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Have firms with better corporate governance fared better during the recent financial crisis in Russia?


  • Farrukh Suvankulov
  • Fatma Ogucu


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.

Suggested Citation

  • Farrukh Suvankulov & Fatma Ogucu, 2012. "Have firms with better corporate governance fared better during the recent financial crisis in Russia?," Applied Economics Letters, Taylor & Francis Journals, vol. 19(8), pages 769-773, May.
  • Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:769-773 DOI: 10.1080/13504851.2011.603685

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    References listed on IDEAS

    1. Crozet, Matthieu & Mayer, Thierry & Mucchielli, Jean-Louis, 2004. "How do firms agglomerate? A study of FDI in France," Regional Science and Urban Economics, Elsevier, vol. 34(1), pages 27-54, January.
    2. Gustavo J. Bobonis & Howard J. Shatz, 2007. "Agglomeration, Adjustment, and State Policies in the Location of Foreign Direct Investment in the United States," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 30-43, February.
    3. Timothy Besley & Robin Burgess, 2004. "Can Labor Regulation Hinder Economic Performance? Evidence from India," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 91-134.
    4. Cheng, Leonard K. & Kwan, Yum K., 2000. "What are the determinants of the location of foreign direct investment? The Chinese experience," Journal of International Economics, Elsevier, vol. 51(2), pages 379-400, August.
    5. Svetlana Ledyaeva, 2009. "Spatial Econometric Analysis of Foreign Direct Investment Determinants in Russian Regions," The World Economy, Wiley Blackwell, vol. 32(4), pages 643-666, April.
    6. repec:spo:wpecon:info:hdl:2441/c8dmi8nm4pdjkuc9g8o118937 is not listed on IDEAS
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    Cited by:

    1. Ichiro Iwasaki, 2015. "Global Financial Crisis, Ownership Change, and Corporate Governance Evolution Firm-Level Evidence from Russia," KIER Working Papers 925, Kyoto University, Institute of Economic Research.
    2. Iwasaki, Ichiro, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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