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Financial architecture and corporate performance: evidence from Russia

Author

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  • Maria Kokoreva

    (National Research University Higher School of Economics. Department of Finance, Corporate Finance Center)

  • Anastasia Stepanova

    (National Research University Higher School of Economics. Department of Finance, Corporate Finance Center)

Abstract

In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is to find out the most efficient and inefficient types of financial architecture in emerging markets. Using a sample of 52 of the largest Russian non-financial companies between 2005-2010 we demonstrate the existence of three sustainable types of financial architecture. Using cluster analysis we form clusters of companies in the pre-crisis period and then demonstrate the relationship between the type of financial architecture and the level of market performance

Suggested Citation

  • Maria Kokoreva & Anastasia Stepanova, 2013. "Financial architecture and corporate performance: evidence from Russia," HSE Working papers WP BRP 21/FE/2013, National Research University Higher School of Economics.
    • Handle: RePEc:hig:wpaper:21/fe/2013
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    Cited by:

    1. V. Nazarova V. & S. Glebov P. & В. Назарова В. & С. Глебов П., 2017. "Оценка Влияния Финансовой Архитектуры На Эффективность Компаний Европейского Ритейла // The Impact Of Financial Architecture On The European Retail Company Performance," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 21(4), pages 100-115.
    2. Muravyev, Alexander, 2017. "Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects," Economic Systems, Elsevier, vol. 41(1), pages 5-25.
    3. Leo Vashkor Dewri, 2022. "A Critical Assessment of Interrelationship Among Corporate Governance, Financial Performance, Refined Economic Value Added to Measure Firm Value and Return on Stock," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(4), pages 2718-2759, December.

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    More about this item

    Keywords

    capital structure; ownership structure; emerging markets; performance;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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