Григорьева Анна Антоновна
Effects of Shareholder Composition on Firm Performance and Capital Structure
The main objective of my research is to formulate recommendations based on the examination of differences and similarities in the effects of ownership concentration, managerial shareholding, and share of independent directors in the Board on capital structure and firm performance. I use the agency theory and information asymmetry framework to examine two common types of agent conflicts within modern corporations. The first is the shareholder-manager conflict and the second is the conflict between majority and minority shareholders. I assess the effects of the described factors on capital structure and performance of largest listed Russian and British firms to make a comparison between emerging and developed capital markets and extend existing empirical evidence.