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| Tekijä: | Maury, B. Liljeblom, E. |
| Otsikko: | Oligarchs, political regime changes, and firm valuation |
| Lehti: | Economics of transition
2009 : VOL. 17:3, p. 411-438 |
| Asiasana: | valuation russia politics |
| Kieli: | eng |
| Tiivistelmä: | This article investigates the impact of a regime shift on the valuation of politically powerful oligarch firms. The study focuses on the Yeltsin-Putin regime shift in Russia. It is found that the valuations of oligarch-controlled firms are significantly higher under the Putin regime than under the Yeltsin regime after controlling for industry and time effects. The results suggest that the increasing cost of extracting private benefits outweighs the reduction in the value of political connections following the political regime change. The findings indicate that effects driven by the political regime change complement the traditional view that increased ownership concentration improved the performance of Russian oligarch firms. |
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