Exchange-Based and Regulatory Mechanisms for Supporting Corporate Shareholder Value Strategies: International Experience and Russian Practice

Alexey L. Rozhkovskiy ()
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Alexey L. Rozhkovskiy: PJSC “SFI”, Moscow, Russian Federation

Finansovyj žhurnal — Financial Journal, 2026, issue 1, 95-112

Abstract: Introduction. Strengthening shareholder value has become a central direction in corporate governance and market attractiveness. In 2025, the Moscow Exchange and the Bank of Russia launched the MOEX Value Building Index (MVBI). This study examines the theoretical and applied foundations of MVBI in the context of international experience and evaluates the Bank of Russia’s regulatory approaches to developing value-creation strategies for public companies. Methods. The research employs normative-comparative analysis of regulations and empirical studies, a descriptive event-study (windows [−5; +20], [−1; +3]), and index normalization using daily data for July 22 – October 31, 2025. The empirical base includes market data and documents of the Moscow Exchange, the Bank of Russia, and comparable stock market indices, including the JPX-Nikkei 400 (Japan), IGC (Brazil), and BIST Corporate Governance Index (Turkey), together with relevant foreign empirical evidence. Results. MVBI follows international practice and, during its initial phase (July–October 2025), showed moderate relative resilience to the market downturn: the normalized change in MVBI ≈ −8.9% versus −10.7% for IMOEX. For the initial cohort of six issuers included in the index at the time of its first formation, the event-study analysis reveals a positive cumulative mean abnormal return (CMAR) over the [+1; +20] window, amounting to approximately +2.6 percentage points. Discussion. The main transmission channels are informational, behavioral-reputational, and cost-ofcapital. The existing framework underrepresents internal KPIs and ESG factors. Enhancements are proposed through integrating ROIC/EVA-based indicators, sector-relevant ESG metrics, and formal alignment between KPIs and executive incentives. Conclusion. MVBI and the Bank of Russia’s methodological guidance have considerable potential to shape corporate practices toward sustainable shareholder-value growth. However, the limited observation window precludes statistical inference; further empirical testing — such as panel regressions on valuation multiples and risk premia — is required to substantiate the observed descriptive effects.

Keywords: shareholder value; stock indices; corporate governance; total shareholder return (TSR); value creation strategy (search for similar items in EconPapers)
JEL-codes: G30 G34 M21 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:260106:p:95-112

DOI: 10.31107/2075-1990-2026-1-95-112

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