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Capital Structure and Corporate Performance in Late Imperial Russia

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Abstract

We investigate the financing of corporations in industrialization's early stages. A new balance sheet database featuring all Imperial Russian corporations in 1914 suggests that Russian corporations exhibited considerable financial flexibility. We emphasize financing differences between two types of Russian corporations: share partnerships and A-corporations. Share partnerships issued greater dividends as a proportion of share capital or profits, were less likely to issue bonds, and had larger accounts payable. Financial strategies varied with age, size, and sector in a manner consistent with modern corporate finance theories. This optimistic assessment suggests that absence of low-cost incorporation impeded Russian industrial and economic development.

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  • Amanda Gregg & Steven Nafziger, 2016. "Capital Structure and Corporate Performance in Late Imperial Russia," Department of Economics Working Papers 2016-12, Department of Economics, Williams College.
    • Handle: RePEc:wil:wileco:2016-12
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