?
Do financial constraints affect the CEO stock options remuneration? Evidence from a panel threshold model
Zaiane S., Dabbou H., Journal of Economic Studies 2023
Added: September 16, 2024
Teplova T., Sokolova T., Gubareva M. 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
Krasikov I., Lamba R., 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
Cherkasova V. A., Чернощекова А. Ф., Вестник Московского университета. Серия 6: Экономика 2020 № 5 С. 120–142
Financial constraints reflect the company's lack of capabilities to attract the necessary amounts of external financing or the excessively high cost of such financing. One way to reduce financial constraints is the diversification of the company’s activities. The article presents a comparative analysis of the impact of different types of diversification (geographical and product) on ...
Added: November 2, 2020
Teplova T., Sokolova T., Gubareva M. 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
Cherkasova V. A., Kurlyanova A., 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
Chernina E., / Series WP BRP "Basic research program". 2019. No. 214.
Added: April 19, 2019
Teplova T., Sokolova T., Galenskaya K. et al., , in: Proceedings of the 31st International Business Information Management Association Conference.: Milan: International Business Information Management Association (IBIMA), 2018. P. 1926–1938.
We study the relationship between SMS (small medium size) firm ownership structure and obstacle to finance. The empirical research considers both the concentration of the company's ownership (controlling owner) and the presence of foreign participants in the equity capital. Our aim is to identify those determinants of financial markets (bond market development), legal institutions and ...
Added: October 1, 2018
ЗАВИСЯТ ЛИ ЗАПАСЫ ДЕНЕЖНЫХ СРЕДСТВ РОССИЙСКИХ КОМПАНИЙ ОТ НЕОПРЕДЕЛЕННОСТИ В ЭКОНОМИЧЕСКОЙ ПОЛИТИКЕ?
Cherkasova V. A., Ульянова В. И., 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
Kokoreva M. S., ILIASOV D., 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
Kokoreva M. S., Ivanova M., Journal of Corporate Finance Research 2016 Vol. 10 No. 4 P. 9–28
This study investigates the puzzle of zero-debt in emerging markets using a sample of firms from Eastern Europe during 2000-2013. The results of this paper are in line with the previous research of firms from developed markets. Firms that are financially constrained do not use debt as a result of credit rationing while financially unconstrained ...
Added: March 15, 2017
Sholomitskaya E., 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
Sholomitskaya E., , in: International Scientific Symposium “Economics, Business & Finance” Proceedings.: Jurmala: IRIS-ALKONA, 2016. P. 55–62.
Being one item by definition investment is actually not homogenous: generally, there are two major types – capital investment and investment in M&A deals. They are different from firm’s point of view and influence economic growth through different channels. In this paper, we examine the relationship between new capital investments and investments in acquisitions in ...
Added: September 8, 2016
Sholomitskaya E., 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
Sholomitskaya Elena, , in: 17th Eurasia Business and Economics Society (EBES) Conference ProceedingsVol. 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
Sholomitskaya E., / Высшая школа экономики. Серия WP2 "Количественный анализ в экономике". 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 ...
Added: December 3, 2015
Sholomitskaya E., / 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
Lopez Iturriaga F. J., Vallelado González E., Crisóstomo V. L., 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
Cherkasova V. A., 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