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

{"title":"Influence of Mezzanine Financing on the Corporate Financial Profile","authors":"Кирилл Городников, Михаил Олегович Павлов, Александр Сус","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.70-95","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.70-95","url":null,"abstract":"Due to global changes in the global economy, the importance of financing and building an optimal capital structure is increasing. Rapid changes in the exogenous environment and the investment climate lead companies to revise their financing strategies. \u0000Currently, there are many financial instruments that provide cash inflow, but have certain restrictions. The tool that allows to eliminate them is the mezzanine. However, the existing literature on mezzanine financing does not fully cover this financing method. The novelty of this research lies in determining the financial profile of the borrower company that utilizes mezzanine financing, and in studying the impact of the mezzanine on the market value of a company’s equity and its value. Econometric analysis confirms that mezzanine financing is more often chosen by companies with a less attractive financial profile, based on ROA, EBITDA – CapEx cash flow, and beta. In addition, the interconnection between a company’s life cycle and its desire to attract a mezzanine loan is revealed. Econometric and empirical analysis allow us to conclude that the market situation, managerial methods within the company and the operational strategy increase the chances of the effective use of the mezzanine.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122036496","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 Do External Shocks Affect the Economic Efficiency of Companies with Foreign Direct Investment?","authors":"Елена Анатольевна Федорова, Алексей Эдуардович Николаев, Регина Низамовна Мирзоева","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.56-69","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.56-69","url":null,"abstract":"The purpose of this study is to assess the effectiveness of export and import activities of domestic companies with foreign direct investment during the external shocks. The relevance of the research is due to the fact that the impact of side effects of FDI on domestic companies and economic uncertainty after the sanctions and the outbreak of the pandemic was ambiguous. The empirical base contains about 170,000 observations on 18,799 operating companies with a foreign capital share of at least 10% for the period from 2012 to 2020, obtained from the Ruslana database - Bureau Van Dijk. For the purposes of the study, the companies are grouped by the industry and their roles in international trade. Efficiency assessment is measured by using the data envelopment analysis (DEA), taking into account the spillover effects from foreign direct investment. The results of the study confirm that firms that trade in both directions have better performance. Next come companies focused only on export or import. Companies that are not involved in international trade are the least efficient (hypothesis 1). Industries that benefit from FDI inflows include more capital-intensive sectors (hypothesis 2). External shocks have a negative impact on the efficiency of companies with FDI (hypothesis 3). This understanding has important implications for long-term economic growth and the recovery of the Russian economy in the current external shocks.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122394373","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 Corporate News on Stock Prices: Evidence from the Russian Stock Market","authors":"Людмила Ружанская, Валентин Войтенков, Алина Уразбаева, Лилит Даниелян","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.44-55","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.44-55","url":null,"abstract":"In the face of complex sanctions, Russian companies are looking for new mechanisms to ensure sustainability. An overcrowded corporate news backdrop could be the source for a significant decline in a company’s market value or growth. Given the importance of information disclosure and corporate news for investors’ expectations, we estimate the effect that four types of corporate news (Official publication of financial results for the quarters and for the year; M&A; Appointment of new persons; Dividend policy) impose on shares of three Russian companies in different industries: the financial, energy and high-tech sectors. In order to reflect corporate news’ influence, we developed an index of corporate news for the companies concerned utilizing daily data ranging 2015–2021. By applying a vector error-correction model, we demonstrate that corporate news and corporate equities are related over the long run. Short-run results obtained with the Granger test suggest no evidence of causality. At the second stage, we construct impulse response functions that affirm the effect of corporate news on stocks. Corporate news has a high and positive effect on stock prices in the high tech and energy sectors, while the financial sector reacts in a mixed manner to corporate news, and the effect is weak. Obtained results serve as the basis for practical recommendations to individual and institutional investors, as well as to companies for market value management.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131917348","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 corporate social responsibility on the corporate financial performance: evidence from Russian and Dutch companies","authors":"Ольга Волкова, Анастасия Кузнецова","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.15-31","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.15-31","url":null,"abstract":"This research paper aims to investigate the impact of Corporate Social Responsibility (CSR) reporting on Russian and Dutch companies’ financial performance (CFP). The theoretical framework we use is the stakeholder theory. The study applies regression analysis to obtain quantitative evidence of CSR-CFP relations. Companies’ CSR involvement is measured by reputation index - CSRhub. Return on equity ratio has been chosen as a measure of corporate financial performance. Our findings demonstrate a weak positive correlation between CSR and companies’ ROE. Moreover, the research shows the existence of a higher CSR impact on Russian companies’ financial performance comparing to the Dutch one. The results may become useful for corporate management while assessing a financial return from CSR strategies. This work also provides an alternative way for a quantitative operationalization of companies’ social performance, which is especially important for further statistical researches.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129513904","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":"Foreign Ownership and Capital Structure in Times of Crises: Case of South Korea","authors":"Шахло Исламова, Мария Кокорева","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.5-14","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.5-14","url":null,"abstract":"This paper presents the results of analysis of the role of foreign investors in capital structure choice. The analysis is conducted using regression analysis of panel data. Operating with data of 809 companies listed in the South Korean market in 1997-2020, we demonstrate that the debt-to-equity ratio of companies with foreign investors is lower than in the rest of thefirms. In this case, foreign investors’ monitoring of a company’s performance can be a substitute for debt financing as a disciplining mechanism for management. Foreign investors also indirectly affect the capital structure by impacting the speed of adjustment to the target leverage. The results of our study show that the speed of adjustment to the target debt-to-equity ratio increases along with a rise in foreign investor participation. The results are most pronounced for over-leveraged firms. Whereas during financial crises, we observe no effect of the presence of foreign investors on the changes in the target debt-to-equity ratio, we find a significant increase in the speed of adjustment to the target leverage in companies withforeign investors. During the current coronavirus crisis, corporate debt of companies with foreign investors is decreasing even more, while the speed of adjustment decreases. We attribute these effects to the non-financial nature of the crisis, which makes the role of foreign investors in monitoring management less meaningful. In practice, results can be used bycompany managers when facing crises or other macroeconomic shocks. The results obtained can also be used by public authorities in shaping policies to stimulate foreign investment.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128159873","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":"Bank Portfolio Allocation Strategy and Its Probability of Failure: Case of the Russian Banking Sector Purge","authors":"Виктор Кракович, Daria Udaltsova","doi":"10.17323/j.jcfr.2073-0438.16.2.2022.32-43","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.2.2022.32-43","url":null,"abstract":"This paper aims to discover portfolio allocation strategies that facilitate a bank’s stability. The paper examines the phenomenon of massive failures of Russian banks in the period from 2013 to 2019, in order to identify which of the banks’ strategic decisions regarding assets and liabilities, as well as portfolio structure, lead to higher stability. The dataset contains financial indicators and prudential ratios of 895 commercial banks operating in Russia during that period. 507 banks, or 57% of all banks, lost their license during the considered period. Cases of bank failures were classified depending on whether the Central Bank identified any illegal activities conducted by the failed bank. The high failure rate provides an opportunity to study the differences between failed and non-failed banks in order to determine the factors associated with lowerfailure probability. Following the approach applied in most of the previous studies, we use a logistic regression to model the effect of different asset and liability portfolio structure on the failure probability. The hypothesis that failure probability of a bank is affected by its strategic focus of forming an assets and liabilities portfolio was statistically confirmed. We found that the focus of a bank’s activity on providing loans to individuals and attracting deposits from companies leads to lower failure probability, confirming the results of previous studies. Also, we found that more active cooperation with other banks in terms of both borrowing and lending is associated with lower failure probability. Furthermore, we found that banks are less likely to borrow from or lend money to their fellow banks that later fail with illegal activity accusations.Finally, we found that unlike the EU banks, Russian banks with higher profitability ratios are more stable. The results are relevant for industry practitioners in facilitating the development of a more resilient bank strategy, as well as for regulators for incorporation in early warning models.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133198311","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 Ownership Structure on Dividend Pay-out: Evidence from Listed Companies in the Property Sector in Malaysia","authors":"Jasmine Lau Huey Huey, A. Marsidi","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.85-94","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.85-94","url":null,"abstract":"This study investigates the relationship between the ownership structure and the dividend payout for listed firms in the property sector in Malaysia. By examining the correlations between different forms of ownership and the proportions of shareholdings held by a variety of ownership categories, this will help to provide a better picture about how the ownership structure of the companies actually affects the dividend decisions of companies. \u000046 listed companies from the Malaysian property sector are selected as the sample for this study, between the years 2011 and 2016. This study uses the random effect regression model to express the relationship between the ownership structure and the level of dividend payout for the relevant sample. The dependent variable is the dividend payout amount, and the independent variables include ownership concentration, institutional ownership, managerial ownership, and foreign ownership. Meanwhile, the control variables are firm size and firm leverage. Agency theory, signaling theory, Bird-in-the-Hand theory, and clientele effect theory, are used in this study. Our results show that ownership concentration and institutional ownership have a positive and significant relationship with dividend payout in Malaysia. By contrast, managerial ownership and foreign ownership revealed an insignificantrelationship with the dividend payout. This study may be useful to both academics and professionals in the property and investment segments of developed and developing economies, and concludes with recommendations on potential for future legal and regulatory implications of the findings.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133172171","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 News Reports and ESG Publication Financially Affect Firms","authors":"E. Anang, Максим Васиев, Qian Wang","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.38-62","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.38-62","url":null,"abstract":"ESG has become a growing and integral part of company activities. Not only is it something investors now take into consideration when choosing stocks, but the question of a firm’s Environmental, Social and Governance awareness and actions has integrated itself into something as critical as some banks’ decisions to provide loans to a firm. While ESG used to bejust a “nice-to-have,” there is no denying that it is now a must-have for any company that wants to be a global market leader. \u0000Many prior studies have focused on ESG ratings, the types of ESG information disclosed in annual reports and the effect of financial news on firms. The aim of this research is to take a deeper look at the effect of ESG on firms and find out whether different news feed and news publications concerning a company’s ESG activities and circumstances affect its value? Our research shows that there is a weakly significant effect of negative ESG-related news on firms in the window (–1, +1) and no significant reaction to positive news. This means that investors do not statistically significantly react to positive ESG news about firms. We examined 65 publicly traded companies from 7 different markets worldwide over the course of 13 years (from 2009 to 2021). We collected a total of 458 separate news articles from the S&P Global Market Intelligence platform –and classified them into positive and negative depending on the news. We ran OLS regressions of the data points together with financial control variables on a company’s CAR in a 5-, 3- and 2-day interval to check for the effect. No significant effect was reported.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115962688","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":"Determinants of Successful Crowdfunding Campaigns: Evidence from Russian Crowdfunding Platform Boomstarter","authors":"Светлана Геннадьевна Макарова, Дарья Алексеевна Улитина","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.95-110","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.95-110","url":null,"abstract":"According to practice, about half of the projects on crowdfunding sites (based on rewards) do not collect the declared amount of funding. This is largely due to the lack of experience in running crowdfunding campaigns and ignoring important factors that are important to take into account when managing crowdfunding campaigns. Many foreign publications have studied the nature of the influence of various determinants on the success of fundraising on crowdfunding platforms, in particular, on Kickstarter, Indiegogo, Ulule, Eppela and others. As for research on Russian crowdfunding platforms, there is an extremely small number of such studies. Based on the construction of OLS regressions for 300 projects from July 2020 to May 2022 by the end date of the project from the Russian crowdfunding platform Boomstarter, we firstly obtained that such determinants as choosing a reasonable financial goal of the project, the number of sponsors, the numberof project comments and the availability of video materials about the project have a positive impact on the success of the crowd campaign. In addition, we have developed a model based on logit regression testing, which has a high predictive power. This model can be used to predict the results of a crowd campaign with given parameters. \u0000In further research in this area, it is possible to increase the number of observations, change the set of factors that potentially affect the success of a project’s fundraising on crowdfunding platforms, and also consider the influence of factors depending on the category of the project. A promising area of research is the analysis of social interactions between investors in the framework of crowdfunding campaigns and the identification of the nature of the dependence of the volume of collected financial resources throughout the entire project financing cycle in the Russian market.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131075951","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":"Performance of Green Bonds in Emerging Capital Markets: An Analysis of Academic Contributions","authors":"Ion Frecautan","doi":"10.17323/j.jcfr.2073-0438.16.3.2022.111-130","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022.111-130","url":null,"abstract":"The ongoing experience of the global transition from fossil fuel-based economies to renewable-fuel-based economies shows that sustainable finance is an important step that enables this transformation in developed and emerging capital markets. As such, understanding the performance drivers of green bonds becomes important for development of new corporate models based on sustainability goals. \u0000Our research presents a systematic literature review on financial and non-financial drivers of performance of green bonds in the emerging capital markets. Using a unique hybrid technique for textual analysis of articles published between 2010 and 2022, we propose to identify the main research clusters (renewable energies, investments, climate change and sustainable development, green bonds, and green finance) and the most representative emerging capital markets to consider in terms of assessing new trends. \u0000Future research directions may be devised based on the trends of the keywords which are created herein using information extracted from the ‘Scopus’ application, processed with ‘VOSviewer’, and structured using ‘Online Analytical Processing’ (OLAP) principles with the help of ‘Visual Basic for Applications’ (VBA) programming through spreadsheets. \u0000Our results demonstrate that non-financial performance factors are more influential in emerging capital markets because of the early stage of development of green bonds issuance, and because of the reduced regulatory framework regarding green financing.","PeriodicalId":102477,"journal":{"name":"Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128603067","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}