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Corporate governance and control in Russian banks
University Library of Munich
,
2008.
No. 10028.
Vernikov A. V.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
Dolgopyatova T. G., / University of Verona: Polo Scientifico Diddattico «Studi sull’ impresa» and Center for International Studies. Series "Serie di Studi Scentifici". 2012. No. 1.
The paper studies recent development in organization and behavior of Russian firms against the background of economic growth, the world crisis and post-crisis recovery. The main focus of the paper is a problem of investment, including foreign direct investment as a key determinant of Russian enterprises restructuring and modernization. In the context special attention was ...
Added: June 28, 2012
Vernikov A. V., / НИУ ВШЭ. Series WP1 "Институциональные проблемы российской экономики". 2007. No. 02.
The Working Paper examines peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank ...
Added: April 2, 2013
Kirdina S., Vernikov A. V., Journal of Economic Issues 2013 Vol. 47 No. 2 P. 475-484
We undertook an institutional anbalysis of commercial banks in Russia. After the failed experiment with private financial intermediation in the 1990s, Russia migrated towards a banking system consisting of three -- rather than two -- tiers and featuring core institutions controlled by the state directly or indirectly. This evolution is consistent with this country's historical ...
Added: May 28, 2013
Vernikov A. V., Journal of Corporate Finance Research 2013 No. 3(27) P. 23-36
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 ...
Added: November 16, 2013
Vernikov A. V., Кирдина С. Г., В кн. : Эволюционная экономика и финансы: инновации, конкуренция, экономический рост. : М. : Институт экономики Российской академии наук, 2010. С. 244-278.
В статье сопоставляются функции банковской системы в Х- и Y-экономиках. Показано, что в редистрибутивной Х-экономике банковская система имеет иное институциональное устройство и действует иная модель формирования банков («top-down» model, а не «bottom-up» model) в сравнении с рыночной Y-экономикой. Выдвигается гипотеза, что в странах, где доминирует Х-экономика, частное банковское дело неизбежно является комплементарным институтом по отношению ...
Added: October 2, 2012
Karminsky A. M., Rybalka A., Шевченко Е. А., Российский журнал менеджмента 2018 Т. 16 № 1 С. 95-108
The successful activities of any commercial organization, in particular the bank, are based on a
clear corporate financial architecture: an effective financial strategy and corporate governance
system (relationship management, board of directors and shareholders). CEO is the main representative
of the bank and a reflection of its success or failure in the market. In this regard
there is a ...
Added: April 3, 2018
Vernikov A. V., Bokov V. A., / UCL SSEES Centre for Comparative Economics. Series "Economics Working Paper". 2008. No. 95.
This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is ...
Added: September 3, 2012
Dulyak Y., Корпоративные финансы 2012 № 1(21) С. 24-32
В статье рассматривается авторский подход к периодизации этапов эволюции совета директоров в российских компаниях. Оценены перспективы и возможности дальнейшего развития этого института. Автор выделяет этапы на основе того, как менялась роль советов в российских компаниях. В результате исследования выделено три этапа эволюции роли совета директоров в России. Кроме этого, продемонстрирована система факторов (институциональная среда, правовое ...
Added: December 26, 2012
Andrei Vernikov, / Высшая школа экономики. Series MAN "Management". 2013. No. WP BRP 12/MAN/2013.
This paper aims to add to the literature on the connection between corporate governance and company valuation. We refer to the case of Russian banks to suggest that this connection cannot be established in a convincing way due to data scarcity. ...
Added: June 6, 2013
Gonchar K. R., Bessonova E., / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2017. No. 161.
We investigate the impact of court conditions on multinational decision on entry, subsidiary size and entry mode across subnational regions in Russia. we apply the literature on heterogeneous frims and the institution-based view of investor behavior, which predict that higher institutional costs raise the size and productivity cut-off of start-up subsidiaries. Our empirical results based ...
Added: April 12, 2017
Vernikov A. V., Деньги и кредит 2009 № 11 С. 4-14
В статье используются эмпирические данные для составления уточненной классификации российских банков с государственным участием. Предлагается количественная оценка доли банков в кредитной системе России с использованием статистических данных на 1 июля 2009 г. Всего удалось выявить 53 банка, контролируемых государством. Государственный сектор в банковской системе не ограничивается лишь собственностью федеральных органов исполнительной власти и Банка России, ...
Added: February 5, 2013
Vernikov A. V., / Институт экономики РАН. Серия "Научные доклады Института экономики РАН". 2014.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: September 26, 2014
Bykova A., Coates D. C., Post-Soviet Affairs 2020 Vol. 36 No. 5-6 P. 395-415
This study investigates whether economic freedom of a region drives firm performance. Despite the large number of papers about the relationship between economic freedom and growth, there is still little evidence on the role of economic freedom in performance of individual firms. We address this gap in the literature using hierarchical linear modelling, allowing us ...
Added: January 29, 2020
Rybalka A., Корпоративные финансы 2017 Т. 11 № 3 С. 79-99
In this paper, we have estimated the probability for default in large construction companies in Russia using the classic
method for this purpose – logistic regression. Our task incorporates testing corporate governance factors and analyzing
the predictive power of the model with regularization (Lasso and Ridge). For the dependent variable, we tested four
definitions of default and then ...
Added: October 17, 2017
Kurakin A. A., Экономическая социология 2014 Т. 15 № 3 С. 149-159
Today it makes little sense to ask a question, why social scholars are interested in China’s economy as far as the answer is obvious. The growth rate of Chinese economy and duration of its growth period are stunning. It is likely that in the nearest future China will outrun USA in terms of GDP and ...
Added: July 24, 2014
Vernikov A. V., / НИУ ВШЭ. Серия WP1 "Институциональные проблемы российской экономики". 2014. № 4.
We use statistical data for the period 2000-2013 to compare the macro-level structure and the core institutions of the banking systems in China and Russia. ...
Added: November 17, 2014
Vernikov A. V., Деньги и кредит 2014 № 11 С. 20-28
На базе статистических данных за 2000-2013 гг. сопоставляется макро-архитектура и институциональные характеристики банковских систем России и Китая, прежде всего состав и структура. ...
Added: February 20, 2015
Vernikov A. V., / Институт экономики РАН. Серия "Научные доклады Института экономики РАН". 2007. № 1.
В докладе делается попытка прикладного институционального анализа банковского сектора России. Автор сопоставляет разгосударствление банков в России, странах Центральной и Восточной Европы и Китае, а также изучает связь между долей частной собственности в банковском секторе и становлением рыночных финансовых институтов. Анализируется институциональный тупик смешанной экономики и различные направления выхода из него. ...
Added: September 3, 2012
Vernikov A. V., / Social Science Research Network. Series "SSRN Working Paper Series". 2013. No. 2223686.
This paper tries to assess some of the effects from industrial policy of growing state-controlled "national champions" in the Russian banking industry. We look at market concentration and competitiveness and average bank efficiency. A modified method of calculating the indicators of market concentration suggests that main segments of the market have crossed the threshold of high ...
Added: February 25, 2013
Vernikov A. V., / IWH - Halle Institute for Economic Research. Series "IWH Discussion Papers". 2011. No. 13.
State-controlled banks are currently at the core of financial intermediation in Russia. This paper aims to assess the magnitude of government banking, and to reveal some of its special features and arrangements. We distinguish between directly and indirectly state-controlled banks and construct a set of bank-level statistical data covering the period between 2000 and 2011. ...
Added: September 3, 2012
Vernikov A. V., Studies on Russian Economic Development 2015 Vol. 26 No. 2 P. 178-187
We look for typological similarity or dissimilarity between the banking systems of China and Russia. In both countries we have identified a multitier and hierarchically organized system of commercial banks headed by several institutions under direct control of the government. These core state-controlled banks combine commercial banking with development banking. The difference between the Chinese ...
Added: March 18, 2015
Leonard C. S., Nazarov Z., Vakulenko E., Economics of Transition and Institutional Change 2016 Vol. 24 No. 3 P. 421-446
This paper assesses the effect of sub-national institutions on the economic performance of Russia's regions (oblasts, republics, krais and okrugs) from 2001 to 2008, a period of rapid economic advancement and recentralization. Approximating sub-national institutions with the RA Expert index of investment risk, we find that a reduction in investment risk by one standard deviation ...
Added: March 29, 2016
Anisimova A. I., Vernikov A. V., Деньги и кредит 2011 № 11 С. 53-62
The paper studies empirically competition on regional markets for banking services in Russia. Bank-level statistics collected in two adjacent Russian regions, namely Bashkortostan and Tatarstan, enabled to compare these markets. Estimation based on Herfindahl-Hirschman index, Lerner index and Panzar-Rosse model suggests that both regional markets are featured by monopolistic competition. Contrary to ex ante expectations, ...
Added: December 12, 2012
Gonchar Ksenia, Bessonova E., Journal of Institutional Economics 2015 Vol. 11 No. 4 P. 847-874
This paper addresses the link between the strong inflow of FDI into Russia in the 2000s and its weak institutions, using plant-level data across subnational regions. The findings imply that investors have responded positively to improve quality of institutions in certain regions, which offered a combination of wealth, skills and good infrastructure. High development levels in ...
Added: February 19, 2015