Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience
Using a unique dataset obtained from large-scale panel enterprise surveys conducted in 2005 and 2009, we clarify the survival status of Russian industrial firms before and after the global financial crisis and empirically examine the determinants of firm survival. The estimation of the Cox proportional hazard model provided evidence that the independence of company’s governance bodies, their human resource abundance, and influence over corporate management are statistically significant factors affecting the survival probability of the surveyed firms. In particular, the board of directors and the audit committee are likely to play a vital role in reducing the potential exit risk. We also found that there is a significant difference in the viewpoints of economic logic for firm survival held by independent firms and group companies.
|Length:||35,  p.|
|Date of creation:||Feb 2013|
|Date of revision:|
|Note:||This version: Feb, 2013|
|Contact details of provider:|| Postal: |
Web page: http://www.ier.hit-u.ac.jp/rrc/Email:
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Santarelli, Enrico & Vivarelli, Marco, 2006.
"Entrepreneurship and the Process of Firms’ Entry, Survival and Growth,"
IZA Discussion Papers
2475, Institute for the Study of Labor (IZA).
- Enrico Santarelli & Marco Vivarelli, 2007. "Entrepreneurship and the process of firms’ entry, survival and growth," Industrial and Corporate Change, Oxford University Press, vol. 16(3), pages 455-488, June.
- Ichiro Iwasaki & John van Reenen & Toby Wolfe, 2011. "Economic transition, firm organisation and internal control: determinants of audit structure in Russian firms," Working Papers 126, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Xiao Mei Li & Linda Yueh, 2011. "Does Incorporation Improve Firm Performance?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 73, pages 753-770, December.
- Richard I. D. Harris & Qian Cher Li, 2010. "Export-Market Dynamics And The Probability Of Firm Closure: Evidence For The United Kingdom," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(2), pages 145-168, 05.
- Elena Cefis & Orietta Marsili, 2005. "A matter of life and death: innovation and firm survival," Industrial and Corporate Change, Oxford University Press, vol. 14(6), pages 1167-1192, December.
- Giorgia Giovannetti & Giorgio Ricchiuti & Margherita Velucchi, 2007.
"Size, Innovation and Internationalization: A Survival Analysis of Italian Firms,"
Working Papers - Economics
wp2007_07, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
- Giorgia Giovannetti & Giorgio Ricchiuti & Margherita Velucchi, 2011. "Size, innovation and internationalization: a survival analysis of Italian firms," Applied Economics, Taylor & Francis Journals, vol. 43(12), pages 1511-1520.
- Renée B. Adams & Daniel Ferreira, 2007. "A Theory of Friendly Boards," Journal of Finance, American Finance Association, vol. 62(1), pages 217-250, 02.
- Harry Broadman, 2000. "Reducing Structural Dominance and Entry Barriers in Russian Industry," Review of Industrial Organization, Springer, vol. 17(2), pages 155-175, September.
- Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
- Iwasaki, Ichiro, 2008.
"The determinants of board composition in a transforming economy: Evidence from Russia,"
Journal of Corporate Finance,
Elsevier, vol. 14(5), pages 532-549, December.
- Iwasaki, Ichiro, 2008. "The Determinants of Board Composition in a Transforming Economy: Evidence from Russia," RRC Working Paper Series 9, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- Sharif, Naubahar & Huang, Can, 2010.
"Innovation strategy, firm survival and relocation: The case of Hong Kong-owned manufacturing in Guangdong province, China,"
MERIT Working Papers
052, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
- Sharif, Naubahar & Huang, Can, 2012. "Innovation strategy, firm survival and relocation: The case of Hong Kong-owned manufacturing in Guangdong Province, China," Research Policy, Elsevier, vol. 41(1), pages 69-78.
- Bharat A. Jain & Omesh Kini, 2000. "Does the Presence of Venture Capitalists Improve the Survival Profile of IPO Firms?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9&10), pages 1139-1183.
- Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 131-150, Winter.
- Serafeim Tsoukas, 2012.
"Firm Survival and Financial Development: Evidence from a Panel of Emerging Asian Economies,"
142012, Hong Kong Institute for Monetary Research.
- Tsoukas, Serafeim, 2011. "Firm survival and financial development: Evidence from a panel of emerging Asian economies," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1736-1752, July.
- Ariane Lambert-Mogiliansky & Konstantin Sonin & Ekaterina Zhuravskaya, 2007.
"Are Russian Commercial Courts Biased? Evidence from a Bankruptcy Law Transplant,"
w0099, Center for Economic and Financial Research (CEFIR).
- Lambert-Mogiliansky, Ariane & Sonin, Konstantin & Zhuravskaya, Ekaterina, 2007. "Are Russian commercial courts biased? Evidence from a bankruptcy law transplant," Journal of Comparative Economics, Elsevier, vol. 35(2), pages 254-277, June.
- Park, Choelsoon & Kim, Seonghoon, 2008. "Corporate governance, regulatory changes, and corporate restructuring in Korea, 1993-2004," Journal of World Business, Elsevier, vol. 43(1), pages 66-84, January.
- Linck, James S. & Netter, Jeffry M. & Yang, Tina, 2008. "The determinants of board structure," Journal of Financial Economics, Elsevier, vol. 87(2), pages 308-328, February.
- Gustavo Rinaldi, 2008. "The disadvantage of entrants: did transition eliminate it? The case of the Russian footwear industry (1992â€“2000)," Empirica, Springer, vol. 35(1), pages 105-128, March.
- Roger Bandick, 2010. "Multinationals and plant survival," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 146(4), pages 609-634, December.
- Jozef Konings & Ana Xavier, 2002. "Firm Growth and Survival in a Transition Country: Micro Evidence from Slovenia," LICOS Discussion Papers 11402, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
- Fukunari Kimura & Takamune Fujii, 2003.
"Globalizing Activities and the Rate of Survival: Panel Data Analysis on Japanese Firms,"
NBER Working Papers
10067, National Bureau of Economic Research, Inc.
- Kimura, Fukunari & Fujii, Takamune, 2003. "Globalizing activities and the rate of survival:: Panel data analysis on Japanese firms," Journal of the Japanese and International Economies, Elsevier, vol. 17(4), pages 538-560, December.
- David Audretsch & Patrick Houweling & A. Thurik, 2000. "Firm Survival in the Netherlands," Review of Industrial Organization, Springer, vol. 16(1), pages 1-11, February.
- Ferragina, Anna & Pittiglio, Rosanna & Reganati, Filippo, 2012. "Multinational status and firm exit in the Italian manufacturing and service sectors," Structural Change and Economic Dynamics, Elsevier, vol. 23(4), pages 363-372.
- Sarah Bridges & Alessandra Guariglia, 2008. "Financial Constraints, Global Engagement, And Firm Survival In The United Kingdom: Evidence From Micro Data," Scottish Journal of Political Economy, Scottish Economic Society, vol. 55(4), pages 444-464, 09.
- Broadman, Harry G., 2000. "Reducing structural dominance and entry barriers in Russian industry," Policy Research Working Paper Series 2330, The World Bank.
- Baysinger, Barry D & Butler, Henry N, 1985. "Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition," Journal of Law, Economics and Organization, Oxford University Press, vol. 1(1), pages 101-24, Spring.
- Miguel ManjÃ³n-AntolÃn & Josep-Maria Arauzo-Carod, 2008. "Firm survival: methods and evidence," Empirica, Springer, vol. 35(1), pages 1-24, March.
- Estrin, Saul & Prevezer, Martha, 2010. "A survey on institutions and new firm entry: How and why do entry rates differ in emerging markets?," Economic Systems, Elsevier, vol. 34(3), pages 289-308, September.
- Igor Filatotchev & Steve Toms, 2003. "Corporate Governance, Strategy and Survival in a Declining Industry: A Study of UK Cotton Textile Companies," Journal of Management Studies, Wiley Blackwell, vol. 40(4), pages 895-920, 06.
- Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, 09.
- He, Lerong, 2008. "Do founders matter? A study of executive compensation, governance structure and firm performance," Journal of Business Venturing, Elsevier, vol. 23(3), pages 257-279, May.
- Lee, Keun & Kim, Ji Youn & Lee, Oonkyu, 2010. "Long-term evolution of the firm value and behavior of business groups: Korean chaebols between weak premium, strong discount, and strong premium," Journal of the Japanese and International Economies, Elsevier, vol. 24(3), pages 412-440, September.
- Silviano Esteve-Pérez & Amparo Sanchis-Llopis & Juan Sanchis-Llopis, 2010. "A competing risks analysis of firms’ exit," Empirical Economics, Springer, vol. 38(2), pages 281-304, April.
- Baker, Malcolm & Gompers, Paul A, 2003. "The Determinants of Board Structure at the Initial Public Offering," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 569-98, October.
- Stefan Bojnec & Ana Xavier, 2004. "Entry and exit in transition economies: the Slovenian manufacturing sector," Post-Communist Economies, Taylor & Francis Journals, vol. 16(2), pages 191-214.
- Marcin Kolasa & Michal Rubaszek & Daria Taglioni, 2010.
"Firms in the great global recession: The role of foreign ownership and financial dependence,"
National Bank of Poland Working Papers
77, National Bank of Poland, Economic Institute.
- Kolasa, Marcin & Rubaszek, Michal & Taglioni, Daria, 2010. "Firms in the great global recession: The role of foreign ownership and financial dependence," Emerging Markets Review, Elsevier, vol. 11(4), pages 341-357, December.
- Fukunari Kimura & Kozo Kiyota, 2006. "Exports, FDI, and Productivity: Dynamic Evidence from Japanese Firms," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 142(4), pages 695-719, December.
- Ichiro Iwasaki, 2013.
"Firm-Level Determinants of Board System Choice: Evidence from Russia,"
Comparative Economic Studies,
Palgrave Macmillan, vol. 55(4), pages 636-671, December.
- Iwasaki, Ichiro, 2013. "Firm-Level Determinants of Board System Choice: Evidence from Russia," RRC Working Paper Series 32, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
- Kevin Dowd, 2009. "Moral Hazard and the Financial Crisis," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 141-166, Winter.
- Perotti, Enrico C. & Gelfer, Stanislav, 2001. "Red barons or robber barons? Governance and investment in Russian financial-industrial groups," European Economic Review, Elsevier, vol. 45(9), pages 1601-1617, October.
- Aidis, Ruta & Adachi, Yuko, 2007. "Russia: Firm entry and survival barriers," Economic Systems, Elsevier, vol. 31(4), pages 391-411, December.
- I. Iwasaki, 2007. "Legal Forms of Joint-Stock Companies and Corporate Behavior in Russia," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 50(5), pages 73-86, September.
- Barbara Roberts & Steve Thompson, 2003. "Entry and Exit in a Transition Economy: The Case of Poland," Review of Industrial Organization, Springer, vol. 22(3), pages 225-243, May.
- Ray Ball, 2009. "Market and Political/Regulatory Perspectives on the Recent Accounting Scandals," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 277-323, 05.
- Katsumi FUJIWARA, 2005. "The Development and Performance of the Bankruptcy System in Contemporary Russia," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 1, pages 59-78, July.
- Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, vol. 48(1), pages 35-54, April.
When requesting a correction, please mention this item's handle: RePEc:hit:rrcwps:37. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Digital Resources Section, Hitotsubashi University Library)The email address of this maintainer does not seem to be valid anymore. Please ask Digital Resources Section, Hitotsubashi University Library to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.