Проекты с научно-учебной лабораторией корпоративных финансов

Совместный проект НУЛ КФ и консалтинговой компании "Яков и партнеры" с вовлечением компаний нефинансового сектора и и банков: Северсталь, НМЛК, Россельхозбанк, Росбанк, Открытие и др.

Corporate Finance Lab Student’s Research Project

“Corporate Strategies for Inclusive Growth”

The project is designed to become a part of the long term new Corporate Finance Lab Intercampus project for 2025-2027 on “Corporate Finance in Greater BRICS: National Models and Corporate Resilience”. You are kindly invited to join our ambitious plans

The proposed framework for 2024-2025:

• discuss the conceptual framework for corporate inclusive growth and supportive financial strategies (investing, financing, strategic deals, risk management, digital transformation and governance for ESG transformation)

• analyze components, drivers and finally- metrics for inclusive corporate growth

• develop synthetic / integrated measurer (Index) for inclusive corporate growth

• identify the patterns across inclusive growth strategies

• collect PRO-cases for selected industries in Greater BRICS

• identify what is specific for Russian companies as compared to BRICS+

• prepare classified Pro-cases collection

• best drafts of Pro-cases to be written and transformed into Quick Cases and included into digital School of Finance collection and registered as Results of research activities

Inclusive or integrated growth is quite a new conception for corporate development in all countries due to:

1. The strong challenges for corporate resilience and antifragility to meet new globalization and geopolitical risks.

2. The need to better measure, incorporate and manage sustainability risk in corporate financial decision-making namely ESG drivers (environmental, social and governance risk drivers)

3. The need to better understand and manage the interaction of twin corporate transformation based on inevitable digitalization and ESG transformation

Technical research assignment 2024-2025 includes three subgroups of topics to meet the above -mentioned goals:

1. Corporate resilience patterns:

1.1.The break- even points and key metrics for fragile and antifragile types of growth; the drivers behind the strategies for antifragility; the national specificity of patterns in BRICS; the collection of PRO-case studies for resilience patterns in BRICS (comparison to Russian companies)

1.2. Business ecosystems within the resilience patterns: the collection of PRO-case studies for resilience patterns in BRICS (comparison to Russian companies)

1.3. Literature collection and overview

1.4. Textual analysis for collecting PRO-case studies for resilience patterns in BRICS+ (comparison to Russian companies)

2. ESG corporate transformation:

2.1. ESG practices in Greater BRICS; the life cycle of ESG transformation/ restructuring; the patterns of ESG transformation in selected industries; the investing and financing (capital structure) policies to support inclusive growth

2.2. the collection of PRO-case studies for different ESG restructuring patterns in BRICS (comparison to Russian companies)

2.3.Business ecosystems within the resilience patterns: the collection of PRO-case studies for resilience patterns in BRICS (comparison to Russian companies)

2.4. Literature collection and overview

2.5. Textual analysis for collecting PRO-case studies for resilience patterns in BRICS (comparison to Russian companies)

3. Corporate Digitalization in Greater BRICS

3.1. the life cycle of digital transformation/ restructuring; the patterns of digitalization in selected industries;

3.2. the collection of PRO-case studies for different digitalization patterns in BRICS (comparison to Russian companies)

3.3.Business ecosystems within the digitalization patterns: the collection of PRO-case studies for digitalization patterns in BRICS (comparison to Russian companies)

3.4. Literature collection and overview

3.5. Textual analysis for collecting PRO-case studies for digitalization patterns in BRICS (comparison to Russian companies)

The variety of subtopics and expected products assumes that bachelor and master students will work in small focused teams

Products:

• Literature overviews for three above-mentioned areas to become academic articles of literature reviews type. Application of AI for literature analysis

• Empirical team -based papers (drafts) to be further developed for publishing in Journal of Corporate Finance Research of HSE

• Project data bases for 3 above-mentioned areas based on Wind (Chinese) data basis and other sources

• Pro-cases drafts selected for publication

In this project, we will examine the relationship between a company's corporate governance mechanisms, ownership structure, and the financial decisions that need to be made for the successful development of the company.

The key questions to consider are: How important is it who the company's shareholders are? Is it possible to freely choose the level of debt burden? Which companies are valued higher by the market? How did the decision-making change with the development of the innovation ?

Our major focus is the developed market, although part of the project will be devoted to the financing choice in emerging capital markets (in Russia specifically). We expect to form several teams to work on different parts of the project and discuss the results at the project meetings.

The pilot results could be found here - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3301829