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| Valuation and Value Creation: Emerging Markets versus Developed Economies. |
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Project 1. Capital Structure Choice of Russian Companies
Date of begin: 20.01.2009
Members: Irina Ivashkovskaya, PhD, CFC leader, Maria Solntseva (Kokoreva), Natalya Simakina
Project objectives:
1. Capital structure determinants derivation for Russian large companies in comparison with other companies of emerging markets (BRIC and Eastern Europe).
2. Trade-Off and Pecking Order hypotheses testing on emerging capital markets data, especially on the data of Russian medium size companies
3. Agency concept testing on the data of BRIC companies
4. Dynamic analysis of capital structure of Russian large companies
5. The influence of global financial crisis on the changes in capital structure of Russian large companies
Project schedule and responsibilities:
October 2009
• Results summarizing of the project steps conducted in May-September 2009
• Project development steps identification for the October 2009 – July 2010 period
Status: literatura overview, panel data, pilot testing
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Project 5.1.1. The evaluation of the Client Capital subcomponents: an empirical study of the Value creation process of large companies (Russia and other BRIC countries).
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko, Yuriy Mayorov, Irina Chikomasova
Project Description:
The objective of this investigation is to analyze the contribution of Client capital subcomponents to the process of the Company Value creation, using the large Russian and other BRIC companies’ data.
The first part of the research includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.1.2. The evaluation of the Network Capital subcomponents: an empirical study of the Value creation process of large companies (Russia and other BRIC countries).
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko
Project Description:
The main objective of the research is to analyze the contribution of Network capital subcomponents to the process of the Company Value creation, using the large Russian and other BRIC companies’ data.
The first part of the research includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.1.3. The evaluation of the Human Capital subcomponents: an empirical study of the Value creation process of large companies (Russia and other BRIC countries).
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko
Assistants: Naymark Boris, Nikonov Pavel
Project Description:
The main objective of the research is to analyze the contribution of Human capital subcomponents to the process of the Company Value creation on the basis the large Russian and other BRIC companies’ data.
The first part of the analysis includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.2.1. The research of Intellectual capital impact on corporate financial decision.
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko
Assistants: Nikishina Elena
Project Description:
The main objective of the research is to analyze Intellectual capital (IC) impact on corporate financial decisions of the Company, its Value and internal efficiency. The results of the Research will help to define the factors of IC for the purpose of the Company sustainable development, and also to define possible adjustments, which can be made when calculating the Firm Value (considering the components of IC).
The first part of the analysis includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.2.2. The valuation of the reinvestment rate influence on the innovation capital. The Dividend policy choice (Russia and other BRIC countries).
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko
Assistants: Fastovec Victoria, Grosheva Anna
Project Description:
The main objective of the research is to analyze the influence of the Dividend policy on the future development of the Company in terms of evaluating the ability of the Company to reinvest the innovation capital.
The first part of the analysis includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: analysis of Russian large companies Capital Structure choice is accomplished, the article describing the results of the study is under editing
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Project 5.2.3. The research of the efficiency of strategic changes of Severstal-Avto Holding (Sollers).
Date of begin: 03.03.2009
Members: Elvina Bayburina, Tatiana Golovko
Assistants: Viktoria Fastovec, Shahanov Sergey
Project Description:
The objective of the research is to analyze the dynamic of Severstal-Avto (Sollers) holding development after the change of the ownership structure in 2002. The core idea of the research is to evaluate the company’s IC change throughout the period.
The first part of the analysis includes the investigation of the public information and Occurrences Variables, the second part includes the analysis of the “inside” information.
Preliminary reporting date: May 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.2.4. Before crisis and crisis Brand Assets Valuation: an empirical study of the large Russian companies
Date of begin: 03.02.2009
Members: Elvina Bayburina, Tatiana Golovko, Denis Levkin
Project Description:
The objective of this investigation is to analyze the existing methods of Brand valuation. We consider the brand of the Firm through the valuation of the competitive advantage before crisis and after crisis as the survival base, to assess drivers, which can create or can destroy the Firm value.
The first part of the analysis includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis of the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.2.5. Intangible assets valuation under the crisis conditions: models of real options
Date of begin: 03.02.2009
Members: Elvina Bayburina
Assistants: Shahanov Sergey
Project Description:
The objective of this investigation is to evaluate the Firm intangible assets using the models of real options.
The first part of the analysis includes literature review and models selection, the second part includes an empirical study of the large Russian and other BRIC companies on the basis the large Russian and other BRIC companies’ data.
Preliminary reporting date: April 2009
Project completion date: June 2009
Status: literature overview, model discussions, data collection
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Project 5.2.5 Intellectual capital and its influence on strategic financial decisions of firms.
Date of begin: 03.02.2009
Members: Ekaterina Turina, Ilya Ivaninskiy
Aim: to identify the structural connection between intellectual capital and strategic financial decisions of firms in Russia (the BRIC countries).
Project timing:
February 2009: Scientific articles research and primary research problem identification.
March 2009: Formulation of models for testing, formulation of working hypothesizes, creation of necessary variables list.
April 2009: Data collection, primary testing
May — June 2009: Model correction, additional data collection.
Status: literature overview, model discussions, data collection
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Financial approach to sustainable growth analysis of Russian companies
Date of begin: 03.02.2009
Members: Irina Ivashkovskaya, PhD, CFC leader, Evgeniya Zhivotova
Project description:
The aim of the research is to find out the sustainability of Russian companies’ growth followed from the company’s ability to demonstrate the quality of growth and generate positive economic value added (EVA) for the enduring period . The project continues the concept of growth quality and its contribution to company’s value. The company’s growth is estimated through several financial measures; sales growth, capitalization growth and spread of return on capital employed. On the basis of spread the concept of sustainability growth index (SGI) is explained.
Project fulfillment and results received:
1. A sample of Russian companies with IFRS is prepared for the period 2002-2007.
2. A model of sustainability growth is worked out on the basis of SGI.
3. The model is tested on the sample of the companies.
4. The following results are received:
4.1. The relationship between growth types of Russian companies and their tendency to sustainable growth found in the ability to show a positive spread of return on capital employed.
4.2. An additional analysis of the companies is conducted.
4.3. The results of a research are properly estimated.
4.4. The research is extended to the analysis of companies’ behavior in the period of financial crises in 2008.
5. The results description is prepared for publication.
Status: literature overview, model discussions, data collection
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The classification of sustainably growing companies
Date of begin: 03.02.2009
Members: Nikita Pirogov, Evgeniya Zhivotova
Project description:
The research aim is to find the groups of sustainably growing companies characterized by different financial variables that influence the sustainable growth path.
Project fulfillment and results received:
1. A sample of Russian companies from all the industries is prepared for the period 2001-2007.
2. The companies are classified according to discriminant analysis method of multivariate analysis.
3. The financial companies’ characteristics that influence the type of sustainable growth are defined.
4. The research results are presented at the Third annual conference “Modern approaches to research and modeling in economics, finance and business” held in Saint-Petersburg on April, 2009.
Status: literature overview, model discussions, data collection
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Economic Profit Creation of Russian companies
Date of begin: 26.06.2006
Members: Irina Ivashkovskaya, PhD, CFC leader, Irina Smirnova
A variety of studies has appeared in response to the need for value based performance measurement during the last two decades. These research papers are devoted to the empirical testing of economic value added (EVA) in comparison with other conventional accounting measures. Although the geography of the studies is covering more and more emerging markets – Brazil (Medeiros), Portugal (Peixoto), India (Ramana), Australia (West & Worthington (2004)) – economic value valuation hypothesis still hasn’t been tested on the CIS and Russian data.
Status: panel data creation, derivation of the standardized EVA, economic profit adjustments
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Sustainable Growth and Value Creation
Date of begin: 26.06.2006
Members: Irina Ivashkovskaya, PhD, CFC leader, Nikita Pirogov, Ekaterina Tchekmaeva
In this project we develop a hypothesis that companies with long term sustainable capitalization growth should show sustainable growth in operating performance. It will allow us to differentiate the companies based on their characteristics of long term sustainable value growth.
We would also check whether qualitative corporate governance practices help company to achieve the goal of sustainable value growth.
Status: panel data collecting, research model development
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The Role of Intellectual Capital in Value Creation: the Case of Russian Companies. Development of new specified valuation and value based management tools. The Network of Excellence Project
Date of begin: 26.06.2006
Members: Irina Ivashkovskaya, PhD, CFC leader, Elvina Bayburina
The aim of this project is to investigate major concepts of intellectual capital valuation to develop valuation model for emerging market environment.
We are going to contribute to the conceptual framework by developing the valuation approach from the residual income capitalization and stakeholders’ value standpoint. Empirical part of the research is based on specific variables – Occurrences for IC – which we consider the necessary components of IC creation.
Status: analysis of Russian large companies Capital Structure choice is accomplished, the article describing the results of the study is under editing
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Multiples valuation in Emerging markets: the analysis of factors influencing the multiples values
Date of begin: 26.06.2006
Members: Irina Ivashkovskaya, PhD, CFC leader, Ivan Kuznetsov, Alexander Parkhomenko
The aim of this project is to identify and to reveal the main factors affecting the market multiples values to be used in valuation in emerging markets. A number of examples suggest that comparative market valuation methodology derived from developed market’s peers should be properly adjusted to emerging markets finance. However, the significance, magnitude and relevance of the emerging finance effects over the market multiples valuation are weakly understood.
Status: literature overview, model discussions, data collection, preliminary testing
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Corporate diversification analysis
Date of begin: 01.02.2007
Members: Irina Ivashkovskaya, PhD, CFC leader, Svetlana Shamraeva
The orthodox economic theory investigates firms that are homogeneous producers of single products. However, nowadays the diversified companies, which operate in different business segments, are of great research interest. Businesses with multiple lines with customized Value-based management approach tend to be the dominant feature of the most Emerging markets landscape.
Generally, the aim of our research is to examine the diversification strategy value of Russian companies. Our motivation to analyze Russian companies is based mainly on insufficiency of empirical studies, so we want to fulfill this gap and to enrich the tools of Emerging markets research.
Status: literature overview, model discussions, data collection
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Maillist subscribtion
04-03-2010
Bayburina E.R., Golovko T.V., Nikishina E. and Fastovets V.L. are going to present their reports on international conferences: Istanbul (Turkey) and Ineag-Kokkari (Samos, Greece).
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31-01-2010
The international workshop will be in Moscow.
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