Journal of Corporate Finance Research / Корпоративные Финансы

Leaving Russia: Exit Strategies of Foreign Companies 离开俄罗斯：外国公司的退出战略

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-30 DOI: 10.17323/j.jcfr.2073-0438.17.3.2023.93-115

Николай Дувакин, Лаки Алексис Исагилиева, Андрей Пантелеев

{"title":"Leaving Russia: Exit Strategies of Foreign Companies","authors":"Николай Дувакин, Лаки Алексис Исагилиева, Андрей Пантелеев","doi":"10.17323/j.jcfr.2073-0438.17.3.2023.93-115","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.3.2023.93-115","url":null,"abstract":"This study involves the compilation of a database detailing the exit of foreign companies from Russia in 2022 and the identification of their primary exit strategies. The current situation is unprecedented in its scale and has no analogues in the history of the Russian economy, therefore, it has not been sufficiently studied yet. A total of 28 industries across 25countries were selected for the initial study. Through an analysis of exit patterns, nine primary strategies were identified, including joint venture exits, soft closings, sales to local buyers, suspension, liquidation, management buyouts, selling shares to partners, carving out to local legal entities, and sales to foreign buyers. The subsequent research stage focusedon the oil and gas industry and examined the cases of its five leading companies: Shell, TotalEnergies, Equinor, Exxon-Mobil, and BP. It assessed both financial and non-financial losses incurred by these companies due to their decisions to withdraw from the Russian market. Financial losses were determined using the Discounted Cash Flow method and theEconomic-Value-Added valuation method, while non-financial factors were assessed through operational indicators such as reserves and oil and gas production. The fundamental value of the above-mentioned companies was shown to comprise to $20.6 billion, $1.1 billion, $0.5 billion, $17.8 billion, and $36.5 billion, respectively. The study revealed that companieswith strategically important and substantial projects in Russia, notably BP and TotalEnergies, pursued a “soft” exit strategy. Despite their decision to exit Russia, these companies continued to receive dividends and effectively retained ownership shares in assets, even though financial statements reflected impairments.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139332307","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}

引用次数: 0

CEO Personal Traits and Company Performance: Evidence from Russia 首席执行官的个人特质与公司业绩：来自俄罗斯的证据

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-30 DOI: 10.17323/j.jcfr.2073-0438.17.3.2023.5-27

Никита Курдюков

{"title":"CEO Personal Traits and Company Performance: Evidence from Russia","authors":"Никита Курдюков","doi":"10.17323/j.jcfr.2073-0438.17.3.2023.5-27","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.3.2023.5-27","url":null,"abstract":"This research investigates the impact of CEO positive traits, particularly transformational leadership and vision, on firm performance. Despite substantial literature acknowledging the significance of leadership traits on organizational outcomes, there remains a gap in understanding the explicit role of a CEO's vision and how it influences firm performance.Our study aims to address this gap, focusing on the empirical linkage between the CEO's vision and a firm's return on assets (ROA). To find the empirical evidence 35 companies were selected. The CEO’s letters to shareholders from annual reports were investigated using the LIWC-22 program to estimate the CEO’s positive characteristics. The findings reveala significant positive relationship between the CEO's vision and firm performance, suggesting that organizations led by visionary CEOs tend to perform better. These results carry practical implications, emphasizing the importance of fostering visionary leadership qualities within CEOs to drive organizational success. The study contributes to the extant literature on transformational leadership, offering a nuanced understanding of the role of vision and laying the groundwork for future research in this area.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139332872","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}

引用次数: 0

Impact of ESG Ratings on Companies’ Financial Performance: Evidence from Asia 环境、社会和公司治理评级对公司财务业绩的影响：来自亚洲的证据

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-30 DOI: 10.17323/j.jcfr.2073-0438.17.3.2023.116-128

Юлия Мартынова, Ирина Лукина

{"title":"Impact of ESG Ratings on Companies’ Financial Performance: Evidence from Asia","authors":"Юлия Мартынова, Ирина Лукина","doi":"10.17323/j.jcfr.2073-0438.17.3.2023.116-128","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.3.2023.116-128","url":null,"abstract":"ESG ratings have emerged as a critical instrument for investors to evaluate the long-term risks and ethical dimensions of companies. These ratings quantify companies' performance in environmental, social, and governance aspects. Nevertheless, variations in ESG ratings persist across nations owing to distinct regulatory regimes and rating agency methodologies.Despite extensive scholarly attention to the influence of global ESG factors, Asian ratings have been barely scrutinized. The research aims to assess the influence of ESG ratings on the financial performance of companies in Asia, with particular focus on South-West Asia (Turkey, Israel, and Saudi Arabia) and South-East Asia (China, Hong Kong, Singapore, andMalaysia). The study, which gathered data from 276 firms over a five-year period (2018–2022), employed STATA software to conduct panel data regressions, with return on assets, return on equity, and price-to-book value serving as dependent variables. First, the results of hypothesis testing show that ESG ratings have a positive effect on financial performance inSouth-West Asia, but not in South-East Asia where they have a negative effect. Second, in South-West Asia, one of the environmental, social, or governance (ESG) factors has a more notable influence and results in positive financial ratios, while in South-East Asia, there is no influence from the ESG factors. The study found that ESG ratings have varying effectson financial performance in South-West and South-East Asia, which may be attributed to differences in the historical and cultural development of ESG issues. This study will aid in the development of ESG rating practices for Asian countries.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"46 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139333659","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}

引用次数: 0

Dynamic Maintenance of Solvency of the Russian Insurance Companies: the Evidence from Russian Insurers 俄罗斯保险公司偿付能力的动态维持:来自俄罗斯保险公司的证据

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-07 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.85-94

Lyudmila Tsvetkova

{"title":"Dynamic Maintenance of Solvency of the Russian Insurance Companies: the Evidence from Russian Insurers","authors":"Lyudmila Tsvetkova","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.85-94","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.85-94","url":null,"abstract":"The Russian economy is facing sanctions pressure, resulting in weakening business relations with foreign insurers. Medium-sized insurance companies, targeting regional economic entities, play a crucial role in the insurance market. To improve the efficiency of Russian insurance, the number of medium-sized companies operating in regional markets must increase. To regulate their capitalization, special conditions must be developed, focusing on capital adequacy requirements and financial stability parameters. While earlier research has examined what factors might impact profitability growth, the investment income factor in maintaining corporate financial stability has been underexplored. This paper aims toexplore conditions for improving insurers' financial soundness through growth of a company's internal capitalization. Medium-sized insurance companies often struggle to meet regulators' minimum capital requirements (a core variable linked with companies’ capitalization) leading to potential market shrinkage. Our hypothesis is that it possible to create a financial reserve that meets the regulator’s increasing equity requirements without raising additional external investments. This study examined the factors which impacted the growth of medium-sized insurance companies operating in the emerging markets. Operating results of seven randomly selected medium-sized insurance companies in 2014–2022 were used forthe analysis. The paper suggests that institutionalization of insurance companies' capitalization is crucial to minimize the risk of capital inadequacy. The study contributes to our understanding of how medium-sized insurance companies can be governed and suggests a way to increase their capitalization.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"136 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":"115914134","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}

引用次数: 0

Voluntary Delisting of Russian Companies at Different Stages of Corporate Life Cycle 俄罗斯公司生命周期不同阶段的自愿退市

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-06 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.39-49

Илья Кизко, Виктория Черкасова, Svetlana Grigorieva

{"title":"Voluntary Delisting of Russian Companies at Different Stages of Corporate Life Cycle","authors":"Илья Кизко, Виктория Черкасова, Svetlana Grigorieva","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.39-49","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.39-49","url":null,"abstract":"Nowadays, the number of companies leaving the stock exchange is steadily increasing. Researchers and practitioners continue to actively discuss the reasons for voluntary delisting and explore the factors that influence the probability of it. However, the results of existing studies are heterogeneous and inconclusive, indicating the need for further research. Thispaper continues the line of research on the determinants of voluntary delisting by studying the delisting of Russian companies. Unlike previous studies, we identify and compare the factors that influence the decision to delist at different stages of the organization’s life cycle. We argue that delisting factors, although specific to each company, should remain similar for firms at the same stage of development. The company-related factors that we test include investment expenditures, profitability, stock volatility and book-to-market ratio. The study is based on a sample of 162 public Russian companies traded on the Moscow Exchange, of which 75 delisted between 2011 and 2019. The Bloomberg database was used to generate the sample of companies. Using the panel probit regression model, we found that firms with greater investment expenditures are less likely to delist at the Introduction and more likely at the Maturity and Decline stages. The results of our research also show that firm stock volatility had a positive effect on the delisting probability of Russian firms at all stages of theirlife cycle, except for the Introduction stage. Finally, we demonstrate that companies at the Introduction and Growth stages are more likely to leave the stock exchange if they have a greater book-to-market ratio. The results of our study can be used by financial analysts and academics to analyze the probability of delisting of public companies at different life cycle stages.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115188245","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}

引用次数: 0

Impact of Board of Directors on Funds Raising: Evidence for Green Bonds 董事会对融资的影响:绿色债券的证据

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-06 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.27-38

Elizaveta Potapova

{"title":"Impact of Board of Directors on Funds Raising: Evidence for Green Bonds","authors":"Elizaveta Potapova","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.27-38","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.27-38","url":null,"abstract":"The present paper attempts to reveal influence of characteristic features of the board of directors (BD) on fund raising using green bonds. The research involved a sample of 87 public companies which issued green bonds in 2021. We analyzed influence of such factors as the proportion of women and independent directors on the BD, CEO duality and the numberof the BD members by the share of green bonds in the total debt of the company. The share of debt in the assets, the natural logarithm of total assets (company size) and return on equity (ROE) were used as control variables. \u0000The logarithmic specification of the classical linear regression model was chosen as the optimal one. So, heteroscedasticity, autocorrelation and multicollinearity were not detected in the model with the dependent variable logarithm (the share of green bonds in the total debt). The least squares method (LSM) was applied to evaluate this model. As long as the initial sample of companies which issued green bonds in 2021 comprises both financial and non-financial companies we verified the validity of the obtained results for two types of companies. Assessment of the optimal model for two subsamples of financial and non-financial companies yielded results somewhat different from the ones obtained from analysis of the total sample. Evaluation of the regression for financial and non-financial companies showed a reduction in significance of influence exerted by women’s representation and the size of the BD. However, in case of non-financial companies the significance of such factor as presence of the sustainable development committee increases. According to the obtained results the companies with the CSR committee attract relatively larger financing using green bonds.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131394715","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}

引用次数: 0

The Impact of Sanctions on the Capitalization of Russian Companies: The Sectoral Aspect 制裁对俄罗斯公司资本化的影响:部门层面

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-06 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.50-67

Elena Fedorova, A. Nevredinov, Liudmila Chernikova

{"title":"The Impact of Sanctions on the Capitalization of Russian Companies: The Sectoral Aspect","authors":"Elena Fedorova, A. Nevredinov, Liudmila Chernikova","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.50-67","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.50-67","url":null,"abstract":"The research purpose is to evaluate influence of sanctions on the Russian economy taking into consideration the sectoral aspect (oil and gas, telecommunications and consumer sector). The research methodology comprises econometric modeling (elastic net and GARCH modeling) and text analysis. In the paper we developed author’s sanction indices based on the text analysis. We used the EcSentiThemeLex dictionary to assess the news’ positivity and negativity. The empiric research base consists of news publications of the lenta.ru portal for the period from 01.01.2014 to 31.03.2023 represented by the thematic sections “economy” and “science and technology”. The research results are as follows. On the basis of GARCH modeling we revealed that sanctions have a negative impact on capitalization of the largest companies inoil and gas, the consumer sector and telecommunications. The news tonality influences companies’ capitalization. We have developed sanctions indices (a minimal index, an expanded index, a maximally expanded index) which allow to assess the extent of sanctions pressure. On the basis of elastic net method we made the conclusion of priority of sentiment variables over the control ones, i.e. information on sanctions and its tonality influences the stock market more than the oil prices, rouble exchange rate and interbank rate in the short term. Sanctions influence is not industry specific. \u0000However, the study does entail certain limitations: 1. reliance on publications from a single source; 2. the use of a single dictionary for evaluating news sentiment; 3. the sanctions index does not allow the incorporation of new terms when fresh sanctions are imposed. We intend to address these issues in future research.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126255314","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}

引用次数: 0

Evaluation of Impact of ESG Rating and Environmental Performance Factors on the Level of Credit Risk and Shareholder Expectations of Companies in Carbon-Intensive Industries from BRICS Countries ESG评级和环境绩效因素对金砖国家碳密集型行业企业信用风险水平和股东预期的影响评估

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-06 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.68-84

Victoria Agranat

{"title":"Evaluation of Impact of ESG Rating and Environmental Performance Factors on the Level of Credit Risk and Shareholder Expectations of Companies in Carbon-Intensive Industries from BRICS Countries","authors":"Victoria Agranat","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.68-84","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.68-84","url":null,"abstract":"The objective of the study was to evaluate the impact of ESG ratings, environmental (E) pillar scores and environmental performance metrics of non-financial companies from BRICS countries on their credit risks (measured by credit rating) and shareholder expectations (measured by enterprise value (EV) to sales multiple). Environmental performance metrics included emission scores, water efficiency scores, environmental management team scores and the ability to cope with climate risks scores. The relevance of the study is underpinned by the limited number of research in the field for BRICS countries and contradictory conclusions in research about the strength and direction of the influence of ESG factors onthe value and financial metrics of the companies. The ordered logit regression and OLS regression models were applied for credit ratings and EV/Sales multiple respectively. The sample included 206 companies from carbon-intensive industries from Brazil, China, India, South Africa and Russia for 2018-2021. Financial and ESG metrics were taken from Refinitiv while companies' credit ratings were taken from Moody’s and S&P. The results showed that the improvements in ESG and E-scores as well as environmental performance metrics hurt companies’ credit ratings. Conversely, the improvements in ESG, E-scores and environmental performance metrics had a positive impact on EV/Sales metrics. The latter confirms the TGMT (too-much-of-a-good-thing) effect of environmental performance as equity investors expect a positive effect from climate-related actions on equity performance in the long term.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128890989","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}

引用次数: 0

M&A Prediction Model-Based Investment Strategies 基于并购预测模型的投资策略

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-09-04 DOI: 10.17323/j.jcfr.2073-0438.17.2.2023.5-26

Элла Фокина, Георгий Елизарьев

{"title":"M&A Prediction Model-Based Investment Strategies","authors":"Элла Фокина, Георгий Елизарьев","doi":"10.17323/j.jcfr.2073-0438.17.2.2023.5-26","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.17.2.2023.5-26","url":null,"abstract":"In this paper, we study the development of investment strategies by predicting M&A deals using a logistic model with the financial and non-financial indicators of public companies. A random sample of 1510 acquired and non-acquired companies in Germany, the United Kingdom, France, Sweden, and Russia over the period 2000-2021 was used to design an M&A logit prediction model with high predictive power. The use of interaction variables significantly improved the model’s predictive power and allowed it to obtain more than 70% of correct out-of-sample predictions. Then the model’s ability to generate abnormal returns was tested with the help of an event study using share price data over the period 2011-2021. We show that an M&A prediction model can also efficiently generate abnormal returns (up to 49% on average) for a portfolio of companies that are expected to be acquired. Moreover, we uncover evidence that reduction in false positiveand negative predictions has a positive effect on abnormal returns due to the added model flexibility resulting from interaction terms. Our positive theoretical and empirical results can help both private and institutional investors to design investment strategies. In addition, there are indirect implications that support the practical importance of an efficient M&A prediction model.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114772385","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}

引用次数: 0

Non-Financial Factors in Creation and Preservation of Company Value in Telecommunication Industry 电信业公司价值创造与保值中的非财务因素

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 Pub Date : 2023-03-13 DOI: 10.17323/j.jcfr.2073-0438.17.1.2023.90-100

Анастасия Николаева-Аранович

引用次数: 0

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438最新文献