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| Corporate Financial Architecture and Corporate Governance |
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4. Ownership structure influence over corporate performance. Empirical study of European companies.
Date of begin: 03.02.2009
Aim of the study is to develop a model of corporate performance based on the financial architecture approach
Description: In this study we tested the hypotheses concerning the influence of 4 ownership structure indicators (management ownership, ownership concentration, ownership of investors involved into corporate governance process, government ownership) and 2 corporate governance proxy variables (number of independent directors, size of Board of directors) over corporate performance measured with q-Tobin coefficient. We proposed the original model of corporate performance based on the complex conception of corporate financial architecture.
Status: completed
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4.2 Influence of Russian banks ownership structure over their efficiency. Joint project with Advanced Mathematics Department.
Date of begin: 03.02.2009
Aim of the study is to test the influence of Russian banks’ ownership structure over their frontier efficiency through Banzhaf power index.
Description: In this study we analyzed the relationship between ownership structure and efficiency of commercial banks. Ownership structure was included into the model with Banzhaf power index. Efficiency was measured with the cost frontier efficiency curve. The efficiency model was tested using the sample of 100 largest Russian commercial banks.
Status: completed
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3.1. Corporate governance and corporate efficiency of Russian companies in comparison with the large emerging markets companies of BRIC group and separate Europe countries.
Date of begin: 03.02.2009
Members: Irina Ivashkovskaya, PhD, CFC leader, Evgeniya Zhivotova
Aim of the project:
To estimate the influence of corporate governance quality on corporate efficiency of Russian companies in comparison with BRIC group companies and Europe countries.
Project fulfillment and results received:
1. A sample of Russian companies with IFRS is prepared for econometric analysis for the period 2002-2007.
2. A model is worked out to estimate the influence of corporate governance quality on corporate efficiency of Russian companies measured as economic value added.
3. Literature review is prepared.
4. The model is tested on the sample of the companies.
5. In the model the subcomponents of corporate governance were added in order to reveal more sustainable results of analysis.
6. The following results are received:
6.1. Key result: the strong statistically significant linear relationship is found between corporate governance and corporate efficiency.
6.2. The second order results show additional effects from control variables:
6.2.1. A positive effect on corporate efficiency is found for capital expenditures, operating risk, revenue growth rate.
6.2.2. The inverse relation is found for company size and
7. A report presenting received results is prepared.
7.1. The article is prepared for publication in the journal from VAK list.
Status: literature overview, model discussions, data collection
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Corporate Governance and Corporate Performance. The Network of Excellence Project
Date of begin: 26.06.2006
Members: Irina Ivashkovskaya, PhD, CFC leader, Maria Ponomareva, Irina Smirnova
The studies on the influence of corporate governance over corporate performance can be differentiated by their approaches to CG quality measurers and corporate performance indicators. By first criteria existing papers use single measurer or CG indices. To understand the results of the Board’s activities researchers concentrate on accounting measurers of firm performance (profit, ROA, ROE) and aggregate market-based measurers (market capitalization).
Status: literature overview, model discussions, data collection
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Ownership Structure and Corporate Performance. The Network of Excellence Project
Date of begin: 26.06.2006
The goal of the project is to present a model of the impact of the ownership structure as the element of corporate governance structures on the corporate performance. We are going to build up a classical model and then to verify it using econometric methods on the sample of the quoted companies from East European countries, Russia and CIS. We investigate the possibility of using the same model for developed economies and emerging markets finance.
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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