Global Financial Crisis, Corporate Governance, and Firm Survival: The Russian Experience

Ichiro Iwasaki and 一郎 岩﨑

No 37_v2, 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 influence over corporate management are statistically significant factors affecting the survival probability of the surveyed firms. In particular, the board of directors and the audit committee 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)
Pages: 35 pages
Date: 2013-02
Note: This version: Feb, 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/25473/RRC_WP_No37.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hit:rrcwps:37_v2

Access Statistics for this paper

More papers in RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University Contact information at EDIRC.
Bibliographic data for series maintained by Digital Resources Section, Hitotsubashi University Library ().