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Влияние поведенческих аспектов на структуру капитала российских публичных компаний
Корпоративные финансы. 2011. № 3. С. 44-58.
Gayfutdinova N., Kokoreva M. S.
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 debt-to-equity choice of Russian companies.
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
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
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
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
Kokoreva M. S., Экономическая политика 2012 № 4 С. 110-125
В статье представлен обзор теоретических и эмпирических работ, посвященных формированию структуры капитала. Рассмотрение динамической компромиссной теории в сопоставлении с альтернативными теориями формирования структуры капитала позволяет систематизировать существующие концепции выбора соотношения собственного и заемного капиталов. Обзор эмпирических исследований, проведенных на данных развивающихся рынков капитала, подтверждает сформированную систему выбора структуры капитала в динамике. ...
Added: December 7, 2012
Ryabova E., Романов С. В., Евразийский союз ученых (ЕСУ) 2014 Т. 7 № 9 С. 113-117
Существует много подходов и моделей к определению оптимальной структуры капитала фирмы. При этом существуют различия по их значимости и существенности для развитых и развивающихся рынков капитала. В данной работе обобщен опыт по тестированию моделей на развитых и развивающихся рынках и сформулированы направления дальнейшего исследования в данной области. ...
Added: February 23, 2015
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
Munir Q., Kok S. C., Teplova T. et al., North American Journal of Economics and Finance 2017 Vol. 42 P. 487-503
This study investigates the impacts of CEO power on firm financing policies (i.e. debt financing and operating leasing) using the Caner and Hansen (2004) instrumental variable threshold regressions approach. The sample consists of a panel of 297 Chinese listed small and medium sized enterprises (SMEs) over the period 2009–2012. The empirical results indicate that there ...
Added: September 28, 2017
Сиренко В. С., 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
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
Cherkasova V. A., 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
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
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
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
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
Белозеров И. А., Никитюк М. Б., Николаева М. С. et al., Корпоративные финансы 2011 № 2 С. 54-69
An article represents a comprehensive overview of approaches to capital structure modeling on the example of the public corporation Silvinit. At first, there are provided a short review of the company and of the corresponding industry followed by the description of how the analogues for the company were chosen. The next part of the article ...
Added: October 2, 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
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
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
Сиренко В. С., 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
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
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
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