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The Effect of the Crisis on the Financial Results of the Companies Operating in the Russian Market

Student: Ermolaev Mikhail

Supervisor: Alexander M. Karminsky

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Final Grade: 7

Year of Graduation: 2020

The study examines how ownership type affects he financial results of the companies participating in the Russian market during the crisis of 2014 and following years. The companies are divided into three types: companies owned by the Russian state or having a significant share of state ownership (“state companies”); the private Russian companies; subsidiaries of foreign corporations, acting in the Russian market (“foreign companies”). The study evaluates distinctive feature of the above-mentioned types and the way they affect the companies’ performance during the crisis. For the purpose of the study, the Russian GAAP financial data on 838 companies, acting in the Russian market, for the period of the years 2012 – 2018 was used. The results showed that the state companies were the most stable during the said crisis, while the foreign companies were the least stable.

Full text (added May 31, 2020)

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