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Does Financial-Industrial Group Membership Affect Fixed Investment: Evidence from Russia

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Author Info
Natalya Volchkova () (New Economic school/CEFIR)

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Abstract

The current research estimates the accelerator type model of fixed investment using a Russian industrial enterprise dataset . This dataset contains individual firms’ accounting data for 1996 and 1997. The sample of firms was divided into three subsamples based on the ownership structure data. Registered Financial-Industrial Groups, unregistered Financial-Industrial Groups and non-group subsets were analyzed in order to compare sensitivities of investment to changes in internal liquidity in these three sets of firms. Controlling for size and investment opportunities it was found that in 1996-1997 the firms in unregistered groups invest a larger proportion of their retained earnings relative to the rest of the economy. We interpret this result as a proof of the hypothesis of better contract enforcement in unofficial groups compared to the rest of economy in the situation of lack of external financing of investment.

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Publisher Info
Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0009.

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Length: 19 pages
Date of creation: Feb 2001
Date of revision:
Handle: RePEc:cfr:cefirw:w0009

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Related research
Keywords: accelerator model of fixed business investment financial-industrial groups

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lubomir Lizal & Jan Svejnar, 1997. "Enterprise Investment During the Transition: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series 60, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Julian Fennema, 2006. "An Alternative Estimation Framework for Firm-Level Capital Investment," CERT Discussion Papers 0602, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  2. Irina Denisova & Stanislav Kolenikov & Ksenia Yudaeva, 2000. "Child Benefits and Child Poverty," Working Papers w0006, Center for Economic and Financial Research (CEFIR). [Downloadable!]
  3. Erik Berglof & Patrick Bolton, 2002. "The Great Divide and Beyond: Financial Architecture in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 77-100, Winter. [Downloadable!] (restricted)
  4. Erik Berglof & Patrick Bolton, 2001. "The Great Divide and Beyond: Financial Architecture in Transition," William Davidson Institute Working Papers Series 414, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  5. Berglöf, Erik & Bolton, Patrick, 2003. "The Great Divide and Beyond - Financial Architecture in Transition," CEPR Discussion Papers 3476, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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