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Russian business groups: substitutes for missing institutions?

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  • Andrei Shumilov

    (CEFIR)

  • Natalya Volchkova

    ()
    (New Economic School/CEFIR)

Abstract

Numerous evidence demonstrate that firms affiliated with business groups in emerging markets outperform their independent counterparts. One of the proposed explanations for such a phenomenon is the more advanced groups’ internal markets structure compared to the rest of the economy. In this paper we test the hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups. Our findings indicate that even if the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather doubtful and the access to external financing by firms affiliated with the groups is constrained.

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Bibliographic Info

Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0050.

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Length: 16 pages
Date of creation: Dec 2004
Date of revision:
Handle: RePEc:cfr:cefirw:w0050

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Cited by:
  1. S. Avdasheva., 2007. "Russian Holding Company Groups: New Empirical Evidence," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
  2. Alexeev, Michael & Weber, Shlomo (ed.), 2013. "The Oxford Handbook of the Russian Economy," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199759927, October.
  3. S. Avdasheva, 2007. "Russian Holding Groups: New Empirical Evidence," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 50(5), pages 24-43, September.
  4. Shumilov, Andrei, 2008. "Performance of business groups: Evidence from post-crisis Russia," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 24/2008, Bank of Finland, Institute for Economies in Transition.
  5. Avdasheva, Svetlana & Golikova, Victoria & Sugiura, Fumikazu & Yakovlev, Andrei, 2007. "External Relationship of Russian Corporations," Discussion Paper Series, Institute of Economic Research, Hitotsubashi University b37, Institute of Economic Research, Hitotsubashi University.
  6. L. Ruzhanskaia & S. Luk'ianov, 2011. "Characteristics of the Dividend Policy of Russian Companies and the Interests of Investors," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 54(2), pages 75-92, June.
  7. L. Ruzhanskaya & S. Lukyanov., 2010. "Dividend Policy of Russian Companies and the Investors’ Interests," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.

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