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An impact of corporate management on the capital structure of Russian companies

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Denisova T.M. Financial University under Government of Russian Federation, Moscow, Russian Federation ( denisovatm@bk.ru )

Lukashenko I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( anelal@mail.ru )

Journal: Finance and credit, #35, 2017

Importance In this paper, we investigate the capital structure of the biggest Russian companies.
Objectives We aim to identify and analyze the impact of corporate management, as well as other internal factors, on the capital structure of Russian public companies.
Methods The article studies the degree of dependence with the help of econometric models such as linear regression and least squares.
Results We have partially confirmed the following hypothesis: the larger the value of the company's financial indicators, the greater share of borrowed funds the company has. The hypothesis that the higher the manager's age, the more borrowed funds in the capital structure, has been also partially confirmed. Besides, we partially confirmed hypothesis that the larger the size of the board of directors, the greater the amount of borrowed funds in the capital structure.
Conclusions and Relevance The research carried out can be used when forecasting the capital structure of firms operating on the Russian market. The results can be useful to Russian managers and members of boards. It can help them to predict the impact of corporate management on its capital structure.


Evaluating the applicability of modified beta coefficient in the Russian stock market

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Guzovskii Ya.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( Jackov_mu77@mail.ru )

Lukashenko I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( IVLukashenko@fa.ru )

Journal: Economic Analysis: Theory and Practice, #11, 2017

Importance The article addresses the applicability of modified beta coefficient in the Russian stock market. A modified Capital Asset Pricing Model is a tool enabling to obtain reliable data for investment appraisal. The beta coefficient in the model considers the effect of non-traded risk on the asset.
Objectives We aim to identify the modified beta coefficient for domestic companies, compare the modified and traditional beta coefficients, conduct an empirical study to determine the applicability of modified beta coefficient in the Russian stock market.
Methods The survey sample includes data on 260 Russian companies listed on the Moscow Exchange for the period from 2010 to 2016. Based on the Amihud illiquidity measure, the companies' shares were divided into 5 quantiles to calculate the model parameters. The shares in the upper quantile served as a benchmark for non-traded assets, and the shares in all other quantiles as a benchmark for traded assets in the market.
Results We found that the more imperfect the financial market is, the bigger is the gap between the modified and traditional beta, especially, when the traditional beta value is greater than unity. In addition, the graph of beta coefficients distribution showed that the distribution of modified betas differed noticeably from the distribution of traditional betas which tends to unity.
Conclusions The use of traditional beta coefficient is limited in practice, moreover, when creating a portfolio, investors should use a modified beta to obtain more accurate and reliable data, especially for imperfect financial markets.


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