Foreign Owners in Russian Companies: the Effect on Firm Performance

Student: Morozova Daria

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Applied Economics and Mathematical Methods (Master)

Final Grade: 8

Year of Graduation: 2017

This paper evaluates the impact of foreign ownership on Russian listed companies using a panel data over the period 2007-2013. Though much scientific studies have examined this issue over the recent years, the results vary according to the level of country economic development as well as to different degrees of regression analysis’ accuracy. Our findings evidence that foreign capital being commonly brought from offshore jurisdictions into the country does not influence the market valuation of companies. At the same time, after controlling for firm and industry characteristics, we observe that foreign ownership may even have an adverse impact on companies’ performance caused by the institutional investment inefficiencies inherent to Russian economy. Keywords: foreign ownership, ownership structure, firm performance, Russia

Full text (added May 17, 2017)

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