NRU HSE: Journal of Corporate Finance Research (Topic)最新文献

{"title":"Literature Review of Mergers and Acquisitions with the Aim to Obtain Technology and Knowledge","authors":"Elena Ochirova","doi":"10.17323/j.jcfr.2073-0438.13.4.2019.87-94","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.13.4.2019.87-94","url":null,"abstract":"The rapid digital and technological transformation of the economy is pushing companies to create or improve their technological capabilities. One way to acquire the technology and knowledge that allows companies to maintain competitiveness is through the process of mergers and acquisitions (M&amp;A). The topic of M&amp;A deals which are primarily motivated by the obtaining of new technologies and knowledge is the subject of a large number of studies. The contradictory results in studies of such ‘technological’ M&amp;A transactions can be explained by gaps in the empirical analyses or the weakness of the theoretical knowledge.<br><br>The purpose of this study is to review the theoretical works on the effectiveness of technological M&amp;A transactions, and to identify the main trends in this area. In particular, by analysis of the existing academic literature, the motives behind these M&amp;A deals are identified. In order to identify the relevant key determinants of the effectiveness of technological M&amp;A transactions, the motives of traditional M&amp;A transactions were also examined in relation to applicable market and sectoral variables. Further, technological overlaps between the parties to M&amp;A transactions is examined within the empirical studies in this field, and the interrelations between levels of R&amp;D expenditure, innovative activity, and company efficiency are described.<br><br>The results of this analysis reveal that technological similarities between acquiring and acquired companies have a positive effect on the reaction of investors and on the effectiveness of an M&amp;A transaction. However, such similarities negatively influence the overall effectiveness of the buyer company. The level of R&amp;D expenses and innovative activity demonstrate inconsistent results with regard to companies’ performance. Other factors that have direct or indirect impacts on the integration between companies were shown to have contradictory results on both parties of a deal.<br><br>Based on the existing literature, it is shown that the effectiveness of technological and knowledge-based M&amp;A transactions is associated with uncertainty for investors. This is due to the risks of such transactions in different sectors of the economy, the motives of managers and the characteristics of the parties of the transactions.<br><br>The novelty of this paper is represented by its concise presentation of technology’s influence in this specialised area of business and economics. This work consolidates the conclusions of the extant scientific literature in a forthright manner in this increasingly relevant field of study. The data presented herein will be of utility to academics, student, and professionals in the field of M&amp;A deals.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"159 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116389143","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":"Designing New Funding Models for Russian Football Clubs","authors":"I. Solntsev","doi":"10.17323/j.jcfr.2073-0438.13.4.2019.59-73","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.13.4.2019.59-73","url":null,"abstract":"In Europe, most football clubs have long been positioned as business projects, which are active in financial markets and apply various funding tools. The 2018 FIFA World Cup inspired a new wave of interest in Russian football and created attractive conditions for applying new funding tools. The specifics of the economy surrounding sports development in Russia have led to a situation whereby most sports clubs depend on limited apportionments of budgetary funds, and require novel sources of additional funding for different development purposes, e.g. constructing stadiums, training grounds, youth academies and everyday operations.<br><br>The aim of this research is to examine the best foreign practice in the field of attracting funding by sports clubs and propose adaptations for Russian conditions. This work presents a practice-oriented review of the most modern funding tools used in football, and analyses the capital structure of European football clubs, their funding policies and preferences.<br><br>The competitive level of the European and Russian clubs, their relative financial capabilities, and their development prospects were considered, and the analytical mapping process ascribed prospective investment ratings to the Russian clubs. In a similar manner, recommendations as to how practical funding examples from European clubs may be adapted and followed in the Russian context are described. By comparison and contrast, likely candidates among Russian clubs for similar economic strategies are identified. The sources of information utilised for this process include annual reports from European football clubs, research studies, and academic articles, along with any available contextual information on Russian clubs.<br><br>The study was limited by the secrecy of reporting in Russian football and the weak financial position of most Russian clubs, which restricts their funding opportunities. However, despite the special development model of domestic Russian football and the harsh economic conditions, the proposals formulated in this work can be implemented into the practical activity of any club, regardless its scale and can contribute to improving financial sustainability, competitive results and the integrated development of Russian clubs. The methods proposed can act as a catalyst for the gradual corporatisation of Russian football clubs and will be of interest to investors, business analysts, economic scientists and football fans alike.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132601192","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":"Does Smart & Powerful CEO Contribute to the Performance of Technology Companies?","authors":"Elena V. Karnoukhova, A. Stepanova","doi":"10.17323/j.jcfr.2073-0438.13.4.2019.39-58","DOIUrl":"https://doi.org/10.17323/j.jcfr.2073-0438.13.4.2019.39-58","url":null,"abstract":"Innovative companies have become one of the major drivers of economy worldwide. According to various surveys, nearly 70% of the world's most innovative companies in 2019 are US firms. However, academic studies have tended to focus on the influence of the top management team and the board of director’s on the firm performance, or the relationship between innovative activity and the CEO`s preferences. However, this overlooks the idea that the CEOs themselves can exert a significant influence on the performance of innovative companies. As such, we aim in this research paper to show which CEO characteristics could lead to a higher firm value.<br><br>This research uses the generalised least squares model on a sample of 12,565 firm-year observations during the period 2004-2015. We used data for three innovative industries: (i) pharmaceuticals, biotechnology &amp; life sciences, (ii) software and services, and (iii) technology hardware and equipment industries. Additionally, we hand-collected data from the CVs stored in the CIQ database. Finally, we provide examples to prove the validity of our tests.<br><br>Our results indicate that educational background, tenure, and duality play crucial roles in explaining firm value. Our findings indicate that a CEO characteristics play crucial roles in explaining technology firm value and performance. We demonstrated that the founding CEO as well as a CEO with better education contributes more to firm performance. We found that the characteristics of a CEO can mitigate conflicts between different types of investors and their influence on firm performance. More specifically, the CEO-founder was found to add greatly to the performance of Software and Pharmaceutical companies. Furthermore, CEO influence seems to mitigate the conflict of interest with independent active institutional investors in the Hardware industry.<br><br>The novelty of this paper resides in its specific answers to questions that are overlooked or taken for granted in broader studies on the same subject area. We emphasise the differences in ownership structure in high-tech and non-tech industries, and not only provide answers as to whether the vaunted ‘power’ of a chief executive is significant in increasing company value, but whether a highly educated CEO contributes more to innovations in the hi-tech sphere. The specificity of the empirical investigations concluded herein lends itself well to reference, and as such this paper provides opportunities for academics, students, professionals, and journalists in the business field to cite its conclusions in any number of media.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122487865","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 the Venture Investment Size in Russian IT Companies","authors":"I. Rodionov, A. Semenov, V. Seleznev","doi":"10.17323/J.JCFR.2073-0438.12.1.2018.44-49","DOIUrl":"https://doi.org/10.17323/J.JCFR.2073-0438.12.1.2018.44-49","url":null,"abstract":"This study investigates the key determinants of the size of investment in Russian IT companies during follow-on rounds starting from the second round. On a sample of 55 deals (2010–2016), which represents the most important deals on Russian market, the research finds out two key factors positively influencing the size of investments: investments in the first round and presence of experienced investor among shareholders. e investor was considered as experienced if she has had success on VC market or has a totally accepted reputation on the same market. Results are consistent with the prior literature including the preliminary results of the authors done on lesser datasets. Additionally, effects of belonging to a particular industry or the time period of investments were proved to be insignificant for Russian VC market for IT companies. New hypothesis proposed by the authors (about impact of the number of founders on the investment in sub-sequent rounds) as well as hypothesis about the impact of target market growth on the investment size are also rejected. The latter is surprising as the target market growth is considered among the most important criteria for the investment decision. The result may be explained by the bias of the dataset as most of the early stage company data is confidential, and the target market growth plays the most significant role at the beginning of investment process.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"127 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123559820","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 Ex-Day Phenomenon and Share Price Performance on Emerging Markets","authors":"Viktoria Cherkasova, Vladimir Petrukhin","doi":"10.17323/J.JCFR.2073-0438.11.1.2017.16-36","DOIUrl":"https://doi.org/10.17323/J.JCFR.2073-0438.11.1.2017.16-36","url":null,"abstract":"We study share price performance at the ex-dividend date and its relation to trading volume and a set of factors corresponding to different explanatory theories. Among the investigated factors that may have impact on the ex-dividend date share price are dividend yield, capital gains tax rate and dividends tax rate, transaction costs, market microstructure characteristics, market stock risk, and the disposition effect. The research was conducted using the panel data of companies from the BRIC zone for the period of 2005-2015. According to the obtained results, dividend capturing and disposition effect theories are likely to have explanatory power for the ex-day phenomenon for our sample. Tax theory and dividend clientele theory have not found empirical support.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122905398","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 Industry's Concentration on Innovation: Evidence from Russia","authors":"A. Bykova","doi":"10.17323/J.JCFR.2073-0438.11.1.2017.37-49","DOIUrl":"https://doi.org/10.17323/J.JCFR.2073-0438.11.1.2017.37-49","url":null,"abstract":"In pursuit of economic growth and development, companies have tried to strike a balance between competition and monopoly power. This paper reviews evidence on industrial concentration and its economic consequences (notably firms’ performance as measured by innovation output) in the framework of emerging market conditions. Competition theory was built in developed countries under assumptions that do not necessarily fit emerging economies. Our main research question is whether the level of local market concentration influences (and if it does, in which way) innovation activity undertaken by companies operating on emerging markets. Apart from linear association, the empirical literature suggests that industrial concentration could exhibit an inverted U-relationship as far as its link to certain economic indicators of success, such as innovation output. We measure concentration by using the Herfindahl-Hirshman Index. This paper finds empirical evidence in support of the Schumpeterian hypothesis that more concentrated industries stimulate innovation and observe the inverted U-relationship curve. Further, the empirical model demonstrates the relative importance of technological leadership in concentration industries to enhance innovations. This suggests a role for recalibrating firm and industry policies.","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132411583","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":"Corporate Governance and Effectiveness of a Diversified Company: Russian Experience","authors":"V. Nazarova, Anzhelika Kolkina","doi":"10.17323/J.JCFR.2073-0438.10.3.2016.56-70","DOIUrl":"https://doi.org/10.17323/J.JCFR.2073-0438.10.3.2016.56-70","url":null,"abstract":"Researchers come to controversial conclusions regarding the impact of corporate diversification on the company's value and performance. The diversification strategy itself has been subject to strong criticism in the past 20-30 years. There is an opinion, however, that in emerging markets diversification has a positive impact on companies' value and effectiveness. Despite the existing advantages of diversified companies, planning and budgeting various business areas not related to each other is a considerably difficult task that results in the agency problem between managers and stakeholders. This leads to corporate governance problems in companies that use the diversification strategy. Studying corporate governance in emerging countries is especially important, as they need to adjust their corporate governance standards to developed markets. The theory of corporate governance is now developing rapidly, especially in Russia, where researchers did not often turn to this subject. In the last decade, this issue has most often become a subject of research in China and India. The issue of corporate governance in Russia is relevant today due to the fact that it is a mechanism of managing a company which makes it possible to balance the interests of managers and stakeholders. Moreover, companies are interested in attracting foreign investors, who pay significant attention to the level of current corporate governance. However, unlike in developed countries, corporate governance in developing capital markets is only being introduced. Today a lot of Russian companies are engaged in the optimisation of corporate governance largely to build a good reputation and do not pay enough attention to corporate governance principles, which a company should follow. Thus, today the low level of corporate governance is a problem in Russian companies, as the companies' owners do not understand its significance. Moreover, the Russian business environment is rather specific and requires a certain approach in order to form an optimal corporate governance system. As far as research in this field is concerned, a positive impact of corporate governance on companies' effectiveness lacks empirical proof. A number of studies have not found a statistically significant positive correlation between the level of corporate governance in Russian companies and their effectiveness. With regard to the stated issue, the purpose of this paper is to discover to what extent corporate governance has an impact on the effectiveness of Russian diversified companies. Such companies are a subject of particular interest, as not only developed and emerging economies have different features of corporate governance, but within one country there are also companies whose development strategy and industry have a significant impact on the optimal corporate governance structure. The study suggests the following hypothesis: the corporate governance system has a positive impact on the effectiveness of Russian ","PeriodicalId":138677,"journal":{"name":"NRU HSE: Journal of Corporate Finance Research (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129216248","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}