Russian business groups: substitutes for missing institutions?
AbstractNumerous 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 InfoPaper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0050.
Length: 16 pages
Date of creation: Dec 2004
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-07-09 (All new papers)
- NEP-CIS-2006-07-09 (Confederation of Independent States)
- NEP-FDG-2006-07-09 (Financial Development & Growth)
- NEP-TRA-2006-07-09 (Transition Economics)
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