TY - GEN

T1 - Deoffshorization policy

T2 - case of Russian companies

AU - Лукьянова, Анна Евгеньевна

AU - Никулин, Егор Дмитриевич

AU - Канивец, Александр

N1 - Loukianova, A. E. Deoffshorization policy : case of Russian companies / A. E. Loukianova. E. D. Nikulin, A. Kanivetc // CBU International Conference Proceedings 2017 : Innovations in Science and Education. - Bohemia : Central Bohemia University, 2017. - P. 279-285.

PY - 2017

Y1 - 2017

N2 - This paper investigates the impact of deoffshorizationon the market value of Russian companies. The methodology of event study was used. Three events were analyzed, including the announcement of intentions to leave offshores from several major companies and the introduction of anti-offshore legislation (December 2013-March 2014).We have not revealed any mutually significant market response to the selected events, since some of the firms faced positive cumulative abnormal returns, while the others encountered negative ones.At the same time, anempirical study showedevidence of significantnegative effect on the market value for several companies. It can be argued that the deoffshorizationimpact on companies depends to a large extent on the offshorestructure they use. Companies that are significantly exposed to deoffshorizationneed to adjust their strategy in order to counter potential negative consequences of this process.

AB - This paper investigates the impact of deoffshorizationon the market value of Russian companies. The methodology of event study was used. Three events were analyzed, including the announcement of intentions to leave offshores from several major companies and the introduction of anti-offshore legislation (December 2013-March 2014).We have not revealed any mutually significant market response to the selected events, since some of the firms faced positive cumulative abnormal returns, while the others encountered negative ones.At the same time, anempirical study showedevidence of significantnegative effect on the market value for several companies. It can be argued that the deoffshorizationimpact on companies depends to a large extent on the offshorestructure they use. Companies that are significantly exposed to deoffshorizationneed to adjust their strategy in order to counter potential negative consequences of this process.

KW - offshore

KW - deoffshorization

KW - deoffshorization policy

KW - company valuation

KW - WEB OF SCIENCE

KW - WEB OF SCIENCE

U2 - 10.12955/cbup.v5.939

DO - 10.12955/cbup.v5.939

M3 - Conference contribution

T3 - CBU International Conference Proceedings 2017: Innovations in Science and Education

SP - 279

EP - 285

BT - CBU International Conference Proceedings 2017: Innovations in Science and Education

ER -