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Mitigating Financing Constraints on Investment: Ownership and Transparency in Russia

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  • Grosman, Anna

Abstract

This study examines the impact of transparency and disclosure scores on fixed investment within the unique context of the Russian capital market. I find that transparency has a positive and significant impact on fixed investment. However, state-owned enterprises are more sensitive than oligarch-owned enterprises to improved transparency. I find robust evidence that greater transparency of financially constrained firms positively affects investment. Transparency, therefore, is a valid mechanism for reducing financing constraints on investment.

Suggested Citation

  • Grosman, Anna, 2022. "Mitigating Financing Constraints on Investment: Ownership and Transparency in Russia," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 27(3), pages 434-461.
    • Handle: RePEc:nms:joeems:10.5771/0949-6181-2022-3-434
    DOI: 10.5771/0949-6181-2022-3-434
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