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Ownership concentration, corporate governance development and firm performance in Russian listed companies

Anna Bykova (), Mariya Molodchik () and Ekaterina Shamilova ()
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Ekaterina Shamilova: National Research University Higher School of Economics, Perm, Russian Federation

Applied Econometrics, 2017, vol. 45, 50-74

Abstract: This study is devoted to the analysis of ownership concentration as the mechanism of corporate governance and its impact on corporate performance. We estimated the concentration through the Herfindahl–Hirshman Index, whereas corporate performance indicators are measured trough ROA and Tobin’s Q. Based on the data of Russian public companies during 2004–2013 years, we found out that high concentrated companies outperform firms who have distributed shareholders. According to the results ownership concentration could be considered as the instrument compensating drawbacks of the institutional environment on emerging markets.

Keywords: ownership structure; Hausman–Taylor estimator; emerging markets; operation and market firm efficiency (search for similar items in EconPapers)
JEL-codes: D22 G32 (search for similar items in EconPapers)
Date: 2017
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