Научный семинар "Эмпирические исследования корпоративных финансов"

Приглашаем Вас на очередное заседание постоянного научного семинара «Эмпирические исследования корпоративных финансов» Школы финансов факультета экономических наук. Заседание состоится во вторник, 6 февраля 2018 г. в 16:00 по адресу ул. Шаболовка, 26, НИУ ВШЭ, ауд. 3211.

Язык семинара: русский, английский

В рамках семинара предлагается обсудить два доклада:

Theme 1. ‘Innovate or Perish?’: Russian Companies under Crisis

Speakers: Elena Shakina, HSE University - SPb, Angel Barajas, HSE University - SPb

Annotation: This paper comes to challenge the widespread idea ‘innovate or perish’. Naw, this study places substantial emphasis on economic crisis assuming that these adverse conditions might be an important factor for companies’ strategic behavior. Empirical results on data of more than 1000 Russian listed companies provide some interesting insights about drivers and outcomes of strategic shifts towards innovations. Difference-in-difference analysis of innovative strategy in crisis has enabled some curious results. As we expected, reality shows to be not linear. By receiving the evidence that innovation-driven performance follows a U-shape relationship we advocate that only significant investment in innovations is reasonable. Importantly that this simple approximation of the functional form provided us with a robust result that only more than 50% increase in intangible assets for any sector and company’s size might bring sustainable positive return. Wherein, this increase is lower if the strategic shift is undertaken in crisis. According to our findings, on average, crisis period makes that majority of companies abstain from innovations. Still, those firms that follow proactive decision introducing innovations could outperform their ‘proactive’ rivals. In crisis, this ‘sufficient’ increase is close to 30% of the initial value of intangible assets. Considering this and the fact that the threshold of innovation assets is lower for the crisis period we can conclude that not very significant innovative projects under low competitiveness might make companies better off. With that we would like to debunk the myth about unconditional necessity to innovate.

Theme 2: CEO risk preferences and payout policy choice

Speaker: Artem Anilov

Annotation: In recent studies it has been shown that corporate decisions might be affected by the behavioral characteristics of the managers. We use the sample of 671 US companies to test the ability of CEO’s risk preferences to affect the decisions about payout policy. We show that the different specifications of risk preferences may be used to measure the risk appetite of the CEO. We show that if the CEO is encouraged to bear more risks he or she will distribute less cash among shareholders. We also find the support for the idea that corporate governance tools may reduce the negative effects of CEO’s behavior.

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