Формирование структуры капитала российскими компаниями: традиционные и поведенческие теории
Novikova O. V.
Экономика и финансы: сборник работ X студенческой научно-практической конференции факультета экономики
Пермь : Пермский филиал НИУ ВШЭ, 2012
, , Финансы и кредит 2013 № 40 (568) С. 76-84
Capital structure is one of key company value factor, so it is important to identify its determinants. Existing studies of Russian companies dedicated to capital structure puzzle use only publicly available data therefore ignore a number of important factors, including behavioral ones. Therefore, the current paper uses survey of people responsible for financial decision-making. In ...
Added: October 21, 2013
, , Корпоративные финансы 2011 № 3 С. 44-58
The paper presents the results of empirical testing of behavioral capital structure concepts relevance for leverage choice made by Russian companies. Conducted on the sample of 50 large public companies the analysis revealed the insignificance of market timing theory. However the results show that information cascades and management overconfidence and optimism can partly explain the ...
Added: October 2, 2012
, , Управление корпоративными финансами 2013 № 3 (57) С. 182-191
Recently there was a growing body of literature that take into account irrationality of economic agents. Current paper dedicates to the revies of empyrical studies of behavioral capital structure theory named managers personal qualities influence. The topicality of this theory research is determined by its complimentarity with the other traditional and behavioral theories. ...
Added: August 3, 2013
, , The Impact of Corporate Governance on Financing Policy: Evidence from Emerging Markets / Высшая школа экономики. Series FE "Financial Economics". 2014.
Corporate governance is one of the crucial characteristics of the firm, which not only provides protection for investors but also significantly affects all decisions taken by the firm, including financing policy. The results of studies examining developed capital markets show that strong corporate governance provides more favourable terms of financing. In addition, due to information ...
Added: October 13, 2014
Исследование проблем недоинвестирования и переинвестирования российских компаний в зависимости от стадии их жизненного цикла
, Аудит и финансовый анализ 2013 № 6 С. 267-275
The article proposes a model for identification the stages of the life cycle of companies, the same to the problems of under- and overinvestment, which were tested on the sample of Russian companies. The author made a research of capital structure on the each stage of the life cycle of organization, and investment activity of ...
Added: January 29, 2014
, , , Финансы и кредит 2012 № 12 С. 47-57
В статье описывается эволюция теорий формирования финансовой архитектуры компании, а также эмпирически проверяются теория информационных каскадов и теория отслеживания рынка, не нашедшие четкого подтверждения на развитых рынках. При анализе данных российских и британских компаний, ни одна гипотеза не была признана верифицированной либо фальсифицированной. Лучшую объясняющую способность имеет гипотеза следования за лидером, однако даже она статистически ...
Added: September 28, 2012
, , , 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
, Вестник ИНЖЭКОНа. Серия: Экономика 2010 № 1(36) С. 312-316
The paper explores theoretical approaches to the company IPO underpricing and analyzes capital structure impact on the underpricing of the Russian issuers. ...
Added: October 18, 2012
, Корпоративные финансы 2012 № 2 С. 58-70
The paper presents the results of dynamic trade-off empirical testing on the data of BRIC and Eastern European companies. On the sample of 403 large public companies within 2002-2010 financial years the relevance of dynamic trade-off theory was revealed. Moreover it was found out that market timing and pecking order motives influence the debt-to-equity choice ...
Added: December 7, 2012
, Рыбное хозяйство 2010 № 1 С. 20-22
The author describes the economic model of repeated growth of productivity in fishery industry on the basis of so-called Dupont's formula. The investment tax credit is proposed as a financial lever to raise the efficiency of fishery activities, provided by the Russian legislation. Real premises are developed for pro-viding the appreciable structural changes in transition ...
Added: October 11, 2012
, , Управление корпоративными финансами 2014 № 3(63) С. 172-179
The problem is actual, as during the period of transformation to the market economy the electricity sector was seriously reformed. This sector is strategic for the state. The study raised the hypothesis that the current capital structure of the majority of Russian electricity distribution companies is not optimal. To improve the efficiency of their operations ...
Added: January 3, 2015
, В кн. : Социально-экономические преобразования и проблемы. Сборник научных трудов. Вып. 6.: Н. Новгород : Издательство НИСОЦ, 2016. Гл. 5. С. 51-59.
This article is devoted to the study of the strategic process and its impact on the implementation of the strategy. The article presents the data obtained in the course of strategic process diagnosis as an example on the "PROMIS" company. The study used classical instruments of strategic management (PEST and SWOT - analysis, Porter's 5 ...
Added: February 15, 2017
, , , Российский журнал менеджмента 2019 Т. 17 № 1 С. 5-28
The aim of this study is to investigate the relationship between talent management and absorptive capacity of Russian companies. Specifically, the paper discusses the theoretical framework, which demonstrates how talent attraction, development and retention are related to absorptive capacity dimensions, namely knowledge acquisition and assimilation (referred to as potential absorptive capacity), and knowledge transformation and ...
Added: January 26, 2021
, , Экономическая политика 2015 Т. 10 № 6 С. 160-170
Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to ...
Added: January 18, 2016
Влияние внутренних и институциональных факторов на скорость приспособления к целевой структуре капитала на развитых и развивающихся рынках
, , Корпоративные финансы 2013 № 4 (28) С. 5-22
The paper presents the results of dynamic trade-off empirical testing on the data of 30 countries for 2005-2010. The authors show that the speed of adjustment to the target capital structure for Western Europe countries is mostly determined by internal factors. Meanwhile for emerging capital market the growth rate of GDP as well as time ...
Added: March 10, 2014
, , Journal of Corporate Finance Research 2016 No. 1(37) P. 102-118
This article is devoted to the exploration of the mechanism of making decision about the company’s financing structure. It is shown that the interaction between various financial characteristics of company plays statistically significant role in the capital structure determination. Namely their possible values space may be split into several areas in which different, but might ...
Added: April 8, 2016
, , in : China and Russia: Development in Transition. : Beijing : Economic Science Publisher, 2011. P. 259-278.
Added: June 2, 2013
, European Research Studies Journal 2018 No. Volume XXI, Issue 2 P. 147-164
The purpose of this study is to examine the effect of International Financial Reporting Standards (IFRS) adoption on the frequency of earnings management in Russia according to accruals-based approach. The empirical analysis employs the linear regression model which includes a dependent variable (discretionary accruals), an independent variable (accounting standards) and some control variables. The sample ...
Added: June 22, 2018
, Рыбное хозяйство 2010 № 2 С. 23-24
The author analyzes the system economic model being a basis for making perspective strategic decisions in the fishery complex. These decisions are meant to fund the transition of the Russian fishery complex from raw-resources export to the innovative way. ...
Added: October 11, 2012
Communicating the Social Responsibility of Big Business in Russia: Assessing How Large Companies Report Their Engagement in Social Welfare for People with Disabilities
, , , Europe-Asia Studies 2023 Vol. 75 No. 2 P. 208-231
This paper investigates how large companies in Russia communicate their engagement into the social welfare of people with disabilities. We analyse nonfinancial reports and study how people with disabilities are addressed with regard to internal social policies and corporate social responsibility activities. We ask about the content and meaning of the reporting and built a ...
Added: November 23, 2022
Качественный и статистический анализ внедрения концепции «Бережливое производство» в России: на примере компании ОАО «ПРОМИС».
, В кн. : Социально-экономические преобразования и проблемы. Сборник научных трудов. Вып. 4.: Н. Новгород : Издательство НИСОЦ, 2014. С. 98-113.
This article is devoted to the results of the research of the author for the study of motives appeal to the concept of "Lean Production" in Russian companies operating in the design (production) systems. The article presents the data of the statistical and qualitative analysis of the hypotheses on the example of one of the ...
Added: November 24, 2014
, , Вестник Новосибирского государственного университета. Серия: Социально-экономические науки 2010 Т. 10 № 3 С. 125-132
Current article is dedicated to the relationship between effectiveness of usage of intellectual capital and capital structure of firms in Russia in 2005-2007. Current research showed that effectiveness of usage of intellectual capital of firms has a positive influence over the level of financial leverage. The result of the research has showed that the more ...
Added: October 18, 2012
, , Финансовая аналитика: проблемы и решения 2015 № 10 (244) С. 11-22
Importance. Experience of foreign and Russian empirical studies devoted to the corporation capital structure proves that one of the main drawbacks of the models suggested by different authors is their relatively weak explaining characteristics. Some of the authors associate this with high impact of uncertainty in the process of the company selection of funding sources. ...
Added: March 23, 2015
, , , 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