The Effect of Ownership Structure on the Performance of Russian Companies During the Crisis

Abstract

The goal of this research was to study the performance of the companies in Russia during the economic crisis and to find whether this performance can be explained by the ownership structure of the companies. In order to reach this goal we had to complete several tasks, such as choosing companies for analysis, identifying the most appropriate performance indicators, collecting and analyzing data for chosen companies, constructing and analyzing models that explain relation between ownership structure and performance indicators. As a result, we have found that ownership by foreign companies with Russian beneficiaries has negative effect on account-based performance measures, while state ownership has the same effect on market-based measures. Also there are good grounds for believing that foreign ownership in general has positive effect on both types of performance indicators.