• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Sofia Kisliakova
Analysis of Risk Tolerance of the Systemically Important Russian Companies
Economics
(Bachelor’s programme)
7
2018
The current position of our country in the global economy and the recent financial crisis have shown the need for a comprehensive study of the practice of risk management in companies. In the phase of economic crises, the risk of insolvency of the company is most acute and may provoke the collapse of the country's largest enterprises. In Russia, the issues of the governmental support for large companies are regulated by the List of the systemically important enterprises. This creates the notion that that such “too big-to-fail” policies distort the risk incentives of such firms. This means that crisis and risk management in companies are often ineffective and firm may take excessive risks. Thereby, this paper investigates the link between the firm size, governmental support and risk-taking among Russian enterprises during the period of 2013—2017 and make three conclusios. First, size is positively correlated with risk-taking measures even when controlling for other firm characteristics. Second, the level of the company's insolvency risk depends on the motivation of a member of the Board of Directors. Respectively, in all estimated specifications, governance variable, measured as the median director ruble stockholding, has a substantial impact on reducing firms’ risk-taking. Third, companies with the status of systemically important, tend to take more risk. These findings suggest the need to expand counterclaims to enterprises and their shareholders for financial recovery in case of governmental support and guarantees.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses