?
The influence of capital structure on the value of public companies in chemical industry
P. 04059.
Bityukova A.V., Markovskaya E., Bruz V., Vititnev S.
The study is about the relation between the financial leverage and the value of a firm in the chemical industry. Financial stability (low level of growth and financial health) is considered as a factor that can influence the relation. The panel data analysis of the sample of public chemical companies is used. Instrumental variables are used to avoid endogenity problem of the leverage in the model. We find that the relation between the financial leverage and the value is positive. We show that the big amounts of debt past the optimum level influence company’s market value negatively. We also find that financial stability influences the relation between the leverage and the value only partly. Financial health strengthens the relation while growth has little or no influence on the relation. Testing for the change of influence patterns before and after financial crisis of 2008 gives significant difference only in relation between the value and the square financial leverage. In the first part of this work the existing body of literature on the relation between the financial leverage and the value of a company will be studied and hypotheses will be formulated. The second part will be dedicated to methodology of the study. The third part will contain the description of the data and the results of econometric analysis.
In book
Т. 135 (2019). , EDP Sciences, 2019.
Войко Д. В., Voyko A. V., Афанасьева Е. Ю., Финансовый менеджмент 2025 № 8 С. 321–330
The purpose of this article is a comprehensive analysis of the applicability of Sustainable Growth Ratio models for predicting the effectiveness of IPO (IPO – Initial Public Offer) of Russian companies in modern conditions. Companies of various types of activity were selected as the object of research: medicine, pharmacology, IT business, transport services, wood processing ...
Added: December 9, 2025
Ryabova E., Rossokhin V. V., Вопросы статистики 2023 Т. 30 № 5 С. 83–97
The issue of socially responsible behavior of companies is becoming more and more relevant at the present stage. At the same time, the actions undertaken by firms in the framework of socially responsible behavior most often go beyond the procedures set by the current legislation and require additional costs and funding. Positive effects are not ...
Added: October 29, 2023
Kokoreva M. S., Stepanova A. N., Povkh K., Foresight and STI Governance 2023 Vol. 17 No. 1 P. 18–32
The recent increase in the share of zero-leverage firms is most pronounced in the Software and Services, Hardware Equipment, and Pharmaceutical and Biotechnical industries. The reasons for these industries’ conservative debt policies are not fully disclosed. How companies in technological sectors manage to perform well attracting no debt and losing debt tax shield benefits is ...
Added: April 14, 2023
Guseva N. I., Советкин Я. Д., Российский журнал менеджмента 2022 Т. 20 № 2 С. 273–307
Relevance of the research: managerial innovations (MI) have become important research topic within the global scientific community, and also represent one of the most important source of competitive advantages for leading multinational companies.
Purpose: the purpose of this article is to study the perception of MI antecedents by employees of Russian large private companies of chemical ...
Added: April 3, 2023
Popova S., Дерюгина Е. Б., Карлова Н. А. et al., Russian Journal of Economics 2017 Vol. 3 No. 4 P. 379–410
Added: March 28, 2023
Kokoreva M. S., Stepanova A. N., Гайфеев Б. Р., Экономическая политика 2022 Т. 17 № 6 С. 68–89
Concentration of corporate ownership has increased worldwide during recent years, especially in the holdings of the largest investors. The paper examines this trend in order to understand how changes in the stakes of the largest shareholders affect corporate governance and performance. In order to take into account the different goals and motives among institutional investors, ...
Added: January 23, 2023
Institute of Physics Publishing (IOP), 2019.
The collection of articles presents the research results of leading experts in the field of application of modern methods of engineering physics and information and measurement technologies in high-tech production, in the field of aerospace, energy, chemical and oil and gas engineering, in the field of economics and organization of metrological support of innovative technologies, as well ...
Added: October 20, 2021
Institute of Physics Publishing (IOP), 2020.
The collection of articles presents the research results of leading experts in the field of application of modern methods of engineering physics and information and measurement technologies in high-tech production, in the field of aerospace, energy, chemical and oil and gas engineering, in the field of economics and organization of metrological support of innovative technologies, as well ...
Added: October 16, 2021
Lopez Iturriaga F. J., Vega-Gutierrez P. L., Rodriguez-Sanz J. A., Research in International Business and Finance 2021 Vol. 58 Article 101431
This study examines the influence of labour market conditions on corporate capital structure in a sample of 2892 firms from France, Germany, Italy, Spain, and the UK. After considering the effect of unemployment and inflation, we analyse the impact of two market imperfections: employees’ rights and downward wage rigidity. Results indicate that financial leverage responds ...
Added: October 11, 2021
Spitsin V., Vukovic D., Anokhin S. et al., Journal of Economic Studies 2021 Vol. 48 No. 2 P. 313–332
Purpose – The paper analyzes the effects of the capital structure on company performance (return on assets).
The analysis is conducted in a large sample of high-tech manufacturing and service companies in the transition
economy (Russian Federation). In addition to the aggregated analysis, separate investigations are conducted to
scrutinize the impact of company age, size and location factors ...
Added: February 10, 2021
Абдыкарим Е. -., Бербенева А. С., Малых Н. А. et al., Торговая политика 2017 Т. 3 № 11 С. 111–131
This study analyses opportunities for promoting Russian exports of high- technology products on the example of several Russian industries, both traditional and innovative ones (non-ferrous metallurgy, chemical industry, light industry, biotechnology). The research of the relevant state of these industries is conducted, the situation on the global market of the products of these industries and ...
Added: December 11, 2020
Будченко А., Nazarova V., Journal of Corporate Finance Research 2020 Vol. 14 No. 1 P. 7–19
Although corporate capital structure has been intriguing to scientists for a number of years, very little research has been conducted on the topic for companies in emerging markets. The purpose of this paper is to investigate the determinants of capital structure using a sample of 195 non-financial firms from emerging markets in 2012-2016.
The inclusion of ...
Added: October 31, 2020
Lipatnikov V. S., Александров А. А., Вертакова Ю. В. et al., АПК: Экономика, управление 2019 № 10 С. 60–70
The world practice shows that the capital structure (proportion of own and debt capital) is important for company’s efficiency. Debt finance allows the company to invest in its growth more actively and with higher efficiency and to use the favorable situation on the market. The paper contains an analysis of the structure of the capital ...
Added: November 8, 2019
Miglietta N., Battisti E., Carayannis E. et al., Business Process Management Journal 2018 Vol. 24 No. 5 P. 1255–1270
Purpose
The purpose of this paper is to investigate the relationship between capital structure and business process management (BPM) within ambidextrous firms. In particular, referring to the listed companies in the Mercato Telematico Azionario (MTA) and Mercato degli Investment Vehicles (MIV) markets with large- and mid-sized capitalization, divided into ambidextrous and non-ambidextrous companies, the authors examined the capital structure to ...
Added: February 6, 2019
Ponomarenko A., Karlova N., Deryugina E. et al., Russian Journal of Economics 2017 Vol. 3 No. 4 P. 379–410
This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-assetturnover ratio have a ...
Added: January 29, 2019
Ryabova E., Makarov A. S., Khvostova I., М.: ИНФРА-М, 2018.
The book captures the complex of questions of the theory, methodology and practice of forming the company's financial policy in conditions related to ensuring its sustainable development. It clarifies a number of concepts providing the theoretical basis, which allows us to determine the composition of current scientific and practical tasks of improving the methods of ...
Added: October 1, 2018
Булгаков А. Л., Виноградова О. С., АПК: Экономика, управление 2018 № 6 С. 26–37
The article’s purpose is an assessment of opportunities of determination of probability of crisis on the basis of significant factors. A research object is the agricultural organizations of which is characteristic dependence of business on an environment, seasonality of production works, the considerable competition, sharp fluctuation in prices of agricultural production, high wear of fixed ...
Added: September 7, 2018
Stepanova A. N., Izabella G. Kazaryan, Journal of Corporate Finance Research 2017 Vol. 11 No. 4 P. 11–35
In this article, we consider the relation between capital structure, corporate governance, ownership structure and performance of a company depending on its life cycle stages. The central aim of this study is to define the most sustainable and effective types of financial architecture by using the cluster and regression analysis. This study describes the three ...
Added: January 31, 2018
Kokoreva M. S., Stepanova A. N., Повх К. С., / Series WP BRP "Basic research program". 2017. No. 62/FE/2017.
This paper analyzes why high-tech firms are less likely to have debt in their capital structure. The share of zero-leverage firms increased in the US in the Software & Services, Hardware Equipment and the Pharmaceutical & Biotechnical industries which are treated as high-tech firms in our research. We divide the sample of US-based firms from ...
Added: October 27, 2017