Performance of closely held firms in Russia: evidence from firm-level data

This paper evaluates the impact of ownership concentration on firm performance in a weak institutional environment. Specifically, using new survey evidence, we seek to appraise quantitatively the performance of block-holder-controlled firms in Russia and to identify, within the domain of corporate governance theory, factors that may explain such performance. We find evidence of negative association between the size of the dominant owners' shareholding and performance parameters such as investment, capacity utilization, and profitability. At the same time, we establish that control structures with multiple, large shareholders increase efficiency. The ambiguity of the effects of ownership concentration suggests that country-specific factors play an important role

USING STRUCTURAL EQUATION MODELING METHODS TO ASSESS THE UNIVERSITY'S DIGITAL ECOSYSTEM

This paper explores the construction of a model for evaluating the digital ecosystem within a university, with a focus on identifying key factors influencing satisfaction with the implementation of new digital processes in the educational environment. The study employs mathematical methods, specifically factor analysis, to gauge the impact of these digital processes on the overall educational landscape. A questionnaire was designed to collect relevant data, and structural equation modeling, utilizing the asymptotically distribution-free estimation method with Grammian in STATISTICA software, was employed for survey result processing. The proposed model aims to provide insights into the dynamics of a university's digital ecosystem, offering a systematic approach to assess satisfaction levels and comprehend the implications of integrating novel digital processes within the educational framework. Mathematical methods, including factor analysis, add a quantitative dimension to the evaluation process, enabling a comprehensive understanding of the relationships between various factors. The study's methodology ensures a rigorous and systematic analysis of survey data, enhancing the reliability of the findings. The developed model and methodology contribute to advancing our understanding of the digitalization of university environments, providing valuable tools for decision-makers in shaping effective strategies for integrating digital processes in education. The study conducted a survey with 350 participants, including university staff and students. A questionnaire with 17 questions, both open and closed-ended, was developed to collect data. The authors employed structural equation modeling, specifically the asymptotically distribution-free estimation method, for data processing. The study's a posteriori model illustrates the structure of interaction factors influencing satisfaction with the university's digital ecosystem

The effects of ownership concentration on investment and performance in privatized firms in Russia

This paper provides new survey evidence on effects of concentrated ownership on restructuring and performance in privatized firms in Russia. The major findings are that large-block shareholding is negatively associated with the firm's investment and performance, and this relationship does not depend on the identity of controlling shareholders. These results are consistent with the assumption that when minority shareholders' rights are not adequately protected, the entrenched controlling shareholders may be engaged in extracting 'control premium' before pro rata distribution of dividends. The issues raised have relevance to other transitional economies where the privatization process has been followed by an increase in ownership concentration. Copyright © 2001 John Wiley & Sons, Ltd.

Effects of Post-Privatization Governance and Strategies on Export Intensity in the Former Soviet Union

The fall of the Soviet Union brought new enterprise opportunities whose exploitation required the development of entirely new strategies. Simultaneously, enterprises faced crucial constraints in their governance structures. This paper analyzes the impact of governance structures of privatized firms on one key outcome of new strategies: export intensity. Using a longitudinal, multi-industry dataset of privatized firms in Russia, Ukraine and Belarus, we analyze how export intensity is mediated by strategies involving product development, acquisitions and links with foreign partners.© 2001 JIBS. Journal of International Business Studies (2001) 32, 853–871