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

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  • Volchkova Natalya

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Abstract

The current research estimates the accelerator type model of fixed investment using a Russian industrial enterprise dataset for 1996 and 1997. The sample of firms was divided into two subsamples based on the ownership structure data. Unregistered Financial-Industrial Groups and non-group subsets were analyzed in order to compare sensitivities of investment to changes in internal liquidity between these sets of firms. Controlling for size and investment opportunities it was found that in 1996-1997 the firms in unregistered groups invested 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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Bibliographic Info

Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 01-03e.

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Length: 22 pages
Date of creation: 09 Nov 2001
Date of revision:
Handle: RePEc:eer:wpalle:01-03e

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Postal: EERC Research Network, Russia and CIS, 13, Yakira Str., suite 332, Kyiv, 04119 Ukraine
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Keywords: Russia; accelerator model of fixed business investment; investment- cash flow sensitivity; Financial-Industrial Groups;

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References

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  1. Lizal, Lubomir & Svejnar, Jan, 1998. "Enterprise Investment During the Transition: Evidence from Czech Panel Data," CEPR Discussion Papers 1835, C.E.P.R. Discussion Papers.
  2. Peter K. Clark, 1979. "Investment in the 1970s: Theory, Performance, and Prediction," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(1), pages 73-124.
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Cited by:
  1. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.
  2. Shumilov, Andrei, 2008. "Performance of business groups: Evidence from post-crisis Russia," BOFIT Discussion Papers 24/2008, Bank of Finland, Institute for Economies in Transition.
  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.
  4. Bezlepkina, Irina V., 2002. "What is Behind the Fall in Russian Agricultural Production?," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24785, European Association of Agricultural Economists.
  5. 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.
  6. Irina Denisova & Stanislav Kolenikov & Ksenia Yudaeva, 2000. "Child Benefits and Child Poverty," Working Papers w0006, Center for Economic and Financial Research (CEFIR).

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