countries with an unstable economy. The object of research refers on enterprises in foreign (FO), joint (JO) and Russian (RO) ownership producing cars and auto components in the territory of the Russian Federation. The research is based on the application of method of regression ...
Added: October 7, 2018
Libman A., Dolgopyatova T. G., Yakovlev A. A., Journal of Management Inquiry 2020 Vol. 29 No. 2 P. 188–205
This article investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The literature frequently suggests that in this type of companies, boards have little influence on the corporate decision making. The article conducts a case study of AFK Sistema—a large Russian founder-managed firm with concentrated ownership. We observe that, contrary to the expectations, in this company, the founder provided ...
Added: April 23, 2018
Belousova V., Karminsky A. M., Kozyr I., / Series DP "BOFIT Discussion Papers". 2018. No. 5.
The paper examines how type of ownership affects the profit efficiency of Russian banks. Using bank-quarter data for selected banks in the period 2004–2015, we combine stochastic frontier analysis (SFA) methodology with an intermediary approach to assess profit efficiency. Our key findings show that foreign-owned banks are the most efficient, followed by state-owned banks and ...
Added: February 22, 2018
Anna Bykova, Carlos Maria Jardon, Knowledge Management Research and Practice 2018 Vol. 16 No. 1 P. 144–159
This study uses a combination of multinational enterprises and dynamic capabilities perspectives to illustrate how the involvement of foreign investors is able to contribute to a company’s corporate performance. Using Russian companies as an empirical sample and applying PLS-SEM, we test hypotheses regarding the impact of dynamic capabilities in terms of absorptive, adaptive and communicative ...
Added: January 12, 2018
Anilov A., Journal of Corporate Finance Research 2017 Vol. 14 No. 4 P. 67–86
The topic of payout policy significance in terms of value creation has been developing for 50 years already. This development has led to the establishment classic theories that explain different patterns in the companies’ payout policy choices: signaling, agency costs theory, clientele theory and catering theory. However, tests results are not always consistent among different ...
Added: November 30, 2017
Smirnova A. S., Zavertiaeva M. A., Research in International Business and Finance 2017 No. 42 P. 658–673
This study uses both a functionalist paradigm of social theory and agency theory assumptions to examine whether CEO remuneration is performance sensitive and, vice versa, whether companies that pay their CEOs more perform better. Our analysis is based on the sample of 330 large European firms for the period from 2009 to 2013. The findings ...
Added: September 25, 2017
Gladysheva A. A., Вестник НГУЭУ 2017 № 3 С. 163–182
In this paper there are several main points: the necessity of FDI definition and the interconnection of a term and real subject of interest; problem of data sources and the choice among them are discussed. Methodology of data collection for each indicator should be taken into account because of the variety of data sources: the ...
Added: October 22, 2016
Carlos M. Jardon, Anna Bykova, Journal of Economics and Business 2017 Vol. 93 No. C P. 1–14
Using a unique panel database of more than 1,000 Russian public companies covering the period from 2004 to 2014, this study uses quantile regression techniques to investigate the moderating effects of foreign partners on company performance during the economic recession. The empirical findings are robust and confirm the positive impact of foreign ownership on limiting ...
Added: October 15, 2016
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