Pub Date : 2023-09-07DOI: 10.29141/2218-5003-2023-14-4-1
Vitaly L. Tambovtsev, Irina A. Rozhdestvenskaya
Improving public services delivery is one of the central tasks of public administration reforms, which substantiates the high importance of analysing approaches to tackling it. The paper discusses avenues for enhancing the quality of public services delivery in the light of the findings of the latest economic research. Methodologically, the study rests on the principles of public administration. The research methods of content analysis and systematization were applied. The results of the study show that today’s approaches to improving public services do not take into account the important aspects of their production and delivery, which are revealed by the principal-agent model and the concept of search, experience and credence goods that has over half a century of history. The article shows that the empirically established negative consequences of new public management applied in the areas, such as health care and education, are direct consequences of this neglect. We formulate a number of proposals concerning the improvement of public services delivery, namely to consider the type of service, to distinguish between the quality of service and the quality of servicing, and to produce credence goods and high-quality services in non-profit organizations while involving workers oriented towards serving the society.
{"title":"Improving public services delivery: Economists’ perspective","authors":"Vitaly L. Tambovtsev, Irina A. Rozhdestvenskaya","doi":"10.29141/2218-5003-2023-14-4-1","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-4-1","url":null,"abstract":"Improving public services delivery is one of the central tasks of public administration reforms, which substantiates the high importance of analysing approaches to tackling it. The paper discusses avenues for enhancing the quality of public services delivery in the light of the findings of the latest economic research. Methodologically, the study rests on the principles of public administration. The research methods of content analysis and systematization were applied. The results of the study show that today’s approaches to improving public services do not take into account the important aspects of their production and delivery, which are revealed by the principal-agent model and the concept of search, experience and credence goods that has over half a century of history. The article shows that the empirically established negative consequences of new public management applied in the areas, such as health care and education, are direct consequences of this neglect. We formulate a number of proposals concerning the improvement of public services delivery, namely to consider the type of service, to distinguish between the quality of service and the quality of servicing, and to produce credence goods and high-quality services in non-profit organizations while involving workers oriented towards serving the society.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.29141/2218-5003-2023-14-4-2
Sadik Aden Dirir
As a technological powerhouse, Asia should not be overlooked. The region has been responsible for 87% of patent filings, 43% of startup investment, 51% of expenditures on research and development, and 52% of the global growth in tech company revenues during the past ten years. Within this framework, the current paper investigates the impact of fiscal policy and FDI on research and development in East Asian countries during the last 20 years. It further analyses the direction and shocks of these impacts. The methodological framework included theories of public policy and R&D management, the concept of absorptive capacity, etc. The database includes fiscal policy, FDI, domestic credit, and R&D data for 2000–2020. As a result, the paper adopted Autoregressive Distributed Lag (ARDL) and Granger causality tests to capture the short-run and long-run dynamic relationship among the variables. Next, we utilized Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) models to capture the cointegration between fiscal policy, FDI, domestic credit, and R&D. In light of this, the research revealed that the region’s fiscal policy and FDI outflows had a negative impact on the spending on R&D. Conversely, the results showed that FDI inflows and domestic loans provided to the private sector had a large favourable influence on research and development. It is also crucial to emphasize that the ARDL model produced results that were equivalent to the FMOLS and DOLS. Lastly, the Granger causality demonstrated a one-way causal relationship between fiscal policy and research and development. The study will help policymakers on how to promote R&D and enhance a country’s competitiveness in the global economy by paying enough attention to their fiscal policy. It will also assist policymakers to develop strategies to attract FDI that can benefit their R&D sector.
{"title":"The interconnection between fiscal policy and foreign direct investment with R&D: Insights from East Asian countries","authors":"Sadik Aden Dirir","doi":"10.29141/2218-5003-2023-14-4-2","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-4-2","url":null,"abstract":"As a technological powerhouse, Asia should not be overlooked. The region has been responsible for 87% of patent filings, 43% of startup investment, 51% of expenditures on research and development, and 52% of the global growth in tech company revenues during the past ten years. Within this framework, the current paper investigates the impact of fiscal policy and FDI on research and development in East Asian countries during the last 20 years. It further analyses the direction and shocks of these impacts. The methodological framework included theories of public policy and R&D management, the concept of absorptive capacity, etc. The database includes fiscal policy, FDI, domestic credit, and R&D data for 2000–2020. As a result, the paper adopted Autoregressive Distributed Lag (ARDL) and Granger causality tests to capture the short-run and long-run dynamic relationship among the variables. Next, we utilized Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) models to capture the cointegration between fiscal policy, FDI, domestic credit, and R&D. In light of this, the research revealed that the region’s fiscal policy and FDI outflows had a negative impact on the spending on R&D. Conversely, the results showed that FDI inflows and domestic loans provided to the private sector had a large favourable influence on research and development. It is also crucial to emphasize that the ARDL model produced results that were equivalent to the FMOLS and DOLS. Lastly, the Granger causality demonstrated a one-way causal relationship between fiscal policy and research and development. The study will help policymakers on how to promote R&D and enhance a country’s competitiveness in the global economy by paying enough attention to their fiscal policy. It will also assist policymakers to develop strategies to attract FDI that can benefit their R&D sector.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.29141/2218-5003-2023-14-4-7
Valeriya A. Nazarkina
The commercial real estate market offers two facets: on the one hand, consumers face difficulties in making investment decisions, and on the other, developers are driven by the need to create investment products. The article presents a psychographic consumer segmentation methodology and tests it in conditions of the commercial real estate market. The theoretical framework of the study is classical marketing theory. The Enneagram method is applied to reveal consumers’ subconscious motives behind their behavioural characteristics and investment decision-making, in particular. Additionally, the LOV method is used to clarify investors’ values and motives. The empirical evidence of the research is the survey data from 10 experts in the field of marketing for construction obtained using the Delphi method and Thomas Saaty’s Analytic Hierarchy Process, as well as data from 53 actual and potential investors in commercial real estate. The author’s own consumer segmentation method is proposed, which is designed according to the specificities of the commercial real estate market. As part of the methodology testing, we have identified the types of investors and formulated a marketing programme for one of the priority types that provides for increasing the loyalty to, and recognition of, the organization among investors. The in-depth study of consumers’ personality types and values has substantially contributed to the development of an investment product and its successful promotion among potential investors.
{"title":"Psychographic consumer segmentation in the commercial real estate market: Methodological and practical aspects","authors":"Valeriya A. Nazarkina","doi":"10.29141/2218-5003-2023-14-4-7","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-4-7","url":null,"abstract":"The commercial real estate market offers two facets: on the one hand, consumers face difficulties in making investment decisions, and on the other, developers are driven by the need to create investment products. The article presents a psychographic consumer segmentation methodology and tests it in conditions of the commercial real estate market. The theoretical framework of the study is classical marketing theory. The Enneagram method is applied to reveal consumers’ subconscious motives behind their behavioural characteristics and investment decision-making, in particular. Additionally, the LOV method is used to clarify investors’ values and motives. The empirical evidence of the research is the survey data from 10 experts in the field of marketing for construction obtained using the Delphi method and Thomas Saaty’s Analytic Hierarchy Process, as well as data from 53 actual and potential investors in commercial real estate. The author’s own consumer segmentation method is proposed, which is designed according to the specificities of the commercial real estate market. As part of the methodology testing, we have identified the types of investors and formulated a marketing programme for one of the priority types that provides for increasing the loyalty to, and recognition of, the organization among investors. The in-depth study of consumers’ personality types and values has substantially contributed to the development of an investment product and its successful promotion among potential investors.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.29141/2218-5003-2023-14-4-3
Viktor A. Blaginin, Mariya N. Goncharova, Elizaveta V. Sokolova
We attempt to answer the question that has persisted since the introduction of partial restrictions on access to international reference databases (IRDs) for Russian researchers: is it still reasonable for national scientific journals to strive to be indexed in these databases or does it make sense for them to tread their development path at the national level? The study tests the hypothesis that indexation of Russian academic journals in the Web of Science and Scopus databases affects their scientometric indicators. Scientometric management and data management approaches constitute the theoretical framework of the paper. The key research method is scientometric analysis of bibliographic data. An extensive list of journals’ scientometric indicators was addressed, including those used when compiling the Science Index ranking until 20232. The research data were retrieved from the scientific electronic library eLibrary and Scopus and the Web of Science databases. The sample of the study is comprised of Russian academic journals indexed in the IRDs and classified in the State Classifier of Scientific and Technical Information (GRNTI) as the socio-humanitarian block. The analysis of the sample indicates that the effect expected from journals’ indexation in the IRDs, which suggests expanding the international pool of authors and a growing global interest, is overestimated, since it is largely ensured by an increase in the national academic audience. We substantiate that, despite the positive correlation between the rise in scientometric indicators and journals’ indexation in the IRDs, the mere fact of entering these databases is not the primary condition for success and the ultimate goal of development. The paper formulates recommendations stating that interaction between journals and the IRDs should be organized in accordance with editors’ goals and plans for the development of periodical
我们试图回答自对俄罗斯研究人员使用国际参考数据库(IRDs)实行部分限制以来一直存在的问题:国家科学期刊努力在这些数据库中编入索引是否仍然合理，或者它们在国家层面上走自己的发展道路是否有意义?该研究检验了俄罗斯学术期刊在Web of Science和Scopus数据库中的索引影响其科学计量指标的假设。科学计量管理和数据管理方法构成了本文的理论框架。主要研究方法是书目数据的科学计量分析。讨论了期刊的科学计量指标的广泛列表，包括在编制科学指数排名时使用的指标，直到20232年。研究数据从科学电子图书馆、Scopus和Web of Science数据库中检索。该研究的样本由IRDs索引的俄罗斯学术期刊组成，并在国家科学和技术信息分类器(GRNTI)中分类为社会人道主义块。对样本的分析表明，人们对期刊在IRDs中被索引的预期效果(这表明扩大了国际作者库和日益增长的全球兴趣)被高估了，因为这在很大程度上是由国家学术读者的增加来保证的。我们证实，尽管科学计量指标的上升与期刊在IRDs中的索引之间存在正相关关系，但仅仅进入这些数据库并不是成功和最终发展目标的主要条件。该文件提出建议，指出期刊与税务局之间的互动应按照编辑的目标和期刊发展计划来安排
{"title":"Going global: The scientometric development path of Russian academic journals in international reference databases","authors":"Viktor A. Blaginin, Mariya N. Goncharova, Elizaveta V. Sokolova","doi":"10.29141/2218-5003-2023-14-4-3","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-4-3","url":null,"abstract":"We attempt to answer the question that has persisted since the introduction of partial restrictions on access to international reference databases (IRDs) for Russian researchers: is it still reasonable for national scientific journals to strive to be indexed in these databases or does it make sense for them to tread their development path at the national level? The study tests the hypothesis that indexation of Russian academic journals in the Web of Science and Scopus databases affects their scientometric indicators. Scientometric management and data management approaches constitute the theoretical framework of the paper. The key research method is scientometric analysis of bibliographic data. An extensive list of journals’ scientometric indicators was addressed, including those used when compiling the Science Index ranking until 20232. The research data were retrieved from the scientific electronic library eLibrary and Scopus and the Web of Science databases. The sample of the study is comprised of Russian academic journals indexed in the IRDs and classified in the State Classifier of Scientific and Technical Information (GRNTI) as the socio-humanitarian block. The analysis of the sample indicates that the effect expected from journals’ indexation in the IRDs, which suggests expanding the international pool of authors and a growing global interest, is overestimated, since it is largely ensured by an increase in the national academic audience. We substantiate that, despite the positive correlation between the rise in scientometric indicators and journals’ indexation in the IRDs, the mere fact of entering these databases is not the primary condition for success and the ultimate goal of development. The paper formulates recommendations stating that interaction between journals and the IRDs should be organized in accordance with editors’ goals and plans for the development of periodical","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135097221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-1
I. Smotritskaya, N. Frolova
Within the agency theory, insider ownership is viewed as a tool for reconciling the interests of owners and the company management. In the new economic reality, the agent problem is of particular relevance due to the challenges that require eliminating risks to ensure companies’ performance. The article assesses the impact of insider ownership concentration on the economic performance of joint stock companies. Methodologically, the study relies on the agency theory, property rights theory and the concept of corporate governance. The research analyzes data on the corporate ownership structure of 68 largest Russian public companies in 2011–2020 and identifies the share of insider ownership in these firms. The methods of econometric modelling were used to evaluate the dependence of EBITDA on insider ownership concentration in the companies of various forms of ownership. To carry out econometric analysis, we apply regression models in two specifications – cubic and piecewise linear regressions. The research results prove that insider ownership has a positive effect on the performance of private companies in the concentration interval of insider ownership between 0% and 35.39%; above this threshold, the positive impact diminishes. For companies with state participation, no statistically significant impact of insider ownership on performance was found. Further research is supposed to develop a more detailed modelling method by including a wider range of factors that characterize the corporate ownership structure and expanding the empirical basis of the study.
{"title":"Insider ownership and performance of Russian public companies: Econometric estimates","authors":"I. Smotritskaya, N. Frolova","doi":"10.29141/2218-5003-2023-14-3-1","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-1","url":null,"abstract":"Within the agency theory, insider ownership is viewed as a tool for reconciling the interests of owners and the company management. In the new economic reality, the agent problem is of particular relevance due to the challenges that require eliminating risks to ensure companies’ performance. The article assesses the impact of insider ownership concentration on the economic performance of joint stock companies. Methodologically, the study relies on the agency theory, property rights theory and the concept of corporate governance. The research analyzes data on the corporate ownership structure of 68 largest Russian public companies in 2011–2020 and identifies the share of insider ownership in these firms. The methods of econometric modelling were used to evaluate the dependence of EBITDA on insider ownership concentration in the companies of various forms of ownership. To carry out econometric analysis, we apply regression models in two specifications – cubic and piecewise linear regressions. The research results prove that insider ownership has a positive effect on the performance of private companies in the concentration interval of insider ownership between 0% and 35.39%; above this threshold, the positive impact diminishes. For companies with state participation, no statistically significant impact of insider ownership on performance was found. Further research is supposed to develop a more detailed modelling method by including a wider range of factors that characterize the corporate ownership structure and expanding the empirical basis of the study.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"58 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88640482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-7
D. Karkh, E. Andreeva, A. Ratner
The plans announced by the European Union to impose a carbon fee by 2022 on commodities purchased from both European and external manufacturers make it increasingly relevant to examine the adaptation of Russian and European companies to low-carbon requirements. The article aims to assess the financial technological costs, technological achievements and energy transition risks for enterprises in Russia and the EU. Theoretical approaches to analyzing technological effects of carbon requirements on enterprises constitute the methodological framework of the study. The research methods of comparative qualitative and quantitative analysis were used in relation to technologies introduced by European and Russian large companies, reached values and dynamics of the carbon footprint in manufacturing, energy consumption, the percentage of renewable energy, the size of costs and investments, projected parameters of traditional energy, the EU plans, and the cost price of alternative energy. The empirical evidence includes public reports of European and Russian exporting companies affected by the carbon fee introduction, as well as microeconomic statistics. The analysis showed that both European and Russian major exporters by the end of 2021 had already initiated certain efforts to reduce their carbon footprint and achieved satisfactory outcomes in this area. In some cases, the Russian companies were even more successful than the European ones, but in general they lagged behind. However, expenses of the European companies are more significant, and energy transition risks for them are higher, which significantly reduces the dividend received by the leader. We propose recommendations to protect Russian business, including export-oriented one, from excessive costs incurred in the development of low-carbon energy. These recommendations can be of use for authorities when implementing industrial policy.
{"title":"Effect of carbon regulations on the financial technological development: Russian and European companies’ adaptation strategies","authors":"D. Karkh, E. Andreeva, A. Ratner","doi":"10.29141/2218-5003-2023-14-3-7","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-7","url":null,"abstract":"The plans announced by the European Union to impose a carbon fee by 2022 on commodities purchased from both European and external manufacturers make it increasingly relevant to examine the adaptation of Russian and European companies to low-carbon requirements. The article aims to assess the financial technological costs, technological achievements and energy transition risks for enterprises in Russia and the EU. Theoretical approaches to analyzing technological effects of carbon requirements on enterprises constitute the methodological framework of the study. The research methods of comparative qualitative and quantitative analysis were used in relation to technologies introduced by European and Russian large companies, reached values and dynamics of the carbon footprint in manufacturing, energy consumption, the percentage of renewable energy, the size of costs and investments, projected parameters of traditional energy, the EU plans, and the cost price of alternative energy. The empirical evidence includes public reports of European and Russian exporting companies affected by the carbon fee introduction, as well as microeconomic statistics. The analysis showed that both European and Russian major exporters by the end of 2021 had already initiated certain efforts to reduce their carbon footprint and achieved satisfactory outcomes in this area. In some cases, the Russian companies were even more successful than the European ones, but in general they lagged behind. However, expenses of the European companies are more significant, and energy transition risks for them are higher, which significantly reduces the dividend received by the leader. We propose recommendations to protect Russian business, including export-oriented one, from excessive costs incurred in the development of low-carbon energy. These recommendations can be of use for authorities when implementing industrial policy.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":" 11","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72382696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-2
Anna Izgarova, E. Rogova, O. Bakhareva
Despite the increased interest in socially and environmentally responsible investments, there is a lack of consensus about the effects they exert on companies’ financial performance. The paper examines the reaction of Russian companies’ stock prices to the news about ESG investments made by these companies. The theoretical basis is stakeholder theory suggesting that firms can achieve long-term success solely by protecting the interests of all their stakeholders – not only shareholders, but also employees, local communities, and future generations. To implement the research, we use the event study on a sample of 202 news items about ESG investments of 11 Russian companies topping the ESG-rating by RA-Expert agency. Data were collected from news search engine Factiva and Yahoo!Finance. The data sample include news and stock prices over the period of 2019–2022. According to the research findings, news about Russian companies’ investments in environmental projects, solution of social problems and corporate governance issues do not lead to a rise in stock returns for these companies. Thus, Russian investors do not consider ESG projects and practices as an important decision-making criterion that increases the investment attractiveness of companies.
{"title":"ESG investment relationship with financial performance of Russian companies","authors":"Anna Izgarova, E. Rogova, O. Bakhareva","doi":"10.29141/2218-5003-2023-14-3-2","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-2","url":null,"abstract":"Despite the increased interest in socially and environmentally responsible investments, there is a lack of consensus about the effects they exert on companies’ financial performance. The paper examines the reaction of Russian companies’ stock prices to the news about ESG investments made by these companies. The theoretical basis is stakeholder theory suggesting that firms can achieve long-term success solely by protecting the interests of all their stakeholders – not only shareholders, but also employees, local communities, and future generations. To implement the research, we use the event study on a sample of 202 news items about ESG investments of 11 Russian companies topping the ESG-rating by RA-Expert agency. Data were collected from news search engine Factiva and Yahoo!Finance. The data sample include news and stock prices over the period of 2019–2022. According to the research findings, news about Russian companies’ investments in environmental projects, solution of social problems and corporate governance issues do not lead to a rise in stock returns for these companies. Thus, Russian investors do not consider ESG projects and practices as an important decision-making criterion that increases the investment attractiveness of companies.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"5 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72512944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-5
Vladislav Tsaplin, L. Ruzhanskaya
The paper delves into the impact of corporate boards’ attributes on the efficiency of mergers and acquisitions (M&A) transactions in the Russian market and formulates recommendations on improving corporate governance practices in Russia. The article bridges a gap in research on boards of directors whose characteristics serve as strong signals to the capital market about the quality of corporate governance and protection of investors’ interests. Methodologically, the study rests on agency theory and the theories of mergers and acquisitions. The research hypotheses about the effect of board characteristics on M&A transactions were tested using the least square method to construct a linear regression. The transaction efficiency was assessed using the cumulative abnormal return (CAR) model. The empirical data were retrieved from Annual Reports and ZEPHYR Bureau van Dijk and covered 55,436 mergers and acquisitions from 2000 to 2020, of which 659 transactions satisfied the strict criteria and were selected for further analysis. We found a statistically significant relationship between the board characteristics of the acquiring company and the efficiency of mergers and acquisitions. The obtained results contribute to the development of a new research avenue on network-based interaction between boards of the companies participating in transactions and the involvement of boards of other firms.
本文研究了公司董事会属性对俄罗斯市场并购交易效率的影响，并提出了改进俄罗斯公司治理实践的建议。本文填补了对董事会研究的空白，董事会的特征向资本市场发出了关于公司治理质量和投资者利益保护的强烈信号。在方法上，本研究以代理理论和并购理论为基础。运用最小二乘法构建线性回归，对董事会特征对并购交易影响的研究假设进行检验。采用累积异常收益(CAR)模型评估交易效率。实证数据来源于年度报告和ZEPHYR Bureau van Dijk，涵盖2000年至2020年的55,436起并购交易，其中659起交易符合严格的标准，并被选中进行进一步分析。我们发现收购公司董事会特征与并购效率之间存在显著的统计学关系。所得结果有助于发展新的研究途径，研究参与交易的公司董事会与其他公司董事会之间基于网络的互动。
{"title":"M&A transactions in the Russian market: The impact of corporate boards’ attributes","authors":"Vladislav Tsaplin, L. Ruzhanskaya","doi":"10.29141/2218-5003-2023-14-3-5","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-5","url":null,"abstract":"The paper delves into the impact of corporate boards’ attributes on the efficiency of mergers and acquisitions (M&A) transactions in the Russian market and formulates recommendations on improving corporate governance practices in Russia. The article bridges a gap in research on boards of directors whose characteristics serve as strong signals to the capital market about the quality of corporate governance and protection of investors’ interests. Methodologically, the study rests on agency theory and the theories of mergers and acquisitions. The research hypotheses about the effect of board characteristics on M&A transactions were tested using the least square method to construct a linear regression. The transaction efficiency was assessed using the cumulative abnormal return (CAR) model. The empirical data were retrieved from Annual Reports and ZEPHYR Bureau van Dijk and covered 55,436 mergers and acquisitions from 2000 to 2020, of which 659 transactions satisfied the strict criteria and were selected for further analysis. We found a statistically significant relationship between the board characteristics of the acquiring company and the efficiency of mergers and acquisitions. The obtained results contribute to the development of a new research avenue on network-based interaction between boards of the companies participating in transactions and the involvement of boards of other firms.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"23 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75965819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-6
A. Ankudinov
Amid various crises plaguing the Russian economy and limited access to global financial markets due to unprecedented sanctions pressure, it is becoming increasingly important to ensure investment activity through internal sources of financing. A well-thought-out dividend policy of Russian public companies, which makes it possible to attract non-speculative resources of resident savers, can play a significant role in this process. The article empirically analyzes the determinants of the companies’ dividend policy with the crisis period specificities considered. Particular attention is paid to the impact made by companies’ com position and ownership structure on dividend payouts. The research methodology is based on dividend policy theory. Among the methods used are univariate analysis of the relationship between Russian companies’ characteristics and the amount of dividends, as well as multivariate analysis using regression models based on panel data. The empirical evidence was data on 1,500 Russian companies with the largest revenue in the non-financial sector in 2012–2021. The test results show that the amount of dividends does not have a statistically significant relationship with the interaction of dummy variables of the ownership structure and crisis years. This can mean that in the crisis period companies identical in terms of this kind of structure do not employ sufficiently homogeneous strategies in the field of dividend payouts. At the same time, dummy variables of state participation and the presence of foreign shareholder are significant in all models. The status of publicly traded company and availability of exchange quotations did not have a significant impact on the dividend payouts of Russian companies. The results obtained as part of the empirical analysis help to frame an effective dividend policy in the crisis years, taking into account possible changes in the com position and structure of ownership, as well as additional financial restrictions associated with limited access to global markets.
{"title":"Dividend policy and ownership structure of Russian companies: An empirical analysis of the crisis years","authors":"A. Ankudinov","doi":"10.29141/2218-5003-2023-14-3-6","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-6","url":null,"abstract":"Amid various crises plaguing the Russian economy and limited access to global financial markets due to unprecedented sanctions pressure, it is becoming increasingly important to ensure investment activity through internal sources of financing. A well-thought-out dividend policy of Russian public companies, which makes it possible to attract non-speculative resources of resident savers, can play a significant role in this process. The article empirically analyzes the determinants of the companies’ dividend policy with the crisis period specificities considered. Particular attention is paid to the impact made by companies’ com position and ownership structure on dividend payouts. The research methodology is based on dividend policy theory. Among the methods used are univariate analysis of the relationship between Russian companies’ characteristics and the amount of dividends, as well as multivariate analysis using regression models based on panel data. The empirical evidence was data on 1,500 Russian companies with the largest revenue in the non-financial sector in 2012–2021. The test results show that the amount of dividends does not have a statistically significant relationship with the interaction of dummy variables of the ownership structure and crisis years. This can mean that in the crisis period companies identical in terms of this kind of structure do not employ sufficiently homogeneous strategies in the field of dividend payouts. At the same time, dummy variables of state participation and the presence of foreign shareholder are significant in all models. The status of publicly traded company and availability of exchange quotations did not have a significant impact on the dividend payouts of Russian companies. The results obtained as part of the empirical analysis help to frame an effective dividend policy in the crisis years, taking into account possible changes in the com position and structure of ownership, as well as additional financial restrictions associated with limited access to global markets.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"33 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89609254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-06DOI: 10.29141/2218-5003-2023-14-3-3
B. Bataeva, Nikita Karpov
In the last decade, ESG reporting has become an integral part of corporate disclosure in Russia. However, there is limited guidance about the determinants of corporate governance that affect ESG disclosure. The paper investigates the interconnection between board of directors’ characteristics and ESG disclosure in Russian public companies. Methodologically, the study relies on the agency and stakeholder theories. Descriptive, correlation and regression analysis were used as research methods. The sample includes the panel data on 34 Russian public companies, whose shares were traded on the Moscow Exchange between 2012 and 2021. We found that board independence, board diversity, and the presence of a sustainability committee had a significant positive effect on ESG disclosure. At the same time, the impact of the board size was predominantly negative. The findings proved that ESG reporting was mostly practiced by the largest (by assets) companies, while the indicators of profitability and risk were insignificant in the context of environmental, social, and corporate governance. The obtained research results can be used by business representatives as well as by legislators and regulators to improve ESG disclosure practices in Russian public companies.
{"title":"Impact of corporate governance factors on ESG disclosure by Russian public companies","authors":"B. Bataeva, Nikita Karpov","doi":"10.29141/2218-5003-2023-14-3-3","DOIUrl":"https://doi.org/10.29141/2218-5003-2023-14-3-3","url":null,"abstract":"In the last decade, ESG reporting has become an integral part of corporate disclosure in Russia. However, there is limited guidance about the determinants of corporate governance that affect ESG disclosure. The paper investigates the interconnection between board of directors’ characteristics and ESG disclosure in Russian public companies. Methodologically, the study relies on the agency and stakeholder theories. Descriptive, correlation and regression analysis were used as research methods. The sample includes the panel data on 34 Russian public companies, whose shares were traded on the Moscow Exchange between 2012 and 2021. We found that board independence, board diversity, and the presence of a sustainability committee had a significant positive effect on ESG disclosure. At the same time, the impact of the board size was predominantly negative. The findings proved that ESG reporting was mostly practiced by the largest (by assets) companies, while the indicators of profitability and risk were insignificant in the context of environmental, social, and corporate governance. The obtained research results can be used by business representatives as well as by legislators and regulators to improve ESG disclosure practices in Russian public companies.","PeriodicalId":42955,"journal":{"name":"Upravlenets-The Manager","volume":"5 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89690846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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