Financial Architecture of Companies - Value Creators

This study is devoted to the structural characteristics of the firms-value creators: capital structure, ownership structure, corporate governance structure, which together, according to S. Myers, make up the corporate financial architecture. We propose an original methodology for studying how company's corporate financial architecture characteristics influences value creation. We divided the firm's value into three components: capital, the present value of current economic profit, the future growth value, which allowed to discover significant differences in such influence and increased the applicability of obtained results. As a result of the study, we confirm the significant impact of all elements of corporate financial architecture on all aspects of value creation: current value creation, future growth value, as well as the overall measure. Based on the obtained results we were able to formulate a portrait of the financial architecture of the company - value creator on the Russian market. Integrated approach helped to make the results of the study practically applicable for Russian companies, as well as for institutions regulating corporate financial architecture in Russia.