Divestment of Foreign Multinational Companies from Russia

Panibratov, Andrei; Brown, Tashauna; Klishevich, Daria

doi:10.21638/11701/spbu08.2017.402

Cited by 2 publications

(1 citation statement)

References 49 publications

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“…Russian economy is characterised by a significant presence of companies controlled by the state (Abramov et al, 2017). State owned companies represent around 40% of the market value of all publicly listed companies in Russia (Abramov et al, 2017) and contribute to 70% of the total public sector (Panibratov and Klishevich, 2018). Marquis and Qian (2014) claim that in emerging markets state ownership might be associated with an increased risk of financial misreporting as state owned companies are not inclined to adopt strong governance mechanisms.…”

Section: The Moderating Effect Of State Ownershipmentioning

confidence: 99%

CSR disclosure and state ownership: implications for earnings management and market value

Garanina

2023

JAEE

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PurposeThis paper explores the relationship between earnings management and firms' value through the moderating effect of the missing elements – corporate social responsibility (CSR) disclosure and state ownership in Russian companies. The main argument of the paper is that CSR disclosure can be used as a mitigating mechanism to weaken the negative relationship between earnings manipulation and market value. Additionally test whether state ownership is an important moderating factor in this relationship are conducted as state has always played an important role in the emerging Russian market.Design/methodology/approachThe hypotheses are tested on panel data for 223 publicly listed Russian firms for the period 2012–2018. A number of robustness tests are used to check the obtained results for consistency. Following previous research GMM method is employed to address endogeneity concerns.FindingsSupported by stakeholder theory, it is observed that firms that disclosed more CSR information experience a weaker negative relationship between earnings management and market value because investors and other stakeholders positively evaluate a positive CSR image. This negative effect of earnings management on market value is even weaker for state-owned companies as market participants appreciate involvement of state-owned companies in CSR activities and place greater expectations on these firms to be responsible without clear understanding whether these actions are “window dressing” for this type of companies or not.Originality/valueThe study results provide new insights into the relation between earnings management, firm's value, CSR disclosure and state ownership in emerging-market firms. The paper highlight the importance of considering country-specific factors, such as state ownership, while analysing the market reaction on CSR disclosure and earnings management since the institutional peculiarities may help to explain differences in the obtained results.

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Section: The Moderating Effect Of State Ownershipmentioning

confidence: 99%

CSR disclosure and state ownership: implications for earnings management and market value

Garanina

2023

JAEE

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Directions of Introduction of Information Technology the Educational Process at Training of Building Specialists in Higher Education Institutions

Druzhinin

Bratishko

Zhyliakova

2021

MEC

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The educational component of the Concept of Construction Information Modeling in Ukraine (European Union International Technical Assistance Project) does not raise any objections, but requires specification of a number of decisions at the level of the Ministry of Education of Ukraine, universities, specialties and departments. It is propose at the state level to solve the problem of need and development in the labor market of competencies of specialists for the construction industry in terms of technological and managerial innovations. To implement fragments of information modeling in the educational process in modern conditions, in particular in the diploma design of masters of construction, it is propose to solve a number of methodological problems in market conditions during the life cycle of the project. First, a number of software products operating in Ukraine remain detached from the 3D design model. This applies to the organization and management of construction (4D); estimated and contractual pricing (5D); a number of new programs on environmental protection, energy efficiency (6D), maintenance and operation of buildings (7D) and especially the lack of software to determine the economic option of the building for the life cycle (8D). In these conditions, even when preparing applicants for the use of a software product at the 3D level, there are many problems in preparing and defending a thesis project. It is necessary to eliminate various approaches to determining the effectiveness of innovative solutions in methodological developments. The evaluation of innovative solutions should base on variant design - from several technically feasible competing variants of organizational and technical solution should choose the best option, the most economically feasible in these specific conditions for the project life cycle: design, construction and operation of the building. Promising for solving problems in these areas is a scenario approach - the development of a number of indicators for the life cycle of the project, taking into account all factors influencing the project goal, as well as options for measures required to achieve this goal by criteria: volume - quality - deadlines - cost - risks - efficiency.

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Divestment of Foreign Multinational Companies from Russia

Cited by 2 publications

References 49 publications

CSR disclosure and state ownership: implications for earnings management and market value

CSR disclosure and state ownership: implications for earnings management and market value

Directions of Introduction of Information Technology the Educational Process at Training of Building Specialists in Higher Education Institutions

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