Authors: Kokoreva Maria Sergeevna - assistant professor, lecturer, HSE Higher School of Economics, deputy head of the school of finance, researcher of the scientific and educational laboratory of corporate finance, director of the joint educational program for the preparation of bachelors in the direction of "Economics" USU and HSE. E-mail: maria_kokoreva@mail.ru.
Anastasia N. Stepanova National Research University The Higher School of Economics, anstepanova@hse.ru
In this paper we study the performance effects of capital structure, ownership structure choices and corporate governance mechanisms of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing cluster analysis of financial architecture and market performance of Russian companies. Our idea is to find out the efficient and inefficient types of financial architecture in emerging markets. On the sample of 50+ largest Russian nonfinancial companies within the period of 2005-2010 years we demonstrate the existence of three sustainable types of financial architecture in Russia. Using cluster analysis we form the cluster of companies in pre-crisis period and then demonstrate the relationship between the financial architecture type and the level of corporate market performance.
Авторы: Ирина Васильевна Ивашковская НИУ ВШЭ iivashkovskaja@hse.ru
Анастасия Николаевна Степанова НИУ ВШЭ
Наталья Елисеева НИУ ВШЭ
In this research the analysis of the impact of corporate financial architecture on company’s performance is conducted for a sample of large Russian companies. We focus on sustainable growth identified thru the application of intrinsic value change criteria. We employ integrated approach to understand the determinants of the sustainable growth based on key structural characteristics of a company. The financial architecture is represented by ownership structure (managerial ownership, foreign ownership and ownership concentration), corporate governance (the structure of the board of directors and internal control) and capital structure. We examine the difference in characteristics of growth sustainability of Russian companies representing three different types of financial architecture of more than 50 large Russian firms. Our results indicate that corporate financial architecture has a significant impact on the sustainable corporate growth in the Russian market. More importantly, we show that the nature of the influence depends on the type of financial architecture.
Who Conquered Spain?The Role of the Berbers in the Conquest of the Iberian Peninsula "For a century, Arabs' tribes gave Islam the first of these victories.Then the rough mountain peoples of North Africa, the Berbers, helped it to conquer Spain…" (Braudel 1995: 54
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