Based on panel data from 1995.1997, the paper focusses on the impact of ownership concentration on the performance of Russian non-financial privatised companies that constitute the group of .blue chips. of the country.s stock market. We consider three indicators of company performance . labour productivity, profitability, and Tobins.s q . and employ instrumental variables technique to correct regression results for endogeneity of ownership. We find that ownership concentration positively affects labour productivity, but has a negative impact on Tobins.s q. The relationship between ownership concentration and profitability follows a U-shaped pattern with the turning point at 56% concentration. These findings imply that ownership concentration results in higher technical efficiency of enterprises, but the benefits from productivity improvements do not accrue to all shareholders. This is consistent with the expropriation hypothesis that large owners use their power to extract private benefits of control.
Authors:O. Ordzhonikidze, A. Pivkina, Yu. Frolov, N. Muravyev, and K. Monogarov
This study deals with a well-known monocyclic nitramine HMX and a relatively new polycyclic strained-cage nitramine CL-20. Experimental data on the powder morphology, simultaneous thermal analysis (STA) and burning rate of binary formulations Al/HMX and Al/CL-20 are presented. Kinetic modelling for HMX and CL-20 are considered based on analysis of STA data obtained for low heating rates. The processing of STA data by the Kissinger method was shown to need to be supplemented with the construction of a thermokinetic model. The thermal decomposition of HMX is reliably described by the reaction of the first order with the autocatalysis. Obtained kinetic parameters of the HMX thermal decomposition correlate with literature-known data on kinetics of the lead stage of HMX combustion. Two types of aluminium powder, i.e. micron-sized and ultrafine, are used to investigate the interaction with both nitramines. Thermal analysis revealed the higher Al oxidation ability of the solid compounds produced at CL-20 thermolysis, than that one of HMX. Burning rate experiments show the differences in the combustion parameters between CL-20- and HMX-based formulations, specifically along with the burn rate level increase for CL-20 monopropellant as compared to HMX one, the pressure exponent and effect of the aluminium particle size variation are also distinct. Results are analyzed and compared to available literature data.