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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.
Switzerland: Springer, 2020.
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.
Karminsky A. M., Rybalka A.
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.
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.
Annotation to report (D. Korablev, I. Ivashkovskaya and A. Stepanova):
The paper advances the line in research of human-side of corporate governance by studying the impact of board capital on financial performance in specific environment of emerging capital market with relatively short history of corporate governance. We draw on the concept of board capital suggested by Hillman and Dalziel (2003), Haynes and Hillman (2010) as a set of heterogenous personal characteristics of directors to be able to execute their functions. We use a sample of 100 publicly traded firms in Russia during the period 2009-2017 with dynamic panel data. Our tests are based on unique data on personal characteristics of directors collected manually. We apply both common factor analysis and index approach to approximate board capital measurer with the use of taken board characteristics. To control the models for endogeneity, we used generalized method of moments with the lags of independent variables. Our results show that board capital indeed has significant and positive impact on company’s future operating performance as well as on company’s current market valuation. We further find that the presence of powerful CEO and weak board independence reduce positive impact of board capital on financial performance in large scale Russian corporations.