Corporate Transparency in Russia: The Results of Empirical Study
Abstract
Weak protection of property rights, underdeveloped stock market and government intervention in the activity of large companies cause weak relation between transparency and financial results of Russian companies. The author shows using a sample of 30 largest Russian traded companies that higher level of transparency along with the companies’ fundamental characteristics influences the market evaluation of financial performance and leads to stock price rise. Also the information disclosure of the Russian companies is influenced by the size of the companies.
Keywords:
disclosure, corporate governance, financial performance
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Articles of the Russian Management Journal are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.