School of Finance Faculty of Economic Sciences HSE University
119049 Moscow, Russia
11 Pokrovsky Bulvar, S629
School of Finance: df@hse.ru +7 (495) 772-95-90 *27447, *27190, *27947
Master’s Programmes: Corporate Finance, Master of Business Analytics
Doctor of Sciences in Finance, Tenured Professor, Head of Corporate Finance Center
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.
HSE is the first Russian university in the global ranking "QS - World University Rankings by subject", 2022 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 & Management Studies, 2022
Edited by: A. M. Karminsky, Mikhail Stolbov.
Palgrave Macmillan, 2024.
Journal of Corporate Finance Research. 2026. Vol. 20. No. 2. P. 108-135.
Dobrynina Polina, Grishunin S.
In bk.: The 12th International Conference on Information Technology and Quantitative Management (ITQM 2025). Netherlands: ScienceDirect, 2025. P. 166-174.
Dobrynskaya V. V., Tomtosov A., Речмедина С.
SERIES: FINANCIAL ECONOMICS. WP BRP 60/FE/2017. НИУ ВШЭ, 2025
We present to your attention the 69th issue of the Journal of Corporate Finance Research (ISSN: 2073-0438.) Published since 2007, the Journal is included in the list of journals of the Higher Attestation Commission (VAK) of the Russian Federation (5.2.1. Economic theory (economic sciences), 5.2.4. Finance (economic sciences) and is indexed in the Russian Science Citation Index (RSCI). In the fall of 2023, the journal was accepted to the Scopus scientific database.
The issue presents the following papers:
1. Yuri Dranev, Mikhail Miriakov, Elena Ochirova, Gennadii Baranovskii - The Impact of ESG Ratings on Exchange-Traded Fund Flows
2. Tingqian Pu, Abdul Hadi Zulkafli –State Ownership Heterogeneity and Corporate Innovation: New Evidence from a Hierarchical Perspective
3. Victoria Cherkasova, Daria Zakharova –Market Reaction to Environmental Disasters
4. Oksana Soboleva, Elena Makeeva, Gayane Aslanyan -The Influence of Corporate Governance Mechanisms on Fraud Probability: Evidence from Russian Companies
5. Anton Puzakov, Ashot Mirzoyan, Anastasia Galich –Dividend Payments by Russian Companies: A Signal to the Market or a Consequence of Agency Conflicts?
6. Svetlana Menshchikova –Risk Premium for Emerging Market Equities Versus Developed Market Equities
7. Nikita Tolstov –The Determinants of Sustainable Innovation Expansion Strategy: the Case Study of Companies from a Declining Industry
8. Valeriy Dudko, Svetlana Avrutskaya -Using Derivatives to Hedge Foreign Exchange Exposure in Russia: Academic Research Review
Full texts are available on the website of the Journal: https://cfjournal.hse.ru/issue/view/1431