Financial Architecture and Corporate Performance: Evidence from Russia

22 Pages Posted: 26 Oct 2013

See all articles by Maria Kokoreva

Maria Kokoreva

National Research University Higher School of Economics

Anastasia Stepanova

HSE University

Date Written: October 25, 2013

Abstract

In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is to find out the most efficient and inefficient types of financial architecture in emerging markets. Using a sample of 52 of the largest Russian non-financial companies between 2005-2010 we demonstrate the existence of three sustainable types of financial architecture. Using cluster analysis we form clusters of companies in the pre-crisis period and then demonstrate the relationship between the type of financial architecture and the level of market performance.

Keywords: capital structure, ownership structure, emerging markets, performance

JEL Classification: G32, G34

Suggested Citation

Kokoreva, Maria and Stepanova, Anastasia N., Financial Architecture and Corporate Performance: Evidence from Russia (October 25, 2013). Higher School of Economics Research Paper No. WP BRP 21/FE/2013, Available at SSRN: https://ssrn.com/abstract=2345214 or http://dx.doi.org/10.2139/ssrn.2345214

Maria Kokoreva

National Research University Higher School of Economics ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

Anastasia N. Stepanova (Contact Author)

HSE University ( email )

Myasnitskaya street, 20
Moscow, Moscow 119017
Russia

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