Global Financial Crisis, Corporate Governance, and Firm Survival: The Case of Russia

Ichiro Iwasaki, 一郎 岩﨑 and イチロウ イワサキ

No 37, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: Using a unique dataset obtained from large-scale panel enterprise surveys conducted in 2005 and 2009, we clarify the survival status of Russian industrial firms before and after the global financial crisis and empirically examine the determinants of firm survival. The estimation of the Cox proportional hazard model provided evidence that the independence of company’s governance bodies, their human resource abundance, and assertiveness in corporate management are statistically significant factors affecting the survival probability of the surveyed firms. In particular, the board of directors and the board of auditors are likely to play a vital role in reducing the potential exit risk. We also found that there is a significant difference in the viewpoints of economic logic for firm survival held by independent firms and group companies

Keywords: global financial crisis; firm survival; corporate governance; business group; Russia (search for similar items in EconPapers)
JEL-codes: D22 G01 G33 G34 P34 (search for similar items in EconPapers)
Date: 2012-07
New Economics Papers: this item is included in nep-cis, nep-ent, nep-rmg and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:37

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