Analysis of the debt burden in Russian economy sectors
| Autor: | Natalia Karlova, Svetlana Popova, Alexey Ponomarenko, Elena Deryugina |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
capital structure
Capital structure Asset turnover media_common.quotation_subject С23 Monetary economics microdata of Russian companies Debt 0502 economics and business G32 debt burden 050207 economics Emerging markets media_common 050208 finance emerging markets lcsh:HB71-74 Economic sector 05 social sciences Monetary policy lcsh:Economics as a science sector analysis Inventory turnover E44 D24 Profitability index Business General Economics Econometrics and Finance |
| Zdroj: | Russian Journal of Economics 3(4): 379-410 Russian Journal of Economics, Vol 3, Iss 4, Pp 379-410 (2017) |
| Popis: | This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy. |
| Databáze: | OpenAIRE |
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