Влияние Применения Внутренних Механизмов Корпоративного Управления На Стоимость Компаний Со Стратегиями Диверсификации И Фокусирования

The purpose of this paper is to identify key indicators of corporate governance that affect the market value of Russian companies. To this end, we examine the possibility of modifying the Ohlson model of evaluating stock price dynamics in public companies, by adding corporate governance variables that may affect market value. The study consists of the following stages: the key points of the Ohlson economic model are described, empirical works that demonstrate corporate governance as a factor in assessing the value of companies are presented, and the significance of the modified Ohlson model for the Russian market is evaluated. The novelty of our methodology is represented in the prioritisation of our “other information” parameter, which is a combination of forecast analytical data and corporate governance indicators. Through analysis of panel data, we estimate differences in the predicted net profit indicator, calculated as the average of analyst forecasts for an individual company for a financial year, and the actual net profit. Corporate governance is represented by the percentage of board members holding professional certificates and licenses, the average term of board of directors members, the share of independent members on the board of directors, the share of independent members in the audit committee, the proportion of women on the board of directors, and the size of the board of directors. Our results indicate dependence of share prices on the dynamics of the book value of equity, abnormal profits, the share of board members holding professional qualifications, the difference between the actual net profit and the forecast net profit of companies, and the level of gender diversification in the board of directors. The results of our analysis of deviations in average stock prices are comparable to the findings of existing literature examining the markets of Europe, Latin America and Africa.

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Corporate Governance on the Cost of Equity for Russian Companies in the Ohlson Model

Khassanov¹

2021

“…The effective judiciary systems of these countries also makes it possible to take independent decisions regarding shareholder disputes, and to bring the management and members of the boards of directors to justice if abuses in the performance of their duties takes place. Under these circumstances, the main function of boards of directors is general supervision and control over the activities of management [3]. The logic of this approach is that in the event of poor company performance, the board of directors should replace management, and not be dragged into problem-solving processes.…”

Section: Boards Of Directors: Principles Of the Classical Modelmentioning

confidence: 99%

“…One of the reasons for this is the short-term orientation of most foreign portfolio investors in the Russian stock market, and the determining influence on their behavior of macroeconomic, and political factors alongside trends in commodity prices. Furthermore, under the conditions of the overall high attractiveness of emerging markets (and the rapid growth of the Russian economy), mastering even a limited set of elements of organising the work of boards of directors under the Anglo-US model (election of several independent directors, establishment of board committees, adoption of a number of internal documents) yielded positive results in the form of rapid capitalisation growth [3]. However, since the late 2000s the prospect of growth in market capitalisation has almost lost its importance in the minds of Russian shareholders as a factor for stimulating an increase in the role of boards of directors.…”

Section: Boards Of Directors In Russiamentioning

confidence: 99%

Effective Boards of Directors: A New Approach

Belikov¹

2019

The goal of this study is essentially twofold. First, it seeks to improve the efficiency of management in Russian companiesthrough a revitalisation of perspectives on the makeup and activity of boards of directors. Second, it seeks to develop amotivation among controlling shareholders to strengthen the actual role of such boards in managing companies. Thiscombined approach is intended to be applicable to both public and private companies.The objective of this study is to search for ways to refocus on standard recommendations for international best practiceregarding the work of boards of directors. These recommendations should consider best practices in terms of generalcompany control and supervision, the in-depth study of key business processes, management innovations, technologies,and tools to promote new management approaches. A feature of this investigation will be the identification of ideas toensure the best paths towards overcoming psychological barriers that impede the adoption of innovative and novel ideasby management.This article provides a comparative analysis of the classic Anglo-US model of corporate governance (which features therole of boards of directors as the body exercising control and supervision over the company’s activities and its management), with the Russian model. The Russian model is characterised by a structure which nominally replicates thepractice of developed countries, whereby the real power rests with the controlling shareholders and management, withthe boards playing a secondary role by approving the plans of the company activities and their results.Given this situation, the boards of directors of Russian companies should prove their capability to contribute to thecreation of economic value. Examples of essential management areas in which boards of directors should implement thefunction of management development are: strategic planning, creating and improving competitiveness, building up anddeveloping the company’s human capital, risk management, and internal control. This article suggests efficient practicesand tools which can be used by a board of directors for management development.

“…Used in the corporate strategy the stakeholder approach is implemented into each functional division of the company: for example, depending on the chosen strategy of corporate development and satisfying the interests of stakeholders a different structure of corporate management is observed [8]. This provides a special influence on budgeting and financial analysis of the company.…”

Section: )mentioning

confidence: 99%

Влияние Поведенческой Стратегии На Финансовую Устойчивость Российских Страховщиков

Цветкова¹

2019

When moving towards business goals, the insurance company is forced to consider the diverse interests of various stakeholders, who resemble a some kind of informal coalition. The stakeholder relationships may vary and be other than cooperative, with conflicting interests, and even competitive. However, all parties with an interest should be considered as a single whole, the contradictory components of which define the development path of an organization.Based on the stakeholder theory and the resource-based concept of competitiveness, this article analyzes the optimal communication behavior of insurance provider in the Russian market to build an equivalent system for the exchange of resources with their stakeholders depending on the significance of these acquirable resources. The subject of the study is a way towards accessible resources, one that implies the setting of an adequate exchange price for the most significant resources (in the insurance market, these are the insurance premiums).The study touched upon the cultural impact on the insurance business in Russia and revealed the focus of top management during the periods of growth and decline in the market. Insurance companies can use the present findings as a framework in strategic risk management regardless of theier business scale and territorial affiliation. The article demonstrates that a non-equivalent insurer-stakeholder exchange problem can be solved by establishing a strategic state program for the insurance industry development with foundations laid not only for compulsory insurance but also for the statutory regulation of non-compulsory insurance.As part the study, impacts on the relationship system present in the insurance business were identified. The results served an input into a resource exchange model, and statistical data on the Russian insurance market situation were compared graphically. The nature of cause-and-effect relationships between macro factors and financially stable companies was defined.