Financial architecture and corporate performance: evidence from Russia

Maria Kokoreva and Anastasia Stepanova ()
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Anastasia Stepanova: National Research University Higher School of Economics. Department of Finance, Corporate Finance Center

HSE Working papers from National Research University Higher School of Economics

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 (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2013
New Economics Papers: this item is included in nep-acc, nep-eff, nep-mac and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published in WP BRP Series: Financial Economics / FE, October 2013, pages 1-22

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Related works:
Journal Article: Financial architecture and corporate performance: evidence from Russia (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:21/fe/2013

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