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Surprises of corporate governance and Russian firms debt

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  • Teplova, Tamara V.
  • Sokolova, Tatiana V.

Abstract

Our paper investigates the effects of corporate governance features on the cost of publicly traded debt in the Russian market after the global financial crisis. We consider a wide range of corporate governance mechanisms and focus our analysis on three elements relevant for emerging capital markets: state-owned bond issuers, auditor power (Big 4 or local firms) and CEO power. As control variables, we consider financial and non-financial indicators of bond issuers, including proxies of intellectual capital and transparency indicators, characteristics of bond issues, structure and size of the Board of Directors. We apply linear and multiplication regressions for unbalanced panel data.

Suggested Citation

  • Teplova, Tamara V. & Sokolova, Tatiana V., 2019. "Surprises of corporate governance and Russian firms debt," Journal of Economics and Business, Elsevier, vol. 102(C), pages 39-56.
    • Handle: RePEc:eee:jebusi:v:102:y:2019:i:c:p:39-56
    DOI: 10.1016/j.jeconbus.2018.10.001
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    1. Richard Arhinful & Leviticus Mensah & Jerry Seth Owusu-Sarfo, 2024. "The impact of corporate governance on debt service obligations: evidence from automobile companies listed on the Tokyo stock exchange," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(4), pages 501-519, December.

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    More about this item

    Keywords

    Audit power; CEO power; Corporate governance; State-Owned firms; Ruble corporate bonds; Cost of debt;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G3 - Financial Economics - - Corporate Finance and Governance
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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