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Ownership Structure and Company’s Performance: Evidence from Russia’s Publicly Listed Companies

Chagirov, Dauren
http://orcid.org/0000-0001-8794-5872
http://rave.ohiolink.edu/etdc/view?acc_num=ysu158920696033375

Abstract Details

2020, Master of Arts in Financial Economics, Youngstown State University, Lariccia School of Accounting and Finance.
The thesis investigates the relationship between the ownership structure and the financial performance of publicly-listed firms in Russia. The 2015-2018 average values of market-to-book equity ratio (M/B) and return on assets (ROA) are used for evaluation of the firm’s performance. Furthermore, 2014 values for managerial and state shareholdings are employed for measuring the ownership structure of the company. To my knowledge, no paper has examined the relationship between managerial shareholdings and performance of Russian firms both on individual firm and portfolio levels. Using single and two-stage least squares regressions, I find a statistically significant negative impact of both managerial and state shareholdings on the strategic performance (measured by M/B) of the firms. While the negative influence of state shareholdings on strategic performance is anticipated and supported by literature, the negative effect of managerial ownership is unexpected. At the same time, I conclude no impact of both managerial and state ownership on operational efficiency (measured by ROA) of the firm. I also employ a portfolio approach to examine the relationship between state ownership and performance measured by stock returns. I compare average monthly returns and total returns across the industries and M/B. Based on the portfolio approach, I cannot conclude that publicly-listed firms without state-owners perform significantly different from state-controlled entities.
Ou Hu, PhD (Advisor)
Tomi Ovaska, PhD (Committee Member)
Joseph Palardy, PhD (Committee Member)
92 p.
Economics; Finance
ownership structure; Russia; firm performance; managerial ownership; state ownership

Recommended Citations

Citations

  • Chagirov, D. (2020). Ownership Structure and Company’s Performance: Evidence from Russia’s Publicly Listed Companies [Master's thesis, Youngstown State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=ysu158920696033375

    APA Style (7th edition)

  • Chagirov, Dauren. Ownership Structure and Company’s Performance: Evidence from Russia’s Publicly Listed Companies. 2020. Youngstown State University, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=ysu158920696033375.

    MLA Style (8th edition)

  • Chagirov, Dauren. "Ownership Structure and Company’s Performance: Evidence from Russia’s Publicly Listed Companies." Master's thesis, Youngstown State University, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=ysu158920696033375

    Chicago Manual of Style (17th edition)

ysu158920696033375
315
© 2020, all rights reserved.
This open access ETD is published by Youngstown State University and OhioLINK.