Research Seminar «Empirical Research in Corporate Finance»

28/03/2023 16:00 online Research Seminar «Empirical Research in Corporate Finance»

Gorelaya Natalia, PhD, Associate Professor of the School of Finance

Theme : Study of BaaS Model Influence on the Banks' Indicators: Case of Russia

Abstract : Nowadays global trends in the financial market are mainly formed as part of the strategic interaction between banks and fintech companies, which leads to the creation of a new product and/or the provision of services to customers based on the banking infrastructure. The concept of Open Banking became the basis for the possibility of such interaction: banks are looking for new channels for making a profit, including by developing their own APIs and providing access to them, which is a stimulating factor in the development of models of interaction with other market entities. Since the creation of the PSD2 payment directive in Europe in 2018 and the Open Banking Standard, created by the CMA (Competition and Market Authority) in the UK, open banking has been actively developing in more than 50 countries. As Open Banking evolved, banks began to try new business models to reach new markets, strengthen their current market share positions and build protection from new entrants in the financial market.

The main trend in the development of digital services in banking is their concentration around “strong” areas of the retail banking business: opening accounts, payment solutions (QR codes, electronic wallets, cards), providing mortgage and consumer loans, as well as services that involve paying for goods in installments Buy Now Pay Latter (BNPL) - which have the potential for further growth.

We assessed how the implementation of Baas model affects the financial performance of Russian banks (ROAA, Z-score and the natural logarithm of the volume of funds). We found obtained results indicating that the development of the Russian market in this direction can be assessed as moderate: this is due to regulatory and geopolitical issues.

Working language: Russian

Makeeva Elena, PhD, Associate Professor of the School of Finance

Theme : The Influence of Board Characteristics on ESG performance and Firm Value of Russian Non-financial Companies

Abstract : The paper is aimed to determine effects of board of directors characteristics on corporate value creation, taking into account ESG (Environmental, Social, Governance) principles. Empirical research consists econometric analysis of panel data for 48 Russian non-financial public companies with ESG score provided by Thomson Reuters Eikon in the period from 2015 to 2020. Our results demonstrate non-linear impact of board size on ESG performance, and significant positive impact of board independence on both ESG performance and firm market value; higher board gender diversity leads to higher corporate ESG score and market value, while higher share of foreign directors does not affect significantly these indicators of performance of Russian companies. Board sustainability committee enhances both corporate ESG performance and market value, Board Strategy committee contributes to ESG score’s increase as well. This study contributes to the development of academic literature devoted to corporate governance effects on firm’s performance in the context of growing demand for corporate sustainability.

Working language: Russian

Zoom Link: https://zoom.us/j/95286986177?pwd=WDlhOTJjQ1JwUFFHNzRHOUpUN3N2UT09 

Conference ID: 952 8698 6177

Access Code: 921203