ЗАВИСЯТ ЛИ ЗАПАСЫ ДЕНЕЖНЫХ СРЕДСТВ РОССИЙСКИХ КОМПАНИЙ ОТ НЕОПРЕДЕЛЕННОСТИ В ЭКОНОМИЧЕСКОЙ ПОЛИТИКЕ?
Among the issues related to the effective use of various sources of financing companies, an important place is occupied not only by internal factors, but also by external factors that influence the choice of a source. They are studied a little in the literature, as they are exogenous for firms, and companies cannot influence them. But the consideration of economic policy, especially its unpredictability, affects all economic and financial decisions. The cash problem has growing popularity in theoretical and empirical literature, as existing trends in cash accumulation continue to grow among global companies operating in both developing and developed markets.
This study determines the impact of uncertainty in economic policy on the cash reserves of Russian companies that guarantee their liquidity. The study was conducted on a sample of 437 public non-financial Russian companies in the period from 2003 to 2017. To achieve the objectives of the study, regression analysis methods are used.
At the heart of the methodology for calculating uncertainty in Russia's economic policy there is the index, based on the frequency marks of newspaper articles (EPU).
The obtained results have shown that the growth of the cash level of companies depends on the growth of uncertainty in economic policy. Russian companies behave much more uniformly in conditions of uncertainty limiting themselves in opportunities’ realization.
The study revealed that future uncertainty affects companies, both through external financing and internal channels. By using external sources uncertainty increases the cost of loans, that in turn encourages companies to store more cash. Using internal means in conditions of uncertainty it is more difficult for companies to predict future cash flows, that leads to an increase in cash even today.
Understanding of these issues helps to develop more effective investment and financial strategies for companies and would allow companies to reduce the impact of external shocks on their effectiveness.