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.