IDLab researchers co-authored the monograph "Russian Corporations in the New Reality: Financial Strategies on the Path to Antifragility"

The collective monograph "Russian Corporations in the New Reality: Financial Strategies on the Path to Antifragility" has been published by the publishing house of the National Research University Higher School of Economics. It was prepared by a group of scholars and practitioners in financial management. One of the chapters was written by researchers from the International Laboratory of Intangible-driven Economy at the Perm campus – Senior Researcher Marina Zavertiaeva and Junior Researcher Dmitry Kirpishchikov.

The book was developed as part of the strategic project "Social Policy for Sustainable Development and Inclusive Economic Growth" within the university's development program, under the Ministry of Education and Science of Russia's Priority-2030 initiative. The Priority-2030 program is part of the national project Science and Universities. The editorial board of the monograph includes Irina Ivashkovskaya, head of the HSE School of Finance (editor-in-chief), Yaroslav Kuzminov, scientific director at HSE, and Rovshan Aliyev, first vice president of finance at AFK Sistema.

In early November, the monograph was officially presented and discussed at the Higher School of Economics. At the event, Yaroslav Kuzminov, scientific director of HSE, stated that the published book is the first in a planned series, which will include works on financial and corporate governance, human resource management, and technological and IT strategies, all within the context of Russian realities.

"If we collaborate with the RUIE (Russian Union of Industrialists and Entrepreneurs) and major corporations to produce comprehensive studies, we will lay the groundwork for a more substantial understanding of the economic institutions of capitalism, which will be beneficial not only for Russia."

Researchers from the International Laboratory of Intangible-driven Economy at HSE – Perm, Dmitry Kirpishchikov and Marina Zavertiaeva, are the authors of Chapter 10 of the monograph – "Shareholder Payout Policy." This chapter examines the patterns of shareholder payouts in major Russian companies from 2014 to 2023.

Dmitry Kirpishchikov, Junior Researcher at the International Laboratory of Intangible-driven Economy

Marina Zavertiaeva and I participated in the work on the book 'Russian Corporations in the New Reality: Financial Strategies on the Path to Antifragility.' The period we studied allows us to assess whether company policies have changed under the impact of the shock affecting the Russian economy and financial markets in 2022-2023. The chapter provides a theoretical framework for studying this issue, focusing on two key theories relevant to understanding the behavior of Russian companies: agency theory and signaling theory. We briefly describe the legislative changes regarding dividend payouts that occurred in 2022, as well as provide statistics on the number of companies making payouts. We conducted a detailed analysis of the changes in dividend yields among Russian companies, including by ownership structure and sanctions imposed on the companies. Additionally, the book discusses the cases of share buybacks observed in the Russian market after February 2022.