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Article

Влияние нефундаментальных факторов создания стоимости на инвестиционное поведение компаний российского рынка

Удальцов В. Е.

In this article the non fundamental value creation factors are described and their influence on investment behavior of Russian companies is analyzed. The accent is made on capital structure and its characteristics: level of concentration of equity capital, presence of different types of shareholders. The analysis of influence of CEO's motivation schemes on investment activity (using example of the share in the hands of top management). Estimation of non fundamental factors is carried out using a wide sample of Russian companies, made by an author using the data base Ruslana Bureau van Dijk. Regression analysis performed on this data allowed to verify the hypothesis of influence of non fundamental factors on investment activity. JEL Classification: G35, G32, G11, J33