Disclosure and corporate governance: Evidence from Russian companies

Ирина Владимировна Березинец; Александр Александрович Муравьев

doi:10.21638/spbu18.2024.203

Авторы

Ирина Владимировна Березинец Национальный исследовательский университет «Высшая школа экономики», Россия https://orcid.org/0000-0001-6157-0283
Александр Александрович Муравьев Национальный исследовательский университет «Высшая школа экономики» в Санкт-Петербурге, Россия; Институт экономики и труда, Германия https://orcid.org/0000-0001-8936-2582

DOI:

https://doi.org/10.21638/spbu18.2024.203

Аннотация

Цель исследования: проанализировать ряд потенциальных детерминантов корпоративного раскрытия информации, остающихся недостаточно изученными или спорными в литературе по эккаунтингу и корпоративному управлению, а именно: наличие в компании двухуровневых советов директоров, присутствие в совете «серых» директоров (не являющихся ни исполнительными, ни строго независимыми), прямое или косвенное участие государства в капитале компании, а также размер пакета акций второго крупнейшего акционера.

Методология исследования: использованы уникальные подробные данные о прозрачности и раскрытии информации российскими компаниями, собранные агентством S&P в 2002–2010 гг. и предоставленные авторам на условиях конфиденциальности. Исследование опирается на стандартные методы регрессионного анализа панельных данных.

Результаты исследования: обнаружены убедительные свидетельства взаимодополняемости корпоративного управления и раскрытия информации. В частности, значительно больше информации предоставляют компании с двухуровневым советом директоров и компании, в советах которых высока доля действительно независимых директоров (по сравнению с «серыми» директорами, роль которых менее четко выражена). Раскрытие информации улучшается по мере увеличения размера пакета акций второго крупнейшего акционера. Также установлена обратная связь между непосредственным участием государства в капитале компаний и раскрытием ими информации. Напротив, в случае косвенного участия государства в капитале компаний такого эффекта не наблюдается.

Оригинальность и значимость результатов: в статье применены детальные данные по переходной экономике, характеризуемой в целом невысоким уровнем корпоративного управления и низкими стандартами обязательного раскрытия информации, что способствует установлению связей, которые трудно обнаружить в лучших институциональных условиях. Статья также является одним из первых исследований, в которых изучается практика раскрытия информации публичными компаниями в России. Полученные результаты подчеркивают риски снижения требований к обязательному раскрытию информации, которое российское правительство допустило в последние годы в ответ на западные санкции, на фоне заметного исхода квалифицированных независимых/иностранных директоров из советов директоров компаний. Учитывая взаимодополняемость раскрытия информации и корпоративного управления, эти процессы могут привести к ухудшению корпоративного управления и экономической результативности российских компаний.

Ключевые слова:

раскрытие информации, совет директоров, структура собственности, корпоративное управление, Россия

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