caa a22 4500 445862807 CHVBK 20180317145448.0 cr unu---uuuuu 170323e20111101xx s 000 0 eng 10.1007/s10997-010-9132-7 doi (NATIONALLICENCE)springer-10.1007/s10997-010-9132-7 Does strategic corporate performance depend on corporate financial architecture? Empirical study of European, Russian and other emerging market's firms [Elektronische Daten] [Irina Ivashkovskaya, Anastasia Stepanova] Performance of the firm depends on its structural dimensions: capital structure, ownership structure and corporate governance. Their interactions are known as corporate financial architecture according to S. Myers. In this paper we analyze financial architecture which is a mix of ownership structure, capital structure, control and board's composition, and therefore, provides the given framework for improving corporate performance. We contribute to the literature by different attributes of our study. In contrast to most empirical papers on performance, we develop integrated rather than segmented approach combining the intrinsic components of corporate financial design in one research model. We introduce new variable to capture the structure of ownership for the purpose of performance analysis. Our third contribution is based on comparative analysis of the influence of financial architecture over corporate performance in rather different capital market environment: developed European and emerging (developing) capital market's countries. We start with a classic empirical model of the impact of ownership structure, capital structure and other components of financial architecture on the corporate performance. Further we verify the validity of exogenous nature of key variables of the classic model when applying it to companies in developed and emerging market environment. Our results could have some important policy implications for the firms in normal economic environment as well as in the period of global economic crisis. We found that the higher proportion of related ownership which indicates investors with significant voting power and the board's composition affect firm performance positively. The related shareholders and independent directors seem to add more value to firms while the impact of government ownership differs depending on the country. The emerging market's sample versus the one from developed countries proves the stronger influence of corporate financial architecture over performance. Springer Science+Business Media, LLC., 2010 Corporate governance nationallicence Boards nationallicence Performance nationallicence Financial architecture nationallicence Ownership structure nationallicence Emerging markets nationallicence Ivashkovskaya Irina Corporate Finance Center, Corporate Finance Department, Higher School of Economics, Moscow, Russia aut Stepanova Anastasia Corporate Finance Center, Corporate Finance Department, Higher School of Economics, Moscow, Russia aut Journal of Management & Governance Springer US; http://www.springer-ny.com 15/4(2011-11-01), 603-616 1385-3457 15:4<603 2011 15 10997 https://doi.org/10.1007/s10997-010-9132-7 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10997-010-9132-7 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ivashkovskaya Irina Corporate Finance Center, Corporate Finance Department, Higher School of Economics, Moscow, Russia aut NATIONALLICENCE 700 1- Stepanova Anastasia Corporate Finance Center, Corporate Finance Department, Higher School of Economics, Moscow, Russia aut NATIONALLICENCE 773 0- Journal of Management & Governance Springer US; http://www.springer-ny.com 15/4(2011-11-01), 603-616 1385-3457 15:4<603 2011 15 10997 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer