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Моделирование оптимального диапазона структуры капитала фирмы на развивающихся финансовых рынках
Корпоративные финансы. 2014. № 2. С. 19-32.
Kokoreva M. S., Белозеров И. А.
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 from emerging capital markets. The key determinants of the upper and lower boundaries of the range of optimal capital structure are return on equity, growth opportunities, assets structure and firm size. Managers of BRICS companies adjust capital structure asymmetrically, reaching different indicators of capital structure in cases of upper or lower boundaries breakthrough.
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
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
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., 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
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
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
Zavertiaeva M. A., Лучкина А. В., 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
Stepanova A., Kokoreva M., Studies in Economics and Finance 2014
In this paper we study the performance effects of capital structure, ownership structure and corporate governance of Russian companies. To address the lack of research in corporate performance modeling in emerging markets we contribute to the literature by introducing a cluster analysis of the financial architecture and market performance of Russian companies. Our goal is ...
Added: October 25, 2013
Grigorieva S., Petrunina T., / Высшая школа экономики. Series FE "Financial Economics". 2013. No. WP BRP 20/FE/2013.
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the influence of M&A deals on company value in the short-run using the event study method and in the long-run based on economic profit concept. Examining a sample of 80 deals ...
Added: October 25, 2013
Rasskazova A. N., Rasskazov S. V., СПб. : Издательство СЗИУ РАНХиГС, 2013
The tutorial discusses the practical computer analysis in the solution of problems in financial management topics . Included guidelines for the quantitative description of the planning system in financial management. An overview of key categories and provisions for asset management and capital. Revealed theoretical issues related to investment management . The material in this manual ...
Added: March 9, 2013
Grigorieva S., Гринченко А. Ю., Корпоративные финансы 2013 № 4(28) С. 63-81
The performance of M&A deals in financial sector is the actual topic in financial academic literature for many years. Most existing studies examine the performance of M&A deals in developed countries. We contribute to existing literature by examining the impact of mergers and acquisitions on bidder’s value in emerging BRICS countries over 2000–2012. In contrast ...
Added: March 16, 2014
Nazarova V., Ивлева Я. Ю., 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
Zavertiaeva M. A., Novikova O. V., 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
Kokoreva M. S., Никифоров М. С., Корпоративные финансы 2015 Т. 4 № 36 С. 72-87
This article presents the results of a study of corporate capital structure in emerging capital markets, taking into account the business cycles of the economy. Our study was conducted on the data of 581 companies from BRICS countries for the years 2002-2014. We revealed that the target capital structure is dependent on set of factors ...
Added: January 18, 2016
Бойко В. В., 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
Nazarova V., Финансовый менеджмент 2014 № 2 С. 53-66
Article is devoted to realize the choice of the optimal capital structure and financing instruments for companies. The realization of the main activities of most real sector’s companies is capital intensive process, so there is an urgent need for external financing and increasing the investment attractiveness, which may be possible by optimization of the capital ...
Added: January 3, 2015
Sheluntcova M., Галкина У. А., Финансы и кредит 2014 № 20(596) С. 60-67
We examine determinants of companies’ capital structure in BRIC countries. We analyze 476 public companies of non-financial sectors from 2006 till 2011. We reveal the significance of firm-specific factors (company’s size, investment opportunities, payout policy, etc.) as well country-specific factors (the rate of GDP growth, inflation, corruption, stock market development, etc.). Country-specific factors strengthen or ...
Added: May 20, 2014
Влияние слияний и поглощений на операционную эффективность компаний на развивающихся рынках капитала
Grigorieva S., Троицкий П. В., Корпоративные финансы 2012 № 3 (23) С. 31-43
This paper examines the impact of mergers and acquisitions on corporate performance on the sample of companies from BRIC countries over 2005-2009. Based on the accounting study method we find that the operating performance of firms (measured by EBITDA/Sales ratio) improves subsequent to mergers and acquisitions. We also find that the main determinants of M&A ...
Added: October 27, 2012
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
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., 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
Polyakova M. V., Polyakov K. L., 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
Ryabova E., Романов С. В., 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
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