Corporate Financial Architecture

Main results:

• We found out a significant relationship between equity concentration and innovative activities (in form of patents). Independent institutional investors, such as traditional passive investors, have positive influence on the innovative activities. On the contrary, active investors, who might have affiliation with firms, have negative influence.
• We proved our hypothesis of low propensity to invest in R&D for CEO-founders of the company.
• National culture does not have a significant impact on the innovativeness of companies, but personal culture of CEOs does have this impact. 
• We established the influence of digital transformation on corporate governance mechanisms.
• We created human capital rating and rating of innovativeness of commercial banks. Commercial banks in Russia with the highest positions in human capital rating also have leadership in innovations un retail. Bank resources (even if banks are in top-10 on cumulative assets) do not have significant influence on innovations. 
• The most significant factors of human capital, wihch influence innovative activities, are sustainable social connections and reputation of top-management. Relevant professional experience does not influence significantly on the ability to innovate.
• Power increases the influence of human capital of the management on innovations.

These result allow us to deepen our research on behavioural caharacteristics of top management and boards in 2021.