Matches in SemOpenAlex for { <https://semopenalex.org/work/W3083555961> ?p ?o ?g. }
Showing items 1 to 91 of
91
with 100 items per page.
- W3083555961 abstract "Although business groups occupy strong positions in Russia, existing studies on Russian group-affiliated companies are insufficient yet to provide a thorough understanding of how the internal capital markets of business groups operate and influence corporate activities. The purpose of this paper is to assess the impact of the internal capital markets on the investments of Russian group-affiliated companies.
 What motivates the use of internal capital markets? Does the reallocation of intragroup funds help mitigate financing constraints of group members and facilitate their investments? To find relevant answers we apply the generalized method of moments (GMM) to estimate investments models based on data for 514 Russian companies affiliated with 48 business groups over the period from 2014 to 2018. Following the existing studies based on both Q model of investment and the Euler equation model, we analyze the relationship between subsidiaries’ investments and such factors as lagged investments, sales, leverage, asset profitability and liquidity as well as the size of both subsidiaries and their groups.
 The results reveal that leverage and profitability of business groups positively influence the investment activity of subsidiaries. These findings support our hypotheses that the internal capital markets of Russian business groups are active and help mitigate the financial constraints of affiliated companies. Meanwhile, we find that subsidiaries’ investment activity is negatively related to their asset profitability which is typical for tunneling or propping practices followed by controlling shareholders. The results also show some evidence of the positive relationship between subsidiaries’ cash flows and investments, demonstrating that the internal capital markets in Russia do not eliminate the financial constraints of group-affiliated companies. The findings on the internal capital markets of Russian business groups described in this paper may be useful for managers seeking for mechanisms to increase the financial resource availability for large and medium companies in the context of sanctions, macroeconomic instability and yet not sufficiently developed financial markets in Russia." @default.
- W3083555961 created "2020-09-11" @default.
- W3083555961 creator A5077880249 @default.
- W3083555961 date "2020-09-03" @default.
- W3083555961 modified "2023-09-23" @default.
- W3083555961 title "Internal Capital Markets in Russian Business Groups: Evidence from Corporate Investments" @default.
- W3083555961 cites W1988346474 @default.
- W3083555961 cites W1995320128 @default.
- W3083555961 cites W2009623331 @default.
- W3083555961 cites W2023385006 @default.
- W3083555961 cites W2040619202 @default.
- W3083555961 cites W2113942631 @default.
- W3083555961 cites W2131921554 @default.
- W3083555961 cites W2564748809 @default.
- W3083555961 cites W2765282212 @default.
- W3083555961 cites W2890995502 @default.
- W3083555961 cites W3121420129 @default.
- W3083555961 cites W3121693921 @default.
- W3083555961 cites W3122808314 @default.
- W3083555961 cites W3123190435 @default.
- W3083555961 cites W3125469707 @default.
- W3083555961 cites W3125486816 @default.
- W3083555961 cites W2010033510 @default.
- W3083555961 cites W3122852266 @default.
- W3083555961 cites W3124854385 @default.
- W3083555961 doi "https://doi.org/10.17323/j.jcfr.2073-0438.14.2.2020.58-71" @default.
- W3083555961 hasPublicationYear "2020" @default.
- W3083555961 type Work @default.
- W3083555961 sameAs 3083555961 @default.
- W3083555961 citedByCount "2" @default.
- W3083555961 countsByYear W30835559612021 @default.
- W3083555961 crossrefType "journal-article" @default.
- W3083555961 hasAuthorship W3083555961A5077880249 @default.
- W3083555961 hasBestOaLocation W30835559611 @default.
- W3083555961 hasConcept C10138342 @default.
- W3083555961 hasConcept C119857082 @default.
- W3083555961 hasConcept C120757647 @default.
- W3083555961 hasConcept C126071100 @default.
- W3083555961 hasConcept C129361004 @default.
- W3083555961 hasConcept C143910263 @default.
- W3083555961 hasConcept C144133560 @default.
- W3083555961 hasConcept C153083717 @default.
- W3083555961 hasConcept C158016649 @default.
- W3083555961 hasConcept C162324750 @default.
- W3083555961 hasConcept C17744445 @default.
- W3083555961 hasConcept C183582576 @default.
- W3083555961 hasConcept C199539241 @default.
- W3083555961 hasConcept C27548731 @default.
- W3083555961 hasConcept C38652104 @default.
- W3083555961 hasConcept C39389867 @default.
- W3083555961 hasConcept C40700 @default.
- W3083555961 hasConcept C41008148 @default.
- W3083555961 hasConcept C76178495 @default.
- W3083555961 hasConcept C94625758 @default.
- W3083555961 hasConceptScore W3083555961C10138342 @default.
- W3083555961 hasConceptScore W3083555961C119857082 @default.
- W3083555961 hasConceptScore W3083555961C120757647 @default.
- W3083555961 hasConceptScore W3083555961C126071100 @default.
- W3083555961 hasConceptScore W3083555961C129361004 @default.
- W3083555961 hasConceptScore W3083555961C143910263 @default.
- W3083555961 hasConceptScore W3083555961C144133560 @default.
- W3083555961 hasConceptScore W3083555961C153083717 @default.
- W3083555961 hasConceptScore W3083555961C158016649 @default.
- W3083555961 hasConceptScore W3083555961C162324750 @default.
- W3083555961 hasConceptScore W3083555961C17744445 @default.
- W3083555961 hasConceptScore W3083555961C183582576 @default.
- W3083555961 hasConceptScore W3083555961C199539241 @default.
- W3083555961 hasConceptScore W3083555961C27548731 @default.
- W3083555961 hasConceptScore W3083555961C38652104 @default.
- W3083555961 hasConceptScore W3083555961C39389867 @default.
- W3083555961 hasConceptScore W3083555961C40700 @default.
- W3083555961 hasConceptScore W3083555961C41008148 @default.
- W3083555961 hasConceptScore W3083555961C76178495 @default.
- W3083555961 hasConceptScore W3083555961C94625758 @default.
- W3083555961 hasLocation W30835559611 @default.
- W3083555961 hasOpenAccess W3083555961 @default.
- W3083555961 hasPrimaryLocation W30835559611 @default.
- W3083555961 hasRelatedWork W143106 @default.
- W3083555961 hasRelatedWork W14859753 @default.
- W3083555961 hasRelatedWork W26563458 @default.
- W3083555961 hasRelatedWork W34669940 @default.
- W3083555961 hasRelatedWork W3783047 @default.
- W3083555961 hasRelatedWork W4138314 @default.
- W3083555961 hasRelatedWork W421156 @default.
- W3083555961 hasRelatedWork W6843006 @default.
- W3083555961 hasRelatedWork W8625656 @default.
- W3083555961 hasRelatedWork W36726837 @default.
- W3083555961 isParatext "false" @default.
- W3083555961 isRetracted "false" @default.
- W3083555961 magId "3083555961" @default.
- W3083555961 workType "article" @default.