This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on a large-scale survey of Russian enterprises –...

This paper presents an empirical analysis of the influence of ownership structure and board independence on bond yield spread in BRIC countries, 2007-2016. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt, and the...

We propose a model in which an entrepreneur, seeking outside financing, sells a large equity share to an outside blockholder in order to signal his low propensity to extract private benefits. A conventional theoretical rationale for the presence of an outside blockholder is mitigation of the...

This paper examines how ownership characteristics affect the performance of small and medium technology startups in Russia. We focus on how different types of owners (e.g. founders, state, venture capital and corporate firms) contribute to startup performance. Using an unbalanced panel of...

We examine the effect of shareholder coalitions on the corporate payout policy in Spain, a context characterized by the presence of dominant shareholders. Our results show that shareholder coalitions affect payout policy negatively (both for dividends and shares repurchases). This finding...