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Russian business groups: substitutes for missing institutions?

Author

Listed:
  • Andrei Shumilov

    (CEFIR)

  • Natalya Volchkova

    () (New Economic School/CEFIR)

Abstract

Numerous evidence demonstrate that firms affiliated with business groups in emerging markets outperform their independent counterparts. One of the proposed explanations for such a phenomenon is the more advanced groups’ internal markets structure compared to the rest of the economy. In this paper we test the hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups. Our findings indicate that even if the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather doubtful and the access to external financing by firms affiliated with the groups is constrained.

Suggested Citation

  • Andrei Shumilov & Natalya Volchkova, 2004. "Russian business groups: substitutes for missing institutions?," Working Papers w0050, Center for Economic and Financial Research (CEFIR).
  • Handle: RePEc:cfr:cefirw:w0050
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    Cited by:

    1. S. Avdasheva., 2007. "Russian Holding Company Groups: New Empirical Evidence," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    2. Shumilov, Andrei, 2008. "Performance of business groups : evidence from port-crisis Russia," BOFIT Discussion Papers 24/2008, Bank of Finland, Institute for Economies in Transition.
    3. L. Ruzhanskaya & S. Lukyanov., 2010. "Dividend Policy of Russian Companies and the Investors’ Interests," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.
    4. Антипина Екатерина Сергеевна, 2010. "Теоретические Основы Формирования Финансово-Промышленных Групп," Izvestiâ Sankt-Peterburgskogo gosudarstvennogo èkonomičeskogo universiteta Известия Санкт-Петербургского государственного экономического университета, CyberLeninka;Федеральное государственное бюджетное образовательное учреждение высшего образования «Санкт-Петербургский государственный экономический университет (СПбГЭУ)», issue 6, pages 73-75.
    5. Ружанская Л. С. & Останин И. В. & Тычинская Т. А. & Щербинина А. А., 2009. "Может Ли Государственное Участие В Собственности И Управлении Повысить Конкурентоспособность И Эффективность Компаний?," Современная конкуренция, CyberLeninka;Общество с ограниченной ответственностью «Синергия ПРЕСС», issue 2, pages 44-63.
    6. Chavarín Rodríguez, Rubén, 2011. "Los grupos económicos en México a partir de una tipología de arquitectura y gobierno corporativos. Una revisión de sus explicaciones teóricas," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(309), pages 193-234, enero-mar.
    7. L. Ruzhanskaia & S. Luk'ianov, 2011. "Characteristics of the Dividend Policy of Russian Companies and the Interests of Investors," Problems of Economic Transition, Taylor & Francis Journals, vol. 54(2), pages 75-92.
    8. Горцева Н. В., 2014. "Особенности Анализа И Планирования Финансового Состояния Предприятий, Входящих В Группы Компаний," Проблемы современной экономики, CyberLeninka;Общество с ограниченной ответственностью «Научно-производственная компания «РОСТ», issue 3 (51), pages 197-199.
    9. Avdasheva, Svetlana & Golikova, Victoria & Sugiura, Fumikazu & Yakovlev, Andrei, 2007. "External Relationship of Russian Corporations," Discussion Paper Series b37, Institute of Economic Research, Hitotsubashi University.
    10. S. Avdasheva, 2007. "Russian Holding Groups: New Empirical Evidence," Problems of Economic Transition, Taylor & Francis Journals, vol. 50(5), pages 24-43.
    11. Alexeev, Michael & Weber, Shlomo (ed.), 2013. "The Oxford Handbook of the Russian Economy," OUP Catalogue, Oxford University Press, number 9780199759927.

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