Корпоративный долговой навес и инвестиции в российской экономике: роль финансовых условий и участия государства
Высшая школа экономики , 2015. № 4.
The paper considers the factors of investment activity of Russian companies before and after the global financial crisis of 2008–2009. Given the growth of non-financial corporations debt under the general monetary tightening accompanied by the stagnation of investment in fixed assets, the roles of financial constraints and debt overhang are investigated. We also raise the question about the influence of the government participation in the company’s capital on investment behavior. In order to identify the phenomenon of debt overhang we provide a new indicator and show its advantages over others previously used in studies. We estimate investment functions using annual panel data on financial indicators of Russian public companies for the period from 2000 to 2014. The results show differences in the investment behavior of firms before and after the crisis of 2008–2009: the weak influence of financial constraints before the crisis turned into statistically and economically significant thereafter. The behavior of private companies and state-owned ones differs much. State-owned companies have relatively soft budget constraints and are almost not subject to debt overhang, while the post-crisis decline in investment of private companies, according to our estimates, is 14% due to the aggravation of the problem. This result means that in the post-crisis environment of limited financial resources state-owned companies’ borrowing can crowd out borrowings of other companies, and thus crowd out private investment. The presence of debt overhang may have implications for monetary policy: central bank has an additional argument in favor of softer policy. The central bank also has to take into account the heterogeneity of economic agents: the major “burden” of tight monetary policy falls on the market segment, while state-owned enterprises get advantages of their easier access to financing.
, Экономический журнал Высшей школы экономики 2016 Т. 20 № 2 С. 337-365
The paper considers the factors of investment activity of Russian companies before and after the global financial crisis of 2008–2009. Given the growth of non-financial corporations debt under the general monetary tightening accompanied by the stagnation of investment in fixed assets, the roles of financial constraints and debt overhang are investigated. We also raise ...
Added: June 15, 2016
Корпоративный долговой навес и инвестиции в российской экономике: роль финансовых условий и участия государства
, / Высшая школа экономики. Серия WP2 "Количественный анализ в экономике". 2015. № 2015/04.
The paper considers the factors of investment activity of Russian companies before and after the global financial crisis of 2008-2009. Given the growth of non-financial corporations debt under the general monetary tightening accompanied by the stagnation of investment in fixed assets, the roles of financial constraints and debt overhang are investigated. We also raise the ...
Added: November 28, 2015
ЗАВИСЯТ ЛИ ЗАПАСЫ ДЕНЕЖНЫХ СРЕДСТВ РОССИЙСКИХ КОМПАНИЙ ОТ НЕОПРЕДЕЛЕННОСТИ В ЭКОНОМИЧЕСКОЙ ПОЛИТИКЕ?
, , Научно-технические ведомости Санкт-Петербургского государственного политехнического университета. Экономические науки 2018 Т. 11 № 4 С. 272-284
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. ...
Added: August 27, 2018
Corporate Debt Overhang and Investment in Russia: The Role of Financial Conditions and Government Participation
, , in : 17th Eurasia Business and Economics Society (EBES) Conference Proceedings. Vol. 1.: EBES Publications, 2015. P. 322-342.
After the global financial crisis Russian macroeconomic dynamics changed dramatically: reduced access to external financing and the worsening economic outlook led to very weak investment dynamics. We test and confirm the hypothesis that one of the reasons is high debt burden of Russian companies - debt overhang. We propose a new indicator for debt overhang. ...
Added: December 4, 2015
, / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2019. No. 214.
Added: April 19, 2019
Financial constraints versus financial flexibility: What drives zero-debt puzzle in emerging markets?
, , Russian Management Journal 2018 Vol. 16 No. 3 P. 407-434
This study is focused on gaps in the theory of capital structure research regarding the phenomenon of zero-debt behavior. On the sample of firms from 21 countries with emerging capital markets over the period of 2010–2015, we show that the zero-debt policy choice is firstly driven by financial flexibility motive, while financial constraints could be regarded as the second ...
Added: October 19, 2017
Perception of financial constraints: ownership structure, state support, institutional and financial environment
, , et al., Communist and Post-Communist Studies 2019
We analyze the role of ownership structure, segments of debt market and institutional environment for perception of financial constraints by top-management. The unique feature is the panel for 28 countries of the former communist block from 2002 to 2013 on the base of BEEPS survey data. We apply probit and Heckman models and investigate non-linear and ...
Added: December 14, 2018
, Экономическая политика 2017 Т. 12 № 1 С. 226-249
Being one item by definition investment is actually not homogenous: generally, there are two major types – capital investment and investment in M&A deals. In this paper we examine the relationship between new capital investments and investments in acquisitions in Russia using data for more than one hundred companies in 2004-2014. The period is split ...
Added: October 7, 2016
, , et al., Sustainability 2020 No. 12 P. 1-38
Financial market imperfections constrain firms’ ability to obtain funds. This is especially true for the former communist bloc countries. However, the restrictions on access to financing and the attitudes of management in these geographies remain overlooked by academic research and represent an important obstacle on the roadmap to sustainable development. The objective of this paper ...
Added: September 1, 2020
Государственная собственность в российской экономике. Часть 2. Проблемы управления и влияние на эффективность
, Журнал Новой экономической ассоциации 2010 № 8 С. 80-99
This article discusses the objectives and challenges for corporate governance of SOEs in Russia, and provides an international perspective of the performance of SOEs as compared to privately owned companies. Recent trends in the policy and management of state property are described. The problems of corporate governance in Russia are described in an agency perspective, ...
Added: November 6, 2012
, , WEALTH - International Journal of Money, Banking and Finance 2014 Vol. 3 No. 2, July-December 2014
The focus of this paper is the reasons of suboptimal investment policy that consists of over- or underinvestment. We consider the definitions of risk-shifting and risk avoidance effects that lead to suboptimal investments. These problems are connected with the agency conflicts in the firm between different parties: shareholders, debt holders and managers. Since the preferences ...
Added: October 30, 2014
, , , Russian Journal of Economics 2015 Vol. 1 No. 1 P. 55-80
This article will analyze the activity of state-owned companies and their place in the structure of market relations from the standpoint of contemporary approaches to the study of “state failure” and “market failure”. It will also consider the implications of the systematic embedding of private property rights. In addition to considering the costs of the ...
Added: December 3, 2015
, , et al., Экономическая политика 2018 Т. 13 № 2 С. 28-47
This article attempts to estimate the scale of state involvement in Russian economy over time and compare it with other countries. Our unique methodology suggests a set of alternative approaches to measuring 3 independent components: state-owned enterprises (SOEs), state unitary enterprises and public administration sector. Our results reveal the growth of state involvement in economy ...
Added: September 4, 2018
, , Borsa Istanbul Review 2019 Vol. 19 No. 4 P. 344-356
This paper examines the nature of the relationship between corporate R&D investment and the probability of default. Existing evidence on the topic is varied and often conflicting due to its complexity. In this paper, we investigated the non-linear relationship between R&D investment and the probability of default, and also detected several factors influencing the nature ...
Added: September 30, 2019
, Менеджмент в России и за рубежом 2014 № 4 С. 36-43
This article provides an analysis of the impact of the funding policy for the investments of the company using a method that takes into account the problem of èndogennosti of the studied parameters, analyzed and evaluated factors influencing the key aspects of the funding policy. The comparative analysis of existing methodologies link corporate policies and ...
Added: October 7, 2014
, , , Вопросы государственного и муниципального управления 2015 № 4
В статье анализируются тенденции финансирования высшего образования России и оценка их воздействия на бюджетную политику вузов. В условиях внешних финансовых ограничений анализируется реакция вузов, выраженная в диверсификации доходов и изменении структуры расходов. Доля охвата населения по возрастной когорте от 25 до 64 лет в образовательные процессы в России достаточна велика. Соотношения объемов финансирования по уровням ...
Added: September 7, 2015
, , Банковское право 2021
The article explores features of the golden share and conditions under which this instrument of corporate governance could be invoked. Looking at the experience of the golden share application, authors put forward the hypothesis that it is an extractive institution and, at the same time, consider possible ways of improving it. ...
Added: August 17, 2021
Sports economics is a relatively new field of research that is experiencing rapid growth in the economics literature. The importance of the sports industry to economies, coupled with the availability of financial and productivity data, have made the study of sports economics a useful avenue for exploring research questions that have eluded mainstream economics fields. ...
Added: February 21, 2020
Влияние факторов финансовых ограничений на инвестиционную активность компаний на развитых и развивающихся рынках капитала
, Экономический анализ: теория и практика 2014 № 34 С. 17-27
The article is defined the relationship between cash flow and investments in companies. An algorithm was built which determined the dependence of company's investment activity from the determinants of financial constraints. The methodology was tested on data from companies in developed and emerging markets. The comparative analysis of the factors was realized which gives understanding ...
Added: October 8, 2014
, Вектор науки Тольяттинского государственного университета. Серия: Экономика и управление 2013 № 3(14) С. 69-74
The article is devoted to the financial constraints related to limited access of companies to external sources of financing, as well as factors of financial constraints research. Approaches, which are testing the hypothesis of excessive sensitivity of investment to the company's cash flow, are compared, which is observed with great financial constraints. ...
Added: March 6, 2014
, , Journal of Economic Theory 2021 No. 193 Article 105196
Financial constraints preclude many surplus producing economic transactions, and inhibit the growth of many others. This paper models financial constraints as the interaction of two forces: the agent has persistent private information and is strapped for cash. The wedge between the optimal and efficient allocation, termed distortion, increases over time with each successive “bad shock” ...
Added: March 3, 2021
The Role of Corporate Foresight and Technology Roadmapping in Companies' Innovation Development: the Case of Russian State-Owned Enterprises
, , , Technological Forecasting and Social Change 2016 Vol. 110 P. 187-195
In recent decades, the attention of researchers and policymakers has turned to state-owned enterprises (SOEs), in particular the role they play in science, technology and innovation and the methods they use to implement innovation strategies. In this paper, we look at Russian state-owned companies and their development plans, as well as the management tools they ...
Added: October 23, 2015
, , , Emerging Market Review 2014 Vol. 18 P. 62-77
We analyze whether financial constraints of Brazilian firms are alleviated by ownership structure. More specifically, we study whether the presence of nonfinancial firms as shareholders of Brazilian firm mitigates financial constraints. We find that the presence of nonfinancial firms as significant shareholders reduces financial constraints, probably because such blockholders are able to reduce asymmetric information ...
Added: February 9, 2015
The Multifaceted Sustainable Development and Export Intensity of Emerging Market Firms under Financial Constraints: The Role of ESG and Innovative Activity
, , et al., Complexity 2022 Vol. 2022 Article 3295364
The role of sustainable development in the export intensity of small and medium-size enterprises (SMEs) represents an open research question. We consider sustainable development through the environmental, social, and governance (ESG) dimensions as well as via firms’ innovative activity indicators. Our objective is to reveal the sustainability determinants of export intensity of SMEs in emerging ...
Added: September 4, 2022