haku: @author Kuznetsov, A. / yhteensä: 11
viite: 4 / 11
| Tekijä: | Kuznetsov, A. Kapelyushnikov, R. Dyomina, N. |
| Otsikko: | Performance of closely held firms in Russia: Evidence from firm-level data |
| Lehti: | European Journal of Finance
2008 : APR/JUN, VOL. 14:3-4, p. 337-358 |
| Asiasana: | corporate governance performance appraisal companies Russia |
| Vapaa asiasana: | ownership structure |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the impact of ownership concentration on firm performance (hereafter as: perf.) in a weak institutional environment. Based on new survey evidence, it is aimed at quantitatively evaluating the perf. of block-holder-controlled firms in Russia. It is also aimed at identifying factors possibly explaining such perf. There is found evidence of negative association btw. the size of the dominant owners' shareholding and perf. parameters e.g. investment, capacity utilization, and profitability. At the same time, control structures with multiple, large shareholders are proved to increase efficiency. Country-specific factors are suggested to play an important role based on the ambiguity of the effects of ownership concentration. |
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