Corporate Governance and Firm Performance. Empitical Evidence From Emerging Markets

Abstract

In this article we present you the review of several empirical investigations considering the problem of relation between the corporate governance and corporate performance in Russia. First of all, we make a comparable analysis of different opinions of theorists and practitioners considering the structure and the role of Board of Directors at growing capital markets. We compare the conclusions proposed by Andrej Vernikov (professor of HSE, ex-Chairman of MDM Bank Board of Directors), Ichiro Iwasaki (Hitotsubashi University) and the results of joint research of Irina Ivashkovskaya (professor of HSE) and Anastasia Stepanova (Corporate Finance Center, HSE). Second, we consider different approaches and results related to the influence of ownership structure and corporate governance quality on the corporate performance proposed in the joint investigation of Irina Ivashkovskaya, Artem Rashupkin and Yaroslav Osipov (HSE) and Igor Belikov from Russian Institute of Directors and in the research of Irina Ivashkovskaya and Anastasia Stepanova. In our view, the most important contribution of this overview is an attempt to put together the results of a number of empirical researches studying different components of corporate governance in order to give the low-down on the process of corporate governance system development in Russian companies.