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

Family Control Impact on Performance of Russian Companies

Student: Subbotkina Anastasiia

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

This paper investigates whether family involvement has an influence on the firm performance of Russian listed firms over the period 2011 – 2017. A regression model with fixed effects of year and industry evaluates the impact of family control on market and accounting efficiency (Tobin’s Q and ROA), controlling for specific company characteristics. Previous researches display ambiguous findings of family involvement effect. Moreover, due to difficulties in obtaining data, there is a dearth of similar empirical studies in Russia. We conclude that overall family impact does not influence the performance, but in young companies there is a positive effect of family ownership. Furthermore, family CEO significantly improves the performance, while the descendant’s control enhances accounting efficiency. The only negative family effect on market performance is presented by family Chairman, but independent directors may help to reduce the negative influence. So it is recommended to keep families involved in business and an active CEO position is especially important for outperformance.

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