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Corporate Financial Architecture

Main objectives: 

Project "Corporate financial architecture" (CFA) continues the empirical research on a topics, outlined in 2019:

  • Specifics of the ownership structure of innovative companies,
  • The role and activity of different types of institutional investors in them;
  • Specifics of corporate governance mechanisms and the activities of boards of directors in different types (patterns) of corporate financial architecture of innovative companies.

In 2020 we introduce a behavioral argument into the analysis of CFA. New stram of research encompasses the role of personal and behavioral characteristics of CEOs and their effect on the innovation and investment activities of companies. Taking into the account the likeliness of negative consequences of CEOs' behavioral anomalies, we investigate the role of boards of directors in countering and reducing these consequences.

We also focus on the impact of digitalization and transformation of business [by introducing 'smart contracts'] on corporate governance mechanisms, functions and roles of board of directors.

Foci of research of the team members (in 2019):

Julia Elizarova"Development of methods for determining the presence of a cluster structure in the data characterizing the financial architecture of different countries (using Russia and the UK as an example)"

  • Evaluation of the financial architecture in the UK and Russia, formation of hypotheses about the presence of a cluster structure
  • Collection of data on companies on the Russian and British markets
  • Testing of different clustering variants, results comparison
  • Development of clustering methods using machine learning methods to identify the presence of a cluster structure in the financial architecture
  • Development of an algorithm for mathematical justification of confidence in the resulting clustering

(e-mail: yumelizarova@edu.hse.ruelizarova-julia7@yandex.ru)

Elena Karnoukhova: "The influence of institutional investors on the innovative performance of US companies"

  • Design of features of institutional investors in the USA
  • Evaluation of innovative efficiency of US companies
  • Design and valuation of the role of various types and strategies of institutional investors in the USA
  • Data collection for empirical analysis (Bloomberg, Center for Research in Security Prices (CRSP), CapitalIQ, United States Patent and Trademark Office (USPTO) and Kogan et al. (2012) (KPSS))
  • Building and testing models for evaluating the impact of various types of institutional investors on the innovative performance of US companies

(e-mail: evkarnoukhova@edu.hse.ru, elena.karnouhova@gmail.com)

Polina Khmeleva: "Family and founder involvement impact on strategic decisions in high-tech companies"

  • Empirical analysis of the features of financial architecture (ownership, capital and corporate governance structure) of innovative companies
  • Investigation and analysis of the specifics of intellectual capital of boards of directors of innovative companies and its influence on their performance
  • Analysis of the impact of the stakeholders' attitude towards risk on the performance of innovative companies
  • Analysis of the intellectual capital of the board of directors in the implementation of successful strategic transactions of innovative companies
  • Development of a methodology based on cluster analysis for a comprehensive analysis of the corporate architecture of innovative companies
  • Identifications of the specific impact of institutional investors on decision-making and the risk level of the company

(e-mail: pakhmeleva@edu.hse.rukhmelevapolina@rambler.r)

Latest Results of the Project


 

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