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  • Study of Corporate Financial Solutions in Russian and Other Developing Capital Market Countries in the Context of Global Transformation of Capital Markets and Developing Innovation Economies

Study of Corporate Financial Solutions in Russian and Other Developing Capital Market Countries in the Context of Global Transformation of Capital Markets and Developing Innovation Economies

2011
The project has been carried out as part of the HSE Program of Fundamental Studies.

The aim of the study conducted by Corporate Finance Center in 2011 was the identification of key and specific characteristics of the financial decisions of Russian companies in building their financial architecture and its impact on the efficiency of companies compared the largest emerging capital markets (BRIC countries), and European companies in the transition to an innovation economy and the transformation of financial markets.

The object of the study includes the sample of large companies from emerging capital markets of the BRIC countries (Brazil, Russia, India and China) and Eastern Europe. The subject of the study is the complex of corporate financial decisions.

Samples of large companies from BRIC and Eastern Europe for the research were collected from the Bloomberg database, Bureau Van Dyke (Ruslana, Amadeus, Zephyr), the official websites of companies and websites of stock exchanges, Arbitration Court of Russia.

The research was conducted with the collaboration of international colleagues (Felicio Jose Augusto, Ricardo Rodrigues) from ISEG, School of Economics and Management, Lisbon, Portugal (www.iseg.utl.pt).

The study revealed the following results. Capital structure choice in emerging markets can be explained by dynamic trade-off theory in the presence of positive adjustment costs, which depend on economic growth, inflation, development of the national stock market. Dividend policy in the BRIC countries can be described by Lintner model. Corporate governance analysis of the strategic role of boards of directors on strategic effectiveness of companies revealed that the proportion of independent directors on the board, as well as the share of equity in the hands of foreign investors, have a negative impact on the fundamental value of commercial banks in emerging markets. Analysis of the impact of financial architecture on the efficiency and strategic effectiveness of Russian companies found that modeling of Russian companies’ performance could be conducted with the assumption of exogenous ownership structure. Analysis of corporate control market has shown that regardless of the type of the acquisition (horizontal, vertical, conglomerate) operating performance of companies (EBITDA / Sales, EBITDA / BV Assets) rises two years after their completion, the main determinants of the efficiency of transactions initiated by companies from the BRIC countries are the size of the acquirer, the financial leverage of the bidder and friendliness of the transaction. Analysis of IPO returns in emerging markets has revealed an increased short-term and long-term underperformance, if a shareholder of the company before placing a venture capital fund. Analysis of bankruptcy probability of Russian companies revealed the following main reasons of bankruptcy: the formation of sub-optimal capital structure, high level of short-term liabilities; inefficient liquidity management of the enterprise; reduction of return on assets, decreased turnover of short-term assets.

The research results were presented and discussed in20 reports in Russian and international conferences and published or accepted for publication in the 23 articles in national and international scientific journals.
The results obtained in the framework of the project can not only improve the learning process of HSE, but could be also used  in a preparation of a textbook on "Corporate Finance: Theory and Russian Case," to be published in 2012. 

The results obtained could be applied in the management of Russian companies by the comprehensive usage of the revealed relationships in the financial decisions and key characteristics of firms.

Publications:


Ивашковская И. В., Кокорева М. С. Эмпирический анализ структуры капитала российских компаний среднего размера // В кн.: XI международная научная конференция по проблемам развития экономики и общества: В 3 кн. Кн. 3 / Отв. ред.: Е. Г. Ясин. Кн. 3. М. : Издательский дом НИУ ВШЭ, 2011. С. 510-519.
Кокорева М. С. Детерминанты структуры капитала на развивающихся рынках // В кн.: Корпоративные финансовые решения. Эмпирический анализ российских компаний (корпоративные финансовые решения на развивающихся рынках капитала) / Науч. ред.: И. В. Ивашковская. М. : ИНФРА-М, 2011. С. 5-33.
Григорьева С. А. Эффективность стратегий диверсификации компаний на развивающихся рынках капитала // В кн.: Корпоративные финансовые решения. Эмпирический анализ российских компаний (корпоративные финансовые решения на развивающихся рынках капитала) / Науч. ред.: И. В. Ивашковская. М. : ИНФРА-М, 2011. Гл. 5. С. 80-112.
Ивашковская И. В., Степанова А. Н. Корпоративная финансовая архитектура и стратегическая эффективность компании: сравнительный анализ компаний России, Восточной и Западной Европы // В кн.: Корпоративные финансовые решения. Эмпирический анализ российских компаний (корпоративные финансовые решения на развивающихся рынках капитала) / Науч. ред.: И. В. Ивашковская. М. : ИНФРА-М, 2011. Гл. 7. С. 142-153.
Степанова А. Н., Кукина Е. Б., Ивашковская И. В. Влияние корпоративной финансовой архитектуры компании на стратегическую эффективность // В кн.: Новые тенденции в развитии российской модели корпоративного управления: посткризисные уроки и выводы. Екатеринбург : Уральский Государственный экономический университет, 2011. С. 85-98.
Ивашковская И. В., Кокорева М. С. Эмпирический анализ структуры капитала российских компаний среднего размера С. 510-519.
Grigorieva S., Ivashkovskaya I. The Impact of Mergers and Acquisitions on Company Performance: Evidence from Emerging Capital Markets of Europe, in: Proceedings of the 19th Annual Conference on Marketing and Business Strategies for Central and Eastern Europe. , 2011. P. 159-172.
Ivashkovskaya I., Kokoreva M. S., Kadurov A. A. Capital Structure Policy in Central Europe and BRIC: Interaction of Internal Determinants and Macroeconomic Factors, in: Proceedings of the 19th Annual Conference on Marketing and Business Strategies for Central and Eastern Europe. , 2011. P. 173-192.
Ивашковская И. В., Кукина Е. Б., Степанова А. Н. Влияние корпоративной финансовой архитектуры на экономическую прибыль: эмпирическое исследование российских компаний в кризисный и предкризисный период // В кн.: XII Международная научная конференция по проблемам развития экономики и общества. В четырех книгах. Книга 4. / Отв. ред.: Е. Г. Ясин. Кн. 4. М. : Издательский дом НИУ ВШЭ, 2012. С. 39-48.
Степанова А. Н. Финансовая архитектура компаний на развивающихся рынках капитала // В кн.: Корпоративные финансовые решения. Эмпирический анализ российских компаний (корпоративные финансовые решения на развивающихся рынках капитала) / Науч. ред.: И. В. Ивашковская. М. : ИНФРА-М, 2011. Гл. 6. С. 113-140.
Степанова А. Н., Иванцова О. М. Корпоративное управление: направление дискуссий // Корпоративные финансы. 2011. Т. 4. № 20. С. 122-132.