?
Capital Structure Choice at Different Life-Cycle Stages in Turbulent Environment: the Evidence from Russian Emerging Capital Market
P. 311-321.
Language:
English
In book
Celje : Varazdin development and Entrepreneurship Agency, Varazdin, Croatia and Faculty of Commercial and Business Sciences, Celje, Slovenia, 2013
Kokoreva M., Ulugova A., / 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
Ivashkovskaya I., Макаров П. В., Journal of Corporate Finance Research / Корпоративные финансы 2010 Т. 4 № 3 С. 47-62
Capital structure choice is among the key corporate decisions which influence its long term performance and it is considered to be one of the core problems in th theory of corporate finance. Despite the existence of plenty of empirical research papers in the area, many conceptual problems have not been resolved even for developed economies. ...
Added: October 27, 2012
Kokoreva M. S., Ulugova A. E., , in : Economic and Social Development: Book of Proceedings of the 2nd International Scientific Conference, Paris, France, 5th April 2013. : Celje : Varazdin development and Entrepreneurship Agency, Varazdin, Croatia and Faculty of Commercial and Business Sciences, Celje, Slovenia, 2013. P. 384-396.
The debt-to-equity choice has always been one of the crucial decisions of the firm’s management. The capital structure is vital for the appropriate development of relationships among the company’s stakeholders. The conflicts of interests between management and shareholders and creditors as well as conflicts between other groups of stakeholders lead to the appearance of agency ...
Added: December 2, 2013
Ulugova A. E., Kokoreva M. S., Корпоративные финансы 2014
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: October 25, 2014
Kokoreva M. S., 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
Makeeva E. Y., Саргсян Г. В., Корпоративные финансы 2014 № 1 (29) С. 4-18
This paper is concerned with stock liquidity as a factor in making capital structure decisions by
managers of Russian firms. Although a big number of studies on capital structure occurred over the
last few decades, stock liquidity has only recently attracted scholars’ attention as a possible driver
for the choice of capital structure. Yet the existing papers are ...
Added: March 15, 2016
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., Белозеров И. А., Корпоративные финансы 2014 № 2 С. 19-32
The paper presents the results of optimal capital structure range analysis which appears in case of significant recapitalization costs. The review of existing studies is complemented be the study conducted on a sample of large BRICS companies for 2002-2010 years. Results of the study demonstrate the presence of an optimal capital structure range for companies ...
Added: October 3, 2014
Kokoreva M. S., Юлова С. М., 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
Cherkasova V. A., 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
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
Fomkina S., Вестник Санкт-Петербургского университета. Серия 5. Экономика 2016 № 4
Now there is a common practice in many Russian and foreign companies to include in asset pricing models a premium for small capitalization (size premium). As a rule, companies employing this approach (including Russian companies) use premiums of such reports as Ibbotson SBBI Classic Yearbook or Duff & Phelps Risk Premium Report. However, an information ...
Added: October 9, 2016
Sitnik P. E., Корпоративные финансы 2008 Т. 8 № 4 С. 114-121
В статье рассматривается возможность расчета показателя экономической прибыли для российских компаний, которые не формируют отчетность по международным стандартам. Вводная часть статьи посвящена актуальности применения показателя экономической прибыли в отечественном бизнесе. Здесь же озвучена цель работы – расчет экономической прибыли непубличной компании на основе данных российской финансовой отчетности. В основной части статьи проводится сравнительный анализ основных ...
Added: November 6, 2012
Grigorieva S., Ivashkovskaya I., В кн. : XI международная научная конференция по проблемам развития экономики и общества: В 3 кн. Кн. 3. Кн. 3.: М. : Издательский дом НИУ ВШЭ, 2011. С. 532-543.
Added: October 13, 2013
Kokoreva M. S., Ulugova A. E., 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
Novikova O. V., В кн. : Экономика и финансы: сборник работ X студенческой научно-практической конференции факультета экономики. : Пермь : Пермский филиал НИУ ВШЭ, 2012. С. 140-150.
Исследование посвящено формированию структуры капитала российскими компаниями. С помощью анкетирования лиц, принимающих финансовые решения,тестируется релевантность существующих теорий структуры капитала, в частности, поведенческих. Полученные данные тестируются количественно с помощью методов регрессионного анализа. ...
Added: March 14, 2013
Ivashkovskaya I., Kokoreva M. S., Kadurov A. A., In the book: XII International Academic Conference on Economic and Social Development. In four books. Book 4. Moscow: HSE 2012 P. 499-508
Added: August 16, 2021
Teplova T., Аудит и финансовый анализ 2010 № 4 С. 225-236
In this study we analyze a problem of the account of low liquidity of securities at carrying out of the fundamental analysis in the Russian capital market. The discount rate for prediction cash flow is a important factor in target price calculation. Standard САРМ as a model to explain assets pricing has restrictions in practical ...
Added: September 28, 2012
Ryabova E., Управление экономическими системами: электронный научный журнал 2015 № 8(80) Статья 19
It's no secret that every organization has a certain development life cycle (DLC) which depends on a combination of factors and conditions. In this article the author attempts to determine both the development stages and the time each of these stages lasts based on the example of Russian companies. Moreover, the impact of the regional ...
Added: December 2, 2015
Ichkitidze Y., Zvontsov A., , in : Proceedings of the XIX International Conference on Soft Computing and Measurements SCM`2016. : St. Petersburg : IEEE, 2016. P. 525-528.
Added: December 13, 2016
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
Ivashkovskaya I., Nazarkina V., Gostkov D. et al., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 6-33
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism ...
Added: November 10, 2023
Иванинский И. О., Тюрина Е. И., 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
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