Russian business groups: substitutes for missing institutions?

Andrei Shumilov and Natalya Volchkova ()

No w0050, Working Papers from Center for Economic and Financial Research (CEFIR)

Abstract: Numerous evidence demonstrate that firms affiliated with business groups in emerging markets outperform their independent counterparts. One of the proposed explanations for such a phenomenon is the more advanced groups’ internal markets structure compared to the rest of the economy. In this paper we test the hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups. Our findings indicate that even if the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather doubtful and the access to external financing by firms affiliated with the groups is constrained.

Pages: 16 pages
Date: 2004-12
New Economics Papers: this item is included in nep-cis, nep-fdg and nep-tra
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Citations: View citations in EconPapers (14)

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Working Paper: Russian business groups: substitutes for missing institutions? (2004)
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