The Births, Lives, and Deaths of Corporations in Late Imperial Russia

Gregg, Amanda; Nafziger, Steven

doi:10.2139/ssrn.3760595

SSRN Journal

2021

DOI: 10.2139/ssrn.3760595

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The Births, Lives, and Deaths of Corporations in Late Imperial Russia

Amanda Gregg

Steven Nafziger

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Cited by 6 publications

References 49 publications

(82 reference statements)

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The Impact of Business Cycle Conditions on Firm Dynamics and Composition

Artunç¹

2023

J. Econ. Hist.

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This paper estimates the causal impact of short-term aggregate fluctuations in Egypt, 1911–48, using global cotton price shocks. Firm entry was procyclical, and exit was acyclical. There were persistent differences between cohorts over the cycle; expansionary cohorts were of lower quality. The evidence supports models of firm entry with ex-ante heterogeneity. The findings highlight the extensive margin of entry as the primary adjustment mechanism. As a result, recessions had a strong “isolation” effect. This nature of firm entry amplified and propagated temporary price shocks.

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The Impact of Business Cycle Conditions on Firm Dynamics and Composition

Artunç¹

2023

J. Econ. Hist.

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Financing industrial corporations in a developing economy: panel evidence from Imperial Russia

Gregg

Nafziger

2023

Financial History Review

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This article explores the financing of early industrial corporations using newly constructed panel data from Imperial Russian balance sheets. We document how corporate capital structures and dividend payout policies reflected internal agency issues, information asymmetries with external investors, life cycle considerations, and other frictions present in the Russian context. In particular, we find that widely held, listed and more profitable corporations were less reliant on debt financing. Asset tangibility was associated with lower debt levels, suggesting that Russian corporate debt was short-term, collateral was largely irrelevant, or agency problems dominated. Finally, we find that many of these same issues, for example ownership structure and access to securities markets, also mattered for financial performance and that dividends may have compensated investors for poor legal protections.

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Comparative labour productivity in British and Russian manufacturing, circa 1908

Lychakov

Saprykin

Vanteeva

2022

Economic History of Developing Regions

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The Births, Lives, and Deaths of Corporations in Late Imperial Russia

Cited by 6 publications

References 49 publications

The Impact of Business Cycle Conditions on Firm Dynamics and Composition

The Impact of Business Cycle Conditions on Firm Dynamics and Composition

Financing industrial corporations in a developing economy: panel evidence from Imperial Russia

Comparative labour productivity in British and Russian manufacturing, circa 1908

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