Совместный семинар МИЭФ и ЛФЭ по финансам
Докладчик: Катерина Москъери (IE Business School)
В четверг, 27 марта в 16.40 в ауд. 3211 (ул. Шаболовка, 26) пройдет совместный научный семинар Международного института экономики и финансов и Международной лаборатории финансовой экономики по финансам.
Докладчик: Катерина Москъери (IE Business School)
Тема доклада: «Policy risk, strategic decisions and contagion effects: FIRM-specific considerations»
Тезисы доклада: We explore whether, where and how firm-specific facets of policy risk lead firms to dispose of and divest their units. Specifically, we argue that when firms experience a serious dispute with a government, their assessment of their exposure to policy risk changes, making them more likely to divest in that country and, surprisingly, even beyond the boundaries of the host country, in the country’s region. We find support for this argument using an originally compiled database that matches all the disputes presented before the World Bank with the worldwide divesting activity in the last 18 years. Furthermore, we find no evidence that firm-specific risk spreads to other firms operating in the same country suggesting firm-specific is indeed specific to particular firms. These results extend the boundaries of current knowledge with respect to the determinants of strategic decisions, by showing that policy risk is an important driver of firm’s strategic decisions, such as divestiture, and by identifying the mechanisms that spread these strategic decisions. By highlighting the potential disjuncture between macro environmental characteristics and how they apply to, or are experienced by, individual firms, we offer a nuanced understanding of environmental features and firms’ strategies.
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