Have firms with better corporate governance fared better during the recent financial crisis in Russia?
We assess whether during the recent (2008--2009) financial crisis in Russia firms with better corporate governance have experienced a milder decline in stock prices and market value as well as lower stock price volatility. Using a structural break analysis, Ordinary Least Squares (OLS) and Instrumental Variable (IV) techniques, we find that firms that had better corporate governance prior to the crisis suffered a smaller decline in both stock prices and market value. We report no evidence of statistically significant relationship between corporate governance and volatility of stock prices.
Year of publication: |
2012
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Authors: | Suvankulov, Farrukh ; Ogucu, Fatma |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 19.2012, 8, p. 769-773
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Publisher: |
Taylor & Francis Journals |
Saved in:
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