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

{"title":"CEO Age and Cash Holdings around the World: The Moderating Role of Legal Origin","authors":"Siew-Boey Yeoh, C. Hooy","doi":"10.17323/j.jcfr.2073-0438.16.4.2022.46-60","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.46-60","url":null,"abstract":"The worldwide growth in the level of corporate cash holding has prompted scholarly interest. Grounded on the precautionary motive of cash, we aim to provide a behavioural explanation to this phenomenon by exploring the relation between CEO age and corporate cash holdings. We further examine the institutional factor that may exert an influence on this relationship through a country’s legal systems, based on the notion that business corporations are part and parcel of the nexus of the institutions. Using an international sample of 24,989 firms from 90 countries, we find that CEO age is positively associated with the level of cash holdings. The positive impact is weakened when firms operate in countries with greater investor protection and better financial development. We demonstrate that older CEOs from common law, German law and post-socialist countries have a propensity to hold less cash. Additional robustness test supports our empirical findings.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126011882","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}

{"title":"Influence of CEO Human Capital and Behavioral Characteristics on Economic Profit of Russian Companies","authors":"Vera Nazarkina, Dmitrii Gostkov, Anastasia Lapteva, Vladislav Kniazev, Irina Ivashkovskaya","doi":"10.17323/j.jcfr.2073-0438.16.4.2022.6-33","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.6-33","url":null,"abstract":"We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO. \u0000Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism captured by the analysis of CEO’s photos following previous academic research approaches. The CEO power is applied to understand its impact over value creation and possible mitigating effect. Our sample consists of 111 Russian publicly traded companies and 235 CEOs for 8 years (from 2013 to 2020). We apply economic profit criteria to measure corporate performance with economic value added (EVA) which captures the spread between actual return on capital derived from financial reports and overall cost of capital based on the risks of a company collected from Bloomberg . \u0000We use first-order differences in company’s contribution to EVA after adjustments to the industry and overall market contributions to EVA for the sample. We find empirical evidence that CEO’s human capital affects value creation measured by first-order differences to industry adjusted EVA yearly. Furthermore, the CEO power has positive impact over value creation in Russian corporations while behavioral biases such as overconfidence ad narcissism do not have significant relationship with the changes in EVA.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121383717","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}

{"title":"How Does CEO’s Human Capital Influence Innovation Strategy of Russian Banks?","authors":"A. Fedorova","doi":"10.17323/j.jcfr.2073-0438.16.4.2022.61-71","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.61-71","url":null,"abstract":"The paper evaluates influence of human capital of top management on innovation strategy on the basis of study of innovation activity of Russian commercial banks in the period of 2017–2019. We have compiled a rating of commercial banks for retail segment innovations, selected the four least innovative banks. We have studied the key indicators of human capitalof top management in eight chosen banks. The paper has revealed the interrelation between different elements of human capital of top management and innovation strategies of Russian commercial banks. We have defined personal traits which portray a manager who exerts influence on innovations in a company. \u0000The paper is intended for investors in emerging markets which try to understand the evaluation mechanisms of impact of the financial companies’ current management on their future development path, for analysts engaged in forecasting trends related to optimization and automation in retail banking and assessment of corporate innovative capacity.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121667711","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}

{"title":"How CEO Affects ESG and the Financial Performance of Companies","authors":"Inzilya Farrakhova","doi":"10.17323/j.jcfr.2073-0438.16.4.2022.93-118","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.93-118","url":null,"abstract":"In the past decade the society grew more interested in corporate operations concerning environmental, social, and corporate governance (ESG). This paper is dedicated to study of influence of CEO’s personal characteristics on financial performance of companies and interrelation between ESG indicators and corporate financial performance. For this purposewe have conducted a review of scientific literature on this topic, established interrelation between financial indicators and ESG indicators, determined the main characteristics which influence corporate financial indicators. For this purpose we developed a model of CEO’s personal characteristics. The paper studied characteristics of CEOs from Russian companies, compiled a rating of CEOs taking into consideration financial and ESG indicators of companies, considered influence of the CEO’s position in this overall rating on financialindicators of a company. \u0000The research sample comprises 81 Russian companies of the real sector which are in the Moscow Exchange index and 123 CEOs. The time interval covered by this research is seven years since 2013 to 2019. Analysis was performed in the statistics package STATA applying panel data analysis as a method. Return on assets, return on equity and the market capitalizationindicator were used as dependent variables. We chose disclosure of ESG information by a company, CEO’s score in the overall rating and such CEO’s characteristics as age, tenure and financial education as explicative variables. Financial leverage and company size were used as control variables. We also added return on assets to some model specifications inorder to improve the model quality.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114910900","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}

{"title":"The Efficiency of Environmental Project Financing with Green Bonds in the Energy Sector: Evidence from EU Countries","authors":"Сергей Анатольевич Смирнов, Андрей С. Булгаков","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.63-70","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.63-70","url":null,"abstract":"This paper investigates whether the issue of green bonds by energy companies allows lowering the cost of funding for their environmental projects. We use empirical data on green bond placement in the energy sector and comparable conventional bond yield curves to prove the existence of the green bond yield discount. The sample includes 37 plain vanilla green bond issues and comparable yield curves of EU energy companies for 2017–2020 with total volume EUR 25 bn. We demonstrate that green bonds have a 4.7 bps lower average yield compared to conventional bonds. This green bond discount is statistically significant at a 5% level and does not depend on issue size or debut status of the issue. We draw three main conclusions: (1) energy companies may lower cost of funding by issuing green bonds, making environmental projects more economically attractive, (2) the green bond discount is present for both inaugural and subsequent green bond issues, which makes it reasonable to finance all environmental projects with green bonds, (3) the green bond discount does not depend on the issue size, which makes green bonds an appropriate choice for financing capital-intensive projects.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"211 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128165895","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}

{"title":"Relationship between Board Characteristics, ESG and Corporate Performance: A Systematic Review","authors":"Константин Попов, Елена Макеева","doi":"10.17323/j.jcfr.2073-0438.16.4.2022.5-20","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.4.2022.5-20","url":null,"abstract":"In recent years researchers have been paying significant attention to Environmental, Social, Governance (ESG) principles as a crucial factor in company performance. This paper aims to summarize the trends and findings in academic literature devoted to the board of directors as a determinant of ESG performance and non-financial disclosure quality. This paper also summarizes the key findings for a board’s moderating effects on the impact of ESG on corporate financial performance. The results of qualitative analysis of more than 70 empirical papers demonstrate that board independence is the most widely considered parameter, interpreted as a positive factor for strengthening a board’s monitoring function according to agency theory. There is no consensus on board size: larger boards include directors who represent the interests of a wider range of stakeholders (stakeholder theory), however, the increase in board size leads to a complicationof decision-making and controlling processes. Researchers mostly agree that an augmentation of women’ and foreigners’ representation among directors positively affects ESG performance and disclosure quality, although the lack of critical mass may dilute this effect. As for CEO’s role in the board, while some researchers argue that CEO duality enhances agency conflict, deterring corporate transition to ESG, other authors claim that a CEO’s organizational power may enhance the ESG transition due to a faster implementation of board decisions. One of the crucial determinants for this effect is the board members’ diversified professional expertise, including specialized education and experience, for the effective monitoring of managers’ performance. Finally, there is a growing interest in the role of board sustainability committees,which accumulate the required professional expertise for developing environmental and social strategies (resource-based theory). By examining the key board characteristics’ effect on corporate ESG performance and disclosure quality, this paper contributes to corporate governance literature, expanding the field for further research. Moreover, the paper highlights several understudied issues for further research.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122957685","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}

{"title":"The Impact of ESG Controversies on Bank Value and Risk-taking","authors":"Мария Староверова","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.5-29","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.5-29","url":null,"abstract":"ESG performance is one of the most important non-financial factors investors pay attention to when valuing a bank. Previous studies, devoted to bank ESG performance, rely solely on ESG ratings. The contribution of this paper to the existing literature is investigation of a new measure of ESG performance – ESG controversies. ESG controversies are covered in the media negative news that reflect a bank failure in ESG performance. The goal of this paper is to investigate the influence of negative ESG news on market value and stability of companies in a banking sector.A cross-country sample of 134 banks and data on 1,200 controversies from 2016 to 2020 are used in this study. Our results provide evidence that ESG controversies negatively affect bank value and have no impact on its stability. However, the effect on share prices is not unified: it is stronger for banks that are in the scope of investor attention, and this relation is observed for developed markets with high freedom of press exclusively. Moreover, investors take into consideration the reason of ESG controversy occurrence. They react strongly to negative ESG news, related to community and workforce.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121968681","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}

{"title":"The The Impact of the EU Carbon Border Adjustment Mechanism on Russian Exporters","authors":"Владимир Олегович Никифоров, Дмитрий Анатольевич Тихомиров","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.30-37","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.30-37","url":null,"abstract":"The European Union’s commitment to achieve carbon neutrality by 2050 led EU states to develop a new legal stimulus mechanism allowing to reduce greenhouse gas emissions: the ‘Carbon Border Adjustment Mechanism’ (‘CBAM’). First introduced in July 2021, the CBAM anticipates an imposition of a special carbon import duty on companies that import certain goods and materials into the EU, with the amount of such duty calculated based on the amount of GHG emissions emitted into the atmosphere in relation to such products. \u0000CBAM constitutes a part of today’s environmental agenda of the EU, but it obviously places additional financial burden on the shoulders of exporters, including those from Russia, for many of whom the EU has been a strategic market for a long period of time. \u0000This article provides a summary of findings made as a result of research of available publications that addresses a potential impact of CBAM on the value and financial metrics of those Russian exporters. The authors aim to demonstrate the results of calculations of the additional burden placed on the exporters which arise from CBAM through an analysis of the structure of the export, identification of the economic sectors most affected by CBAM, calculation of a carbon export duty to be potentially paid at the border of the Eurasian Economic Union, as well as calculation of required government support for the exporters.This article further evaluates the impact of CBAM while factoring in amendments that were still not covered in comprehensive research papers at the time of publication of the particular research analysed herein. Additionally, a detailed analysis of goods exported to the EU and impacted by CBAM is conducted for the first time, including a list of significant commodity nomenclature codes which are stipulated in the relevant legislation. Finally, recommendations on potential reactions to the impositions of CBAM and their effects on the future growth of the Russian economy are also provided. \u0000In December 2021, the European Commission proposed a set of stringent amendments to the CBAM draft legislation, expanding the list of goods affected, broadening the emissions scope and accelerating the timeline for implementation of the CBAM. In June 2022 the European Commission agreed to compromise on less-stringent wording which goes outside the scope of this article. The details of proposed amendments assessed in this article thus represent the stricter version of language considered during the review process of the European Commission.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"219 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131762762","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}

{"title":"New Financial Tools in Sport: NFTs and Fan Tokens","authors":"Илья Солнцев, Анастасия Алексеева, Ярослав Сусов","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.107-119","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.107-119","url":null,"abstract":"In this article the authors consider the opportunities provided by digital assets and associated risks, their specifics for sports organizations, fan token allocation scheme, and finally provide relevant recommendations for Russian football clubs that were selected as the object of study due to the availability of the required data and the growing market. Research methodology involved the analysis of annual reports filed by football clubs and academic papers, as well as interviews with representatives of clubs and digital platforms. The authors analyzed the trading results of 47 foreign clubs, identified and quantified the factors that affect their returns. Based on foreign experience, authors provide suggestions for Russian sportclubs that are aimed at cooperation with digital platforms and issue of NFT tokens and NFT collections. Potential income from these instruments was estimated. It comprises two components: initial placement (ICO) and secondary market income. \u0000Suggestions and calculations provided by the authors could be applied in the development and implementation of digital assets by professional clubs from other sports and other sports industry subjects, i.e., equipment manufacturers, fitness clubs, sport facilities, etc. The authors specify a number of additional factors that can potentially affect fan profitability as items in need of further research.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127292386","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}

{"title":"Analysis of the Investment Activity and Innovative Achievements of Venture Companies in the Context of the Chinese Government’s Policy","authors":"Ву Янфей, Ли Менгран, Александр Викторович Семенов, Иван Викторович Родионов","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.96-106","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.96-106","url":null,"abstract":"For our research we chose Chinese GVC as representative data for global venture capital and studied the influence of the Chinese government on enterprise innovations through venture capital institutions against the background of the country’s economic and social environment in 2016–2022.In this paper, we apply regression analysis methods, aiming to study the impact of official venture capital data on the indicators of enterprises’ innovation success and to solve the existing problems in related fields. Regression analysis shows that GVC is a significant driver of innovation and has a certain attractive impact on non-GVC. The study demonstrated that direct venture investment has a greater stimulating influence on corporate innovation than the state’s implicit price subsidies. Topic studies showed that characteristic features of GVC were aligned with the China’s China’s macroeconomic development strategy in the investment field and that GVC was region-oriented.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131670993","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}