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Financial architecture and corporate performance: evidence from Russia

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Author Info

  • Maria Kokoreva

    ()
    (National Research University Higher School of Economics. Department of Finance, Corporate Finance Center)

  • Anastasia Stepanova

    ()
    (National Research University Higher School of Economics. Department of Finance, Corporate Finance Center)

Abstract

In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is to find out the most efficient and inefficient types of financial architecture in emerging markets. Using a sample of 52 of the largest Russian non-financial companies between 2005-2010 we demonstrate the existence of three sustainable types of financial architecture. Using cluster analysis we form clusters of companies in the pre-crisis period and then demonstrate the relationship between the type of financial architecture and the level of market performance

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Bibliographic Info

Paper provided by National Research University Higher School of Economics in its series HSE Working papers with number WP BRP 21/FE/2013.

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Length: 22 pages
Date of creation: 2013
Date of revision:
Publication status: Published in WP BRP Series: Financial Economics / FE, October 2013, pages 1-22
Handle: RePEc:hig:wpaper:21/fe/2013

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Keywords: capital structure; ownership structure; emerging markets; performance;

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