Тестирование влияния корпоративной культуры и корпоративного управления на рыночную капитализацию международной фирмы в России
Зимрутян Г.А.1
1 Российская академия народного хозяйства и государственной службы при Президенте РФ
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Статья в журнале
Глобальные рынки и финансовый инжиниринг *
Том 3, Номер 3 (Июль-сентябрь 2016)
* Этот журнал не выпускается в Первом экономическом издательстве
Цитировать:
Зимрутян Г.А. Тестирование влияния корпоративной культуры и корпоративного управления на рыночную капитализацию международной фирмы в России // Глобальные рынки и финансовый инжиниринг. – 2016. – Том 3. – № 3. – С. 217-226. – doi: 10.18334/grfi.3.3.36117.
Аннотация:
Статья посвящена эмпирической проверке взаимосвязи между некоторыми аспектами корпоративной культуры и корпоративного управления на рыночной капитализации международной компании в России. Мы построили вопросник с использованием платформы Survey Monkey и провели опрос сотрудников международных компаний, работающих в России. Мы проанализировали следующие аспекты корпоративной культуры и управления: приверженность, корпоративная этика, организационный климат, и работа в команде. Изучается связь между выбранными аспектами корпоративного управления на уровне фирмы и культуры международных компаний, работающих в России и их рыночной стоимости в 2015 финансовом году, с использованием МНК, порядковые логистической регрессии, пол и положение эффектов.
Ключевые слова: корпоративная культура, корпоративное управление, капитализация фирмы
JEL-классификация: M12, G32, M16
Источники:
Alexander Brink, Corporate Governance and Business Ethics, Springer Science and business media, 2011
Andrei Schleifer and Robert W. Vishny, The Journal of Vol. LII, NO. 2, june 1997, A Survey of Corporate Governance
3. Andrew J. Felo Corporate Governance and Business Ethics // Studies in Economic Ethics and Philosophy. – 2001. – № 39. – С. 281-296.
4. Balasubramanian Bala N. and Black, Bernard S. and Khanna, Vikramaditya S The Relation between Firm-Level Corporate Governance and Market Value: A Study of India // Emerging Markets Review. – 2010. – № 11. – С. 319-340.
5. Barney J. Organizational culture: Can it be a source of sustained competitive advantage? // Academy of Management Review. – 1986. – № 3. – С. 656-665.
Becht, Bolton and Rˆell (2002 Corporate culture, business models, competitive advantage, strategic assets and the bottom line,Theoretical and measurement issues
Bernanrd S. Black, Inessa Love, Andrey Rachinsky Russia Corporate Governance Indices and Firms' Market Values:Time Series Evidence from Russia(2007)
Black, Bernard S. and De Carvalho, Antonio Gledson and Gorga, Érica, What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries) (July 2012). nearly final version, published in 18 Journal of Corporate Finance 934-952 (2012); ECGI - Finance Working Paper No. 306/2011; Northwestern Law & Econ Research Paper No. 09-20; U of Texas Law, Law and Econ Research Paper No. 152
Black, Bernard S. and Jang, Hasung and Kim, Woochan, Does Corporate Governance Predict Firms' Market Values? Evidence from Korea (2006). post-publication version, published in Journal of Law, Economics, and Organization, Vol. 22, No. 2, Fall 2006; ECGI - Finance Working Paper No. 86/2005; KDI School of Pub Policy & Management Paper No. 02-04; McCombs Research Paper Series No. 02-05; Stanford Law and Economics Olin Working Paper No. 237; U of Texas law, Law and Econ Research Paper No. 26
Black, Bernard S. and Kim, Woochan and Jang, Hasung and Park, Kyung Suh, How Corporate Governance Affects Firm Value: Evidence on Channels from Korea (December 1, 2008). ECGI - Finance Working Paper No. 103/2005; EFA 2009 Bergen Meetings Paper; U of Texas Law, Law and Econ Research Paper No. 51; McCombs Research Paper No. 01-05; KDI School of Pub Policy & Management Paper No. 08/19
Boubaker, Sabri, Nguyen, Duc Khuong (Eds.) Corporate Governance in Emerging Markets Theories, Practices and Cases, 2014
Charles A. O’Reilly and Jennifer A. Chatman, Culture as social control: corporations, cults and commitment. Research in Organizational Behavior, Volume 18, pages 157-200. Copyright © 1996 by JAI Press Inc.
13. Dahya J., Dimitrov O., Mcconnell J.J. Dominant shareholders, corporate boards, and corporate value: A cross-country analysis // Journal of Financial Economics. – 2008. – № 87. – С. 73-100.
Eric G. Flamholtz, Yvonne Randle,Journal of Human Resource Costing & Accounting Emerald Article: Corporate culture, business models, competitive advantage, strategic assets and the bottom line: Theoretical and measurement issues (2012), USA Journal of Human Resource Costing & Accounting Vol. 16 No. 2, 2012 pp. 76-94 q Emerald Group Publishing Limited
Geert Hofstede, Bram Neuijen, Denise Daval Ohayv and Geert Sanders: Measuring Organizational Cultures: A Qualitative and Quantitative Study Across Twenty CasestomasAdministrative Science Quarterly Vol. 35, No. 2 (Jun., 1990), pp. 286-316 Published by: Sage Publications, Inc. Article Stable URL: http://www.jstor.org/stable/2393392
George G. Gordon and Nancy DiTomaso Journal of Management Studies, Volume 29, Issue 6, pages 783–798, November 1992
George G. Gordon1,* and Nancy DiTomaso, PREDICTING CORPORATE PERFORMANCE FROM ORGANIZATIONAL CULTURE*, Journal of Management Studies Volume 29, Issue 6, pages 783–798, November 1992
18. Grossman Sanford J.,Oliver D. Hart The costs and benefits of ownership: A theory of vertical and lateral integration // Journal of Political Economy. – 1986. – № 94(4). – С. 691-719.
Heskett, James. The Culture Cycle: How to Shape the Unseen Force That Transforms Performance. Upper Saddle River, NJ: FT Press, 2012. View Details
20. Jesper B. Sørensen The Strength of Corporate Culture and the Reliability of Firm Performance // Administrative Science Quarterly. – 2002. – № 1. – С. 70-91.
Jill Solomon, Corporate Governance and Accountability 3rd Edition 2010
Chun Seoul National University Yuhyung Shin Hanyang University Jin Nam Choi Seoul National University Min Soo Kim Hanyang University Journal of Management, How Does Corporate Ethics Contribute to Firm Financial Performance? Jinseok S. Chun Seoul National University Yuhyung Shin Hanyang University Jin Nam Choi Seoul National University Min Soo Kim Hanyang University Journal of Management, How Does Corporate Ethics Contribute to Firm Financial Performance? The Mediating Role of Collective Organizational Commitment and Organizational Citizenship Behavior Vol. 39 No. 4, May 2013 853-877 DOI: 10.1177/0149206311419662
John P. Kotter, James L. Heskett, Corporate culture and performance Free Press, 1992
Klapper Leora F., and Love Inessa Corporate Governance, Investor Protection and Performance in Emerging Markets. Papers. [Электронный ресурс]. URL: http://ssrn.com/abstract=303979.
Corporate Culture and Economic Theory Kreps, David M. 1990 “Corporate Culture and Economic Theory,” in J. E. Alt and K. A. Shepsle, eds., Perspectives on Positive Political Economy, Cambridge, England: Cambridge University Press
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1998. “Law and Finance.” Journal of Political Economy 106:1113–55., 1999. “Corporate Ownership around the World.” Journal of Finance 54:471–517., 2000. “Investor Protection and Corporate Governance.” Journal of Financial Economics 58: 3–27., 2002. “Investor Protection and Corporate Valuation.” Journal of Finance 57(3):1147 –70
27. Love I. Corporate performance around the world: what we know and what we don’t // World Bank Research Observer. – 2011. – № 26(1). – С. 42-70.
Low, Christopher (2008) When good turns to bad: An examination of governance failure in a not-for-profit enterprise.In: Corporate Governance and Business Ethics Conference, June 2008, Witten, Germany. (Unpublished)
Luigi Guiso, Paola Sapienza, Luigi Zingales, Does Culture Affect Economic Outcomes? The Journal of Economic Perspectives, Vol. 20, No. 2 (Spring, 2006), pp. 23-48 Published by: American Economic Association
Guiso, Luigi and Sapienza, Paola and Zingales, Luigi, The Value of Corporate Culture (September 1, 2013). Chicago Booth Research Paper No. 13-80; Fama-Miller Working Paper
31. Alexeev M., Shlomo Weber The Oxford Handbook of the Russian Economy // Oxford university Press. – 2013.
O’Reilly, Charles and Jennifer A. Chatman, “Organizational Commitment and Psychological Attachment: The Effects of Compliance, Identification, and Internalization on Prosocial Behavior,” Journal of Applied Psychology, 1986, 71 (3), 492–499. and, “Culture as Social Control: Corporations, Cults, and Commitment,” in Barry M. Staw and L. L. Cummings, eds., Research in Organizational Behavior, Vol. 18, Greenwich, CT: JAI Press, Inc., 1996
OECD. (2015), G20/OECD Principles of Corporate Governance, OECD Publishing, Paris
34. Patrick S. P, Felicitas U. E., Albaum, G. A Comparative Study of the Management Styles of Marketing Managers in Australia and the People’s Republic of China // International Marketing Review. – 2005. – С. 34-47.
Qiao Liu, Zhou (Joe) Lu, Journal of Corporate Finance 13 (2007) 881–906 Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective
A road map to building a high-performance culture. Organization. [Электронный ресурс]. URL: http://organizationalexcellencejournal.com/u/Sinclair-Group/c6zvYVhs87eMIu92g/Why-Culture-Matters.htm.
Forbes. [Электронный ресурс]. URL: http://www.forbes.com/sites/johnkotter/2011/02/10/does-corporate-culture-drive-financial-performance/#56ce667f672d.
McKinsey & Company. [Электронный ресурс]. URL: http://www.mckinsey.com/business-functions/organization/our-insights/do-your-training-efforts-drive-performance.
Рбк. [Электронный ресурс]. URL: http://www.rbc.ru/business/23/09/2015/5601aded9a7947a6e9a4e474.
Harvard Business Publishing. [Электронный ресурс]. URL: https://hbr.org/2013/05/six-components-of-culture.
Denison Consulting. [Электронный ресурс]. URL: https://www.denisonconsulting.com/Docs/DOCS_A-Z/DOCS_Facilitator_Guide.Pdf.
Ведомости. [Электронный ресурс]. URL: https://www.vedomosti.ru/management/articles/2015/06/24/597885-menedzheri-inostrantsi-begut-iz-rossii.
Our Insights. [Электронный ресурс]. URL: http://www.mckinsey.com/business-functions/sustainability-and-resource-productivity/our-insights.
Andrei Schleifer and Robert W. Vishny, The Journal of Vol. LII, NO. 2, june 1997, A Survey of Corporate Governance
3. Andrew J. Felo Corporate Governance and Business Ethics // Studies in Economic Ethics and Philosophy. – 2001. – № 39. – С. 281-296.
4. Balasubramanian Bala N. and Black, Bernard S. and Khanna, Vikramaditya S The Relation between Firm-Level Corporate Governance and Market Value: A Study of India // Emerging Markets Review. – 2010. – № 11. – С. 319-340.
5. Barney J. Organizational culture: Can it be a source of sustained competitive advantage? // Academy of Management Review. – 1986. – № 3. – С. 656-665.
Becht, Bolton and Rˆell (2002 Corporate culture, business models, competitive advantage, strategic assets and the bottom line,Theoretical and measurement issues
Bernanrd S. Black, Inessa Love, Andrey Rachinsky Russia Corporate Governance Indices and Firms' Market Values:Time Series Evidence from Russia(2007)
Black, Bernard S. and De Carvalho, Antonio Gledson and Gorga, Érica, What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries) (July 2012). nearly final version, published in 18 Journal of Corporate Finance 934-952 (2012); ECGI - Finance Working Paper No. 306/2011; Northwestern Law & Econ Research Paper No. 09-20; U of Texas Law, Law and Econ Research Paper No. 152
Black, Bernard S. and Jang, Hasung and Kim, Woochan, Does Corporate Governance Predict Firms' Market Values? Evidence from Korea (2006). post-publication version, published in Journal of Law, Economics, and Organization, Vol. 22, No. 2, Fall 2006; ECGI - Finance Working Paper No. 86/2005; KDI School of Pub Policy & Management Paper No. 02-04; McCombs Research Paper Series No. 02-05; Stanford Law and Economics Olin Working Paper No. 237; U of Texas law, Law and Econ Research Paper No. 26
Black, Bernard S. and Kim, Woochan and Jang, Hasung and Park, Kyung Suh, How Corporate Governance Affects Firm Value: Evidence on Channels from Korea (December 1, 2008). ECGI - Finance Working Paper No. 103/2005; EFA 2009 Bergen Meetings Paper; U of Texas Law, Law and Econ Research Paper No. 51; McCombs Research Paper No. 01-05; KDI School of Pub Policy & Management Paper No. 08/19
Boubaker, Sabri, Nguyen, Duc Khuong (Eds.) Corporate Governance in Emerging Markets Theories, Practices and Cases, 2014
Charles A. O’Reilly and Jennifer A. Chatman, Culture as social control: corporations, cults and commitment. Research in Organizational Behavior, Volume 18, pages 157-200. Copyright © 1996 by JAI Press Inc.
13. Dahya J., Dimitrov O., Mcconnell J.J. Dominant shareholders, corporate boards, and corporate value: A cross-country analysis // Journal of Financial Economics. – 2008. – № 87. – С. 73-100.
Eric G. Flamholtz, Yvonne Randle,Journal of Human Resource Costing & Accounting Emerald Article: Corporate culture, business models, competitive advantage, strategic assets and the bottom line: Theoretical and measurement issues (2012), USA Journal of Human Resource Costing & Accounting Vol. 16 No. 2, 2012 pp. 76-94 q Emerald Group Publishing Limited
Geert Hofstede, Bram Neuijen, Denise Daval Ohayv and Geert Sanders: Measuring Organizational Cultures: A Qualitative and Quantitative Study Across Twenty CasestomasAdministrative Science Quarterly Vol. 35, No. 2 (Jun., 1990), pp. 286-316 Published by: Sage Publications, Inc. Article Stable URL: http://www.jstor.org/stable/2393392
George G. Gordon and Nancy DiTomaso Journal of Management Studies, Volume 29, Issue 6, pages 783–798, November 1992
George G. Gordon1,* and Nancy DiTomaso, PREDICTING CORPORATE PERFORMANCE FROM ORGANIZATIONAL CULTURE*, Journal of Management Studies Volume 29, Issue 6, pages 783–798, November 1992
18. Grossman Sanford J.,Oliver D. Hart The costs and benefits of ownership: A theory of vertical and lateral integration // Journal of Political Economy. – 1986. – № 94(4). – С. 691-719.
Heskett, James. The Culture Cycle: How to Shape the Unseen Force That Transforms Performance. Upper Saddle River, NJ: FT Press, 2012. View Details
20. Jesper B. Sørensen The Strength of Corporate Culture and the Reliability of Firm Performance // Administrative Science Quarterly. – 2002. – № 1. – С. 70-91.
Jill Solomon, Corporate Governance and Accountability 3rd Edition 2010
Chun Seoul National University Yuhyung Shin Hanyang University Jin Nam Choi Seoul National University Min Soo Kim Hanyang University Journal of Management, How Does Corporate Ethics Contribute to Firm Financial Performance? Jinseok S. Chun Seoul National University Yuhyung Shin Hanyang University Jin Nam Choi Seoul National University Min Soo Kim Hanyang University Journal of Management, How Does Corporate Ethics Contribute to Firm Financial Performance? The Mediating Role of Collective Organizational Commitment and Organizational Citizenship Behavior Vol. 39 No. 4, May 2013 853-877 DOI: 10.1177/0149206311419662
John P. Kotter, James L. Heskett, Corporate culture and performance Free Press, 1992
Klapper Leora F., and Love Inessa Corporate Governance, Investor Protection and Performance in Emerging Markets. Papers. [Электронный ресурс]. URL: http://ssrn.com/abstract=303979.
Corporate Culture and Economic Theory Kreps, David M. 1990 “Corporate Culture and Economic Theory,” in J. E. Alt and K. A. Shepsle, eds., Perspectives on Positive Political Economy, Cambridge, England: Cambridge University Press
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1998. “Law and Finance.” Journal of Political Economy 106:1113–55., 1999. “Corporate Ownership around the World.” Journal of Finance 54:471–517., 2000. “Investor Protection and Corporate Governance.” Journal of Financial Economics 58: 3–27., 2002. “Investor Protection and Corporate Valuation.” Journal of Finance 57(3):1147 –70
27. Love I. Corporate performance around the world: what we know and what we don’t // World Bank Research Observer. – 2011. – № 26(1). – С. 42-70.
Low, Christopher (2008) When good turns to bad: An examination of governance failure in a not-for-profit enterprise.In: Corporate Governance and Business Ethics Conference, June 2008, Witten, Germany. (Unpublished)
Luigi Guiso, Paola Sapienza, Luigi Zingales, Does Culture Affect Economic Outcomes? The Journal of Economic Perspectives, Vol. 20, No. 2 (Spring, 2006), pp. 23-48 Published by: American Economic Association
Guiso, Luigi and Sapienza, Paola and Zingales, Luigi, The Value of Corporate Culture (September 1, 2013). Chicago Booth Research Paper No. 13-80; Fama-Miller Working Paper
31. Alexeev M., Shlomo Weber The Oxford Handbook of the Russian Economy // Oxford university Press. – 2013.
O’Reilly, Charles and Jennifer A. Chatman, “Organizational Commitment and Psychological Attachment: The Effects of Compliance, Identification, and Internalization on Prosocial Behavior,” Journal of Applied Psychology, 1986, 71 (3), 492–499. and, “Culture as Social Control: Corporations, Cults, and Commitment,” in Barry M. Staw and L. L. Cummings, eds., Research in Organizational Behavior, Vol. 18, Greenwich, CT: JAI Press, Inc., 1996
OECD. (2015), G20/OECD Principles of Corporate Governance, OECD Publishing, Paris
34. Patrick S. P, Felicitas U. E., Albaum, G. A Comparative Study of the Management Styles of Marketing Managers in Australia and the People’s Republic of China // International Marketing Review. – 2005. – С. 34-47.
Qiao Liu, Zhou (Joe) Lu, Journal of Corporate Finance 13 (2007) 881–906 Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective
A road map to building a high-performance culture. Organization. [Электронный ресурс]. URL: http://organizationalexcellencejournal.com/u/Sinclair-Group/c6zvYVhs87eMIu92g/Why-Culture-Matters.htm.
Forbes. [Электронный ресурс]. URL: http://www.forbes.com/sites/johnkotter/2011/02/10/does-corporate-culture-drive-financial-performance/#56ce667f672d.
McKinsey & Company. [Электронный ресурс]. URL: http://www.mckinsey.com/business-functions/organization/our-insights/do-your-training-efforts-drive-performance.
Рбк. [Электронный ресурс]. URL: http://www.rbc.ru/business/23/09/2015/5601aded9a7947a6e9a4e474.
Harvard Business Publishing. [Электронный ресурс]. URL: https://hbr.org/2013/05/six-components-of-culture.
Denison Consulting. [Электронный ресурс]. URL: https://www.denisonconsulting.com/Docs/DOCS_A-Z/DOCS_Facilitator_Guide.Pdf.
Ведомости. [Электронный ресурс]. URL: https://www.vedomosti.ru/management/articles/2015/06/24/597885-menedzheri-inostrantsi-begut-iz-rossii.
Our Insights. [Электронный ресурс]. URL: http://www.mckinsey.com/business-functions/sustainability-and-resource-productivity/our-insights.
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