Subject. The article addresses corporate investment activity on mature and emerging financial markets. Objectives. The aim is to analyze sensitivity of investments to changing cost and availability of sources of funds. Methods. The study draws on the analysis of panel data for non-financial companies for 2011–2022, macroeconomic analysis, econometric modeling. Results. We explored how corporate investment activity reacts to changing cost and availability of funding sources. Panel data on companies from several non-financial industries on emerging and mature financial markets enable to define certain behavioral patterns and measure the sensitivity of specific markets to changes in the cost of funding sources and their availability for corporations. We found that corporate entities of non-financial industries have a different level of investment decisions dependence on interest rates and financial funds availability indicators depending whether they operate on the mature or emerging market. The paper also provides a list of key financing indicators with the highest level of sensitivity for specific markets. Conclusions. The research may be valuable for the scientific community in terms of valuation of investment decision-making factors and interconnection patterns between macro indicators and corporate investment activity. It may also be useful for monetary and economic policy agencies when implementing the relevant policy in the field of investment decisions.
Keywords: financing, real interest rate, investment behavior, investment, corporation
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