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The Study of the Role of Corporate Governance in Improving the Investment Appeal and the Credit Rating of Russian Companies

Author: Anna N. Zadorozhnaya, Cand. Sc. (Ec.), Assistant-Prof. of Finance, Credit, Accounting & Audit Dprt.

Abstract: Despite the financial crisis, Russian companies’ interest in debt financing continues to grow. The paper studies the aspects taken into account while determining the company ownership structure. In addition, it analyzes the state of the Russian corporate bonds market and characterizes financial covenant as a tool used by creditors to control company activities.

Key words: corporate bonds; corporate debt; ownership structure; mechanisms of redistribution of wealth; corporate governance; financial contracts; covenant.