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Surprises of corporate governance and Russian firms debt

Tamara V. Teplova and Tatiana V. Sokolova

Journal of Economics and Business, 2019, vol. 102, issue C, 39-56

Abstract: Our paper investigates the effects of corporate governance features on the cost of publicly traded debt in the Russian market after the global financial crisis. We consider a wide range of corporate governance mechanisms and focus our analysis on three elements relevant for emerging capital markets: state-owned bond issuers, auditor power (Big 4 or local firms) and CEO power. As control variables, we consider financial and non-financial indicators of bond issuers, including proxies of intellectual capital and transparency indicators, characteristics of bond issues, structure and size of the Board of Directors. We apply linear and multiplication regressions for unbalanced panel data.

Keywords: Audit power; CEO power; Corporate governance; State-Owned firms; Ruble corporate bonds; Cost of debt (search for similar items in EconPapers)
JEL-codes: G12 G3 C12 O34 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1016/j.jeconbus.2018.10.001

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