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Ownership concentration, corporate governance development and firm performance in Russian listed companies

Author

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  • Bykova, Anna

    (National Research University Higher School of Economics, Perm, Russian Federation)

  • Molodchik, Mariia

    (National Research University Higher School of Economics, Perm, Russian Federation)

  • Shamilova, Ekaterina

    (National Research University Higher School of Economics, Perm, Russian Federation)

Abstract

This study is devoted to the analysis of ownership concentration as the mechanism of corporate governance and its impact on corporate performance. We estimated the concentration through the Herfindahl–Hirshman Index, whereas corporate performance indicators are measured trough ROA and Tobin’s Q. Based on the data of Russian public companies during 2004–2013 years, we found out that high concentrated companies outperform firms who have distributed shareholders. According to the results ownership concentration could be considered as the instrument compensating drawbacks of the institutional environment on emerging markets.

Suggested Citation

  • Bykova, Anna & Molodchik, Mariia & Shamilova, Ekaterina, 2017. "Ownership concentration, corporate governance development and firm performance in Russian listed companies," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 45, pages 50-74.
    • Handle: RePEc:ris:apltrx:0310
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    More about this item

    Keywords

    ownership structure; Hausman–Taylor estimator; emerging markets; operation and market firm efficiency;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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