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Head of Corporate Finance Research Center, Dr., tenured professor
The HSE School of Finance is the leading Russian competence center in the field of corporate finance, business valuation, banking, stock market, risk management and insurance, accounting and audit.
Our university is the only one in Russia in the global ranking "QS - World University Rankings by subject", 2021 in the subject area of Accounting and Finance. Moreover, the university is the 1-st in the rating "THE World University Rankings by subject" in the subject area of Business & Economics, 2021
Mikova E., Teplova T., Munir Q.
Emerging Markets Finance and Trade. 2020. Vol. 56. No. 1. P. 126-148.
Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?
Switzerland: Springer, 2020.
2019 IEEE 21st Conference on Business Informatics (CBI)
Karminsky A. M., Дьячкова Н. Ф.
Vol. 1: 21st IEEE Conference on Business Informatics. M.: IEEE, 2019.
Abdrakhmanova G., Demyanova A., Dranev Y. et al.
M.: National Research University Higher School of Economics, 2019.
Khrustova L. E., Fedorova E., Musienko S. O.
Journal of Siberian Federal University. Series: Humanities & Social Sciences. 2019. Vol. 12. No. 12. P. 2155-2169.
Procedia Computer Science. 2019. Vol. 162. P. 496-502.
Schoors K., Semenova M., Zubanov A.
Journal of Financial Stability. 2019. Vol. 43. P. 25-39.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 9. P. 223-239.
In press
Ivashkovskaya I., Scherbakov D., Yakovenko P.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 10.
In bk.: Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. Switzerland: Springer, 2020. Ch. 2. P. 33-61.
Working Papers. SSRN, 2019
Kuchin I., Baranovskii G., Dranev Y. et al.
Science, Technology and Innovation. WP BRP. Высшая школа экономики, 2019. No. 101.
Working Papers. SSRN, 2019
With or without CU: A comparative study of efficiency of European and Russian corporate universities
Why do you think corporate universities have a negative or neutral effect for Russian companies?
The fact is that if you look at Russian companies, there are very few of them. Comparing them with European companies, in reality, it is rather an exception when a Russian company has its own corporate university. But we need to understand that those corporate universities, especially those included in the database of our research, are quite large companies, such as Sberbank, Rosnano, etc. Accordingly, such projects are usually associated with large investments and serious risks of not paying off in the future. Unfortunately, Russian companies do not use the commercial potential of corporate universities very often - usually such universities act as an internal corporate structure that serves only their needs.
What is the difference between European and Russian corporate universities?
The European experience is much richer, of course, the history is longer, and they already understand how to return these investments, because it is very difficult to do that through internal flows. Most European corporate universities sell their services, i.e. they have very high commercial potential. In other words, corporate universities in Europe are more heterogeneous. There are small companies that are in the class of industry leaders and their projects, respectively, are smaller than in Russia. This allows them to pay off faster in the short term.
What can be changed to make the effect positive, or is it necessary to change anything at all?
Russian companies, as leaders, must share their accumulated competencies, i.e. try to implement commercial projects, selling them to their competitors or partners, this is not so important to whom. Thus, a part of the investments that were associated with the opening of such a university could be covered not just by the increment of value added, which could obviously provide a return of money, but also direct flows from the sale of these services. In addition, of course, we need to weigh the costs and benefits, i.e. it is necessary to understand whether it is necessary to open such projects. And one more thing about which we write in the article is the complementary effect that our universities for some reason do not use. It is in interaction with classical universities, it is possible to create co-programs that will partially reduce risks through the exchange of experience, because classical universities have a lot of experience in the educational sphere.
Finally, what are corporate universities an addition or substitute for traditional universities?
This is just the difference between the two markets, i.e. It is obvious that a complementary effect exists in Europe, and in Russia, on the contrary, corporate universities are more likely to compete with traditional universities, which is not very correct from the point of view of the effectiveness of such projects.
Why do you think corporate universities have a negative or neutral effect for Russian companies?
The fact is that if you look at Russian companies, there are very few of them. Comparing them with European companies, in reality, it is rather an exception when a Russian company has its own corporate university. But we need to understand that those corporate universities, especially those included in the database of our research, are quite large companies, such as Sberbank, Rosnano, etc. Accordingly, such projects are usually associated with large investments and serious risks of not paying off in the future. Unfortunately, Russian companies do not use the commercial potential of corporate universities very often - usually such universities act as an internal corporate structure that serves only their needs.
2. What is the difference between European and Russian corporate universities?
The European experience is much richer, of course, the history is longer, and they already understand how to return these investments, because it is very difficult to do that through internal flows. Most European corporate universities sell their services, i.e. they have very high commercial potential. In other words, corporate universities in Europe are more heterogeneous. There are small companies that are in the class of industry leaders and their projects, respectively, are smaller than in Russia. This allows them to pay off faster in the short term.
3. What can be changed to make the effect positive, or is it necessary to change anything at all?
Russian companies, as leaders, must share their accumulated competencies, i.e. try to implement commercial projects, selling them to their competitors or partners, this is not so important to whom. Thus, a part of the investments that were associated with the opening of such a university could be covered not just by the increment of value added, which could obviously provide a return of money, but also direct flows from the sale of these services. In addition, of course, we need to weigh the costs and benefits, i.e. it is necessary to understand whether it is necessary to open such projects. And one more thing about which we write in the article is the complementary effect that our universities for some reason do not use. It is in interaction with classical universities, it is possible to create co-programs that will partially reduce risks through the exchange of experience, because classical universities have a lot of experience in the educational sphere.
4. Finally, what are corporate universities an addition or substitute for traditional universities?
This is just the difference between the two markets, i.e. It is obvious that a complementary effect exists in Europe, and in Russia, on the contrary, corporate universities are more likely to compete with traditional universities, which is not very correct from the point of view of the effectiveness of such projects.