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The Impact of Corporate Governance on the Performance of Russian Companies

Student: Lystsev Stepan

Supervisor: Nikita Pirogov

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

This paper is the research in the sphere of corporate governance. The main aim of this research is to reveal the influence of the quality of corporate governance on the performance of Russian companies. The object of this research is Russian non-financial publicly traded companies. The subject is the link between the quality of corporate governance in the company and the performance of its activities. The methodology includes two main parts: the construction of the corporate governance index, which consists of a number of special provisions, and the construction of panel regression models, using this index, several financial indicators (as dependent variables) and control variables. In addition, the cross-section analysis is applied. Four hypotheses are built to check that there is the positive relationship between the quality of corporate governance and profitability, firm value, dividend payments and stock returns (excluding dividends). As a result of the main part of analysis, only the positive relation between the quality of corporate governance and firm value is proved. The research consists of several parts: introduction, literature review, methodology of the analysis, results of the research, conclusion, references and appendix.

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