The Impact of Firm Qualitative and Quantitative Characteristics on Corporate Financial Performance in Emerging Markets in the Short Term and Long Term: Evidence from Russian Public Companies

This thesis examines the influence of qualitative and quantitative characteristics on the corporate financial performance of Russian public companies in the short and long term. The study uses quarterly data for the period from 2013 to 2023 of 168 Russian public companies whose shares are listed on the Moscow Exchange. Information for analysis was collected from sources such as Difan.xyz, Spark Interfax, Yahoo Finance and official company websites. As a measure of financial performance, we used both accounting-based indicators (ROA and ROE) and a market-based indicator (Tobin's Q). Using independent variables (firm size, firm age, firm leverage and firm liquidity) and control variables (board size, board composition, existence of internal audit committee and Big 4 external auditor), we analyze their impact on the financial performance of companies in Russia. To analyze panel data, regression analysis models such as generalized least squares (GLS) model and fixed effects model are used. This study may be useful for further research in the field of financial management in Russian and other emerging markets, helping to understand how to predict the financial performance of a company based on various qualitative and quantitative characteristics. In terms of practical implications, the results can also be used by companies to improve their business strategies and corporate governance to enhance financial performance and reduce risks and by investors when making decisions about investing capital in companies on the Moscow Exchange. Key words: ROA, ROE, Tobin’s Q, Firm performance, Financial characteristics, Corporate governance, Russian companies, Moscow Exchange.