Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience
AbstractUsing a unique dataset obtained from large-scale panel enterprise surveys conducted in 2005 and 2009, we clarify the survival status of Russian industrial firms before and after the global financial crisis and empirically examine the determinants of firm survival. The estimation of the Cox proportional hazard model provided evidence that the independence of company’s governance bodies, their human resource abundance, and influence over corporate management are statistically significant factors affecting the survival probability of the surveyed firms. In particular, the board of directors and the audit committee are likely to play a vital role in reducing the potential exit risk. We also found that there is a significant difference in the viewpoints of economic logic for firm survival held by independent firms and group companies.
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Bibliographic InfoPaper provided by Russian Research Center, Institute of Economic Research, Hitotsubashi University in its series RRC Working Paper Series with number 37.
Length: 35,  p.
Date of creation: Feb 2013
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Note: This version: Feb, 2013
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global financial crisis; firm survival; corporate governance; business group; Russia;
Find related papers by JEL classification:
- D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
- G01 - Financial Economics - - General - - - Financial Crises
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-23 (All new papers)
- NEP-CIS-2012-07-23 (Confederation of Independent States)
- NEP-ENT-2012-07-23 (Entrepreneurship)
- NEP-RMG-2012-07-23 (Risk Management)
- NEP-TRA-2012-07-23 (Transition Economics)
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