The study of the determinants of the shareholder value creation in the public Russian companies in the period from 2015 to 2020
Abstract
An empirical study of the determinants of the shareholder value creation of public Russian companies includes a sample of panel data of 77 companies over six years in the period from 2015 to 2020. The object of the study is a sample of domestic companies representing various sectors of the economy. The sectoral composition of the objects of observation is represented by 7 types of activities: mechanical engineering, metallurgy, petrochemistry, nutrition, construction, transport and telecommunications, electric power industry. In the course of the study, the dependence of the coefficient “Price / Book value” (“Market-to-book ratio”) was tested. Based on the previous studies, the following classification of the most significant factors and drivers of the creation of shareholder value of public companies of the Russian market was proposed: the level of current liquidity; return on invested capital; financial leverage; the growth rate of fixed assets; operational risk; the internal audit service in the structure of the company; exchange rate volatility; the size of the company and its age; the shareholder represented by the state; the foreign shareholder; the temporary and sectoral effects. As a result of the study, we came to the conclusions that the level of financial leverage (hypothesis H1.2), the return on invested capital (hypothesis H1.3), the growth rate of fixed assets (hypothesis H1.4), the age of the company (hypothesis H1.8 – confirmed with feedback), the presence of an internal audit service (hypothesis H1.9), the presence of state and foreign owners (hypotheses H1.10 and H1.11), as well as belonging to the oil and gas industry (hypothesis H1.12) are statistically significantly associated with indicators of shareholder value creation. Current liquidity ratio (hypothesis H1.1), exchange rate volatility (hypothesis H1.5), operational risk level (hypothesis H1.6) and the size of the company (hypothesis H1.7) do not affect the creation of shareholder value. The results obtained by us have small discrepancies with previous studies on the Russian market.
About the Authors
D. Sh. Usanova
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
PhD in Economics, Associate Professor
A. A. Kamalova
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
PhD in Economics, Senior Lecturer
Kh.-B. S. Abdulaev
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
Master’s Student
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Review
For citations:
Usanova D.Sh., Kamalova A.A., Abdulaev Kh.S. The study of the determinants of the shareholder value creation in the public Russian companies in the period from 2015 to 2020. Kazan economic vestnik. 2022;(3):43-48. (In Russ.)
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