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The Investment Behaviour of Russian Farms


  • Raushan Bokusheva
  • Vladislav Valentinov
  • Viktoriya Anpilogova


This article analyses determinants of the investment behaviour of Russian farms during the period of economic stabilisation after the 1998 financial crisis. We argue that the performance and investment activity of Russian farms are significantly affected not only by the macroeconomic and institutional environment but also by the farm's individual characteristics. Our empirical analysis confirms that farm investment decisions are determined by farm idiosyncrasies. The farm's managerial competence and organisational learning are found to have the greatest impact.

Suggested Citation

  • Raushan Bokusheva & Vladislav Valentinov & Viktoriya Anpilogova, 2007. "The Investment Behaviour of Russian Farms," Post-Communist Economies, Taylor & Francis Journals, vol. 19(1), pages 53-71.
  • Handle: RePEc:taf:pocoec:v:19:y:2007:i:1:p:53-71 DOI: 10.1080/14631370601163194

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    References listed on IDEAS

    1. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
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    3. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
    4. Glen, Jack & Singh, Ajit, 2004. "Comparing capital structures and rates of return in developed and emerging markets," Emerging Markets Review, Elsevier, vol. 5(2), pages 161-192, June.
    5. Swati Basu, & Saul Estrin & Jan Svejnar, 2004. "Wage Determination Under Communism and In Transition: Evidence from Central Europe," William Davidson Institute Working Papers Series 2004-717, William Davidson Institute at the University of Michigan.
    6. Goyal, Vidhan K. & Lehn, Kenneth & Racic, Stanko, 2002. "Growth opportunities and corporate debt policy: the case of the U.S. defense industry," Journal of Financial Economics, Elsevier, vol. 64(1), pages 35-59, April.
    7. Pandey I M, 2001. "Capital Structure and the Firm Characteristics: Evidence from an Emerging Market," IIMA Working Papers WP2001-10-04, Indian Institute of Management Ahmedabad, Research and Publication Department.
    8. Malcolm Baker & Jeffrey Wurgler, 2002. "Market Timing and Capital Structure," Journal of Finance, American Finance Association, vol. 57(1), pages 1-32, February.
    9. Kjellman, Anders & Hansén, Staffan, 1995. "Determinants of capital structure: Theory vs. practice," Scandinavian Journal of Management, Elsevier, vol. 11(2), pages 91-102, June.
    10. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
    11. Dusan Mramor, Aljosa Valentincic, 2001. "When Maximizing Shareholders’ Wealth Is Not the Only Choice," Eastern European Economics, Taylor & Francis Journals, vol. 39(6), pages 64-93, November.
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    Cited by:

    1. Tubetov, Dulat & Maart, Syster Christin & Musshoff, Oliver, 2012. "The comparison of investment behaviors of Kazakhstani and German farmers: An experimental approach," 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK 134770, Agricultural Economics Society.
    2. Epstein, David & Curtiss, Jarmila, 2016. "Identifying differences in capital growth trajectories of agricultural enterprises in Russia," 149th Seminar, October 27-28, 2016, Rennes, France 245112, European Association of Agricultural Economists.
    3. Hockmann, Heinrich & Bokusheva, Raushan & Bezlepkina, Irina V., 2007. "Agroholdings membership: does that make a difference in performance?," 102nd Seminar, May 17-18, 2007, Moscow, Russia 10023, European Association of Agricultural Economists.
    4. Raushan Bokusheva & Irina Bezlepkina & Alfons Oude Lansink, 2009. "Exploring Farm Investment Behaviour in Transition: The Case of Russian Agriculture," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(2), pages 436-464.
    5. Tubetov, Dulat & Maart, Syster Christin & Musshoff, Oliver, 2012. "Experimental examination of land investment decisions with volatile returns A comparison between Kazakhstani and German farmers," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122454, European Association of Agricultural Economists.
    6. Tate, Graham & Mbzibain, Aurelian, 2011. "The future contribution of bioenergy enterprises to rural business viability in the United Kingdom," International Journal of Agricultural Management, Institute of Agricultural Management;International Farm Management Association, vol. 1(2), October.
    7. Tubetov, Dulat & Musshoff, Oliver & Kellner, Ulla, 0. "Investments in Kazakhstani Dairy Farming: A Comparison of Classical Investment Theory and the Real Options Approach," Quarterly Journal of International Agriculture, Humboldt-Universität zu Berlin, vol. 51.
    8. repec:zbw:espost:171339 is not listed on IDEAS
    9. Stutzman, Sarah A., 2016. "U.S. Farm Capital Investment 1996-2013: Differences by Farm Size and Operator Primary Occupation," Dissertations-Doctoral 235179, AgEcon Search.

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