Russian business groups: substitutes for missing institutions?
Numerous evidence demonstrate that firms affiliated with business groups emerging markets outperform their independent counterparts. One of the proposed explanations for such a phenomenon is the more advanced groups’ internal markets structure compared to the rest of the economy. In this paper we test the hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups. Our findings indicate that even the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather doubtful and the access to external financing by firms affiliated with the groups is constrained.
Andrei Shumilov Natalya Volchkova
Center for Economic and Financial Research, 47 Nakhimovskiy prospect of. 720, Moscow, 117418,Russia, Center for Economic and Financial Research, New Economic School, 47 Nakhimovskiy prospect of. 720,Mo
国际会议
西安
英文
2006-07-17（万方平台首次上网日期，不代表论文的发表时间）