Almaz D. NURULLINInstitute of Management, Economics and Finance, Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation n.almaz@list.ru ORCID id: not available
Subject. Intracorporate parameters of a company as a tool for attracting financial resources. Objectives. To conduct a comparative analysis of models for determining the degree of financial constraints faced by companies. To identify the factors that influence a company’s ability to attract financial resources for its operational and investment activities. Methods. The study employed an ordered probit model and the method of a priori classification, based on a comparative analysis of existing approaches. Results. Companies have been analyzed in terms of their degree of financial constraints across different countries. The intracorporate factors that influence a company’s ability to attract financial resources have been identified, along with the direction of their impact on financial constraints. Conclusions and Relevance. The financial constraint indicator is more sensitive to parameters such as the share of cash and EBITDA profitability. The indicator shows relatively low sensitivity to changes in financial leverage parameters and the natural logarithm of total assets. However, the direction of these influences follows opposite vectors. The findings can be used by management to develop strategies for reducing a company’s degree of financial constraints; by investors – to identify the most financially stable companies; and by the government – to support and develop companies or industries facing difficult financial circumstances.
Keywords: financial limitation, financial resources, sources of financing, availability of financing, cost of capital
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