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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ilia Gerasimov
Financial Architecture and Company Risk: Evidence from Russia
Strategic Corporate Finance
(Master’s programme)
2017
In this research, we explored the influence of financial architecture on company risk. We analyzed around 150 Russian public companies for 2015 year and found out that ownership concentration and firm growth influence company risk negatively: major investors do not want to impose additional riskiness to companies, and companies improving financial ratios have more stable positions on the market. We did not find significant influence of average age of directors included in board of directors, but concluded that variance of their age impacts company risk positively. This result makes contribution in existing literature stating that actually it does not matter how old directors on the board are, the most important (in terms of risk reducing) is that they should be of the same age. During the research, we used regression and cluster analysis, which allowed us to make conclusion about state ownership: from one hand cluster with companies, mostly influenced by government, have the lowest average risk, and from the other hand companies from this cluster lose significance of other determinants in regression analysis.

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