IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/44239.html
   My bibliography  Save this paper

Бизнес-Группы И Неразвитые Финансовые Институты: Пример России
[Business Groups and Undeveloped Financial Institutions: The Case of Russia]

Author

Listed:
  • Shumilov, Andrei
  • Volchkova, Natalya

Abstract

The hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups is tested. 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

  • Shumilov, Andrei & Volchkova, Natalya, 2004. "Бизнес-Группы И Неразвитые Финансовые Институты: Пример России [Business Groups and Undeveloped Financial Institutions: The Case of Russia]," MPRA Paper 44239, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:44239
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/44239/1/MPRA_paper_44239.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Pankaj Ghemawat & Tarun Khanna, 1998. "The Nature of Diversified Business Groups: A Research Design and Two Case Studies," Journal of Industrial Economics, Wiley Blackwell, vol. 46(1), pages 35-61, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chang-Yang Lee & Ji-Hwan Lee & Ajai S. Gaur, 2017. "Are large business groups conducive to industry innovation? The moderating role of technological appropriability," Asia Pacific Journal of Management, Springer, vol. 34(2), pages 313-337, June.
    2. Chakrabarty, Subrata, 2009. "The influence of national culture and institutional voids on family ownership of large firms: A country level empirical study," Journal of International Management, Elsevier, vol. 15(1), pages 32-45, March.
    3. Raja Kali & Jayati Sarkar, 2005. "Diversification, Propping and Monitoring - Business Groups, Firm Performance and the Indian Economic Transition," Finance Working Papers 22357, East Asian Bureau of Economic Research.
    4. ElBannan, Mona A., 2017. "Stock market liquidity, family ownership, and capital structure choices in an emerging country," Emerging Markets Review, Elsevier, vol. 33(C), pages 201-231.
    5. Chari, Murali D.R. & Dixit, Jaya, 2015. "Business groups and entrepreneurship in developing countries after reforms," Journal of Business Research, Elsevier, vol. 68(6), pages 1359-1366.
    6. Banerjee, Pradip & Dhole, Sandip & Mishra, Sagarika, 2023. "Operating performance during the COVID-19 pandemic: Is there a business group advantage?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    7. Bamiatzi, Vassiliki & Cavusgil, Salih Tamer & Jabbour, Liza & Sinkovics, Rudolf R., 2014. "Does business group affiliation help firms achieve superior performance during industrial downturns? An empirical examination," International Business Review, Elsevier, vol. 23(1), pages 195-211.
    8. Won-Yong Oh & Young Kyun Chang & Gyeonghwan Lee & Jeongil Seo, 2018. "Intragroup Transactions, Corporate Governance, and Corporate Philanthropy in Korean Business Groups," Journal of Business Ethics, Springer, vol. 153(4), pages 1031-1049, December.
    9. Davide Vannoni, 2000. "The diversifield firm: non formal theories versus formal models," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2000(106).
    10. repec:zbw:bofitp:2008_024 is not listed on IDEAS
    11. Chen, Zhongfei & Barros, Carlos Pestana & Borges, Maria Rosa, 2015. "A Bayesian stochastic frontier analysis of Chinese fossil-fuel electricity generation companies," Energy Economics, Elsevier, vol. 48(C), pages 136-144.
    12. Pombo, Carlos & Gutiérrez, Luis H., 2007. "Corporate Governance and Firm Valuation in Colombia," IDB Publications (Working Papers) 1608, Inter-American Development Bank.
    13. Dorra Ellouze & Khadija Mnasri, 2020. "Business group diversification, financial constraints and firm performance: the case of Tunisian group affiliated firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(1), pages 273-301, March.
    14. Jeong-Pyo Choi & Thomas Cowing, 2002. "Diversification, Concentration and Economic Performance: Korean Business Groups," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 21(3), pages 271-282, November.
    15. Raja Kali, 2003. "Business groups, the financial market and modernization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(4), pages 671-696, December.
    16. Lee, Jeoung Yul & MacMillan, Ian C., 2008. "Managerial knowledge-sharing in chaebols and its impact on the performance of their foreign subsidiaries," International Business Review, Elsevier, vol. 17(5), pages 533-545, October.
    17. Cuervo-Cazurra, Alvaro & Rui, Huaichuan, 2017. "Barriers to absorptive capacity in emerging market firms," Journal of World Business, Elsevier, vol. 52(6), pages 727-742.
    18. Sumon Kumar Bhaumik & Andros Gregoriou, 2010. "‘Family’ Ownership, Tunnelling And Earnings Management: A Review Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 705-730, September.
    19. Chinmay Pattnaik & James Chang & Hyun Shin, 2013. "Business groups and corporate transparency in emerging markets: Empirical evidence from India," Asia Pacific Journal of Management, Springer, vol. 30(4), pages 987-1004, December.
    20. Somnath Lahiri & Karthik Dhandapani, 2021. "Project performance in emerging market: The influence of cultural distance and business group affiliation," Asia Pacific Journal of Management, Springer, vol. 38(1), pages 179-207, March.
    21. Biswajit Ghose, 2017. "Impact of Business Group Affiliation on Capital Structure Adjustment Speed: Evidence from Indian Manufacturing Sector," Emerging Economy Studies, International Management Institute, vol. 3(1), pages 54-67, May.

    More about this item

    Keywords

    business groups; Russia; Cash flow sensitivity of cash;
    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
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:44239. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.