Have firms with better corporate governance fared better during the recent financial crisis in Russia?
We assess whether during the recent (2008--2009) financial crisis in Russia firms with better corporate governance have experienced a milder decline in stock prices and market value as well as lower stock price volatility. Using a structural break analysis, Ordinary Least Squares (OLS) and Instrumental Variable (IV) techniques, we find that firms that had better corporate governance prior to the crisis suffered a smaller decline in both stock prices and market value. We report no evidence of statistically significant relationship between corporate governance and volatility of stock prices.
Volume (Year): 19 (2012)
Issue (Month): 8 (May)
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