Analysis of the Impact of Ownership Structure on the Value of Russian Public Companies

This paper examines the relationship between the ownership interests of various categories of shareholders and the value of Russian public companies listed on the Moscow Exchange for the period from 2013 to 2019. Special attention is paid to identifying the effects of indirect and direct participation of state owners in the strategic management of companies. In addition, the influence of external and internal blockholders on the assessment of the investment attractiveness of firms is considered separately. The Tobin's Q coefficient is used as the dependent variable. The analysis reveals a significant positive influence of foreign shareholders, external blocking owners and indirect state ownership at 5 and 1% levels of significance, respectively. At the same time, there is a decrease in the value of companies in the presence of institutional shareholders and insiders in the ownership structure. At the end of the paper, some practical recommendations are given for using the findings of the current study.