scholarly journals Capital structure and corporate performance in late Imperial Russia

2018 ◽  
Vol 23 (4) ◽  
pp. 446-481
Author(s):  
Amanda Gregg ◽  
Steven Nafziger
Keyword(s):  
Capital Structure ◽  
Corporate Finance ◽  
Market Power ◽  
Corporate Performance ◽  
Balance Sheet ◽  
Financial Flexibility ◽  
Late Imperial ◽  
Imperial Russia ◽  
Russian Economy ◽  
Accounts Payable

Abstract This article investigates the financing of corporations in industrialization’s early stages by examining new balance sheet data describing all Imperial Russian corporations in 1914. We emphasize differences between two Russian corporation types: share partnerships and A-corporations. Share partnerships issued greater dividends, were less likely to issue bonds, and had larger accounts payable. We find that capital structures varied with age, size, and sector according to modern corporate finance theories and that scaled profits did not demonstrate differential market power across corporation types. Thus, Russian corporations exhibited considerable financial flexibility, and reducing incorporation costs could have benefited the Imperial Russian economy.

scholarly journals Do local governments use municipal companies for off-balance-sheet financing?

2020 ◽  
Vol 7 (54) ◽  
pp. 242-257
Author(s):  
Weronika Stobieniecka ◽  
Anna Białek-Jaworska
Keyword(s):  
Capital Structure ◽  
Corporate Finance ◽  
Local Governments ◽  
Balance Sheet ◽  
Agency Problems ◽  
Ordinary Least Squares ◽  
Explanatory Variables ◽  
The Public ◽  
Debt Capacity

AbstractThis paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the example of relations between local government units and affiliated companies. We review and link literature on corporate finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2,019 observations of municipalities and their municipal companies using the Ordinary Least Squares (OLS) method, where explanatory variables were taken from the public and corporate finance (leverage and its determinants). Results show that long-term debt of municipalities is positively associated with the leverage and size of municipal companies, but it is negatively related to their profitability.

scholarly journals The Puzzle of Zero Debt Capital Structure in Emerging Capital Markets

2017 ◽  
Vol 10 (4) ◽  
pp. 9-27
Author(s):  
Maria Kokoreva ◽  
Maria Ivanova
Keyword(s):  
Capital Structure ◽  
Corporate Finance ◽  
Educational Program ◽  
Credit Rationing ◽  
Assistant Professor ◽  
Financial Flexibility ◽  
Developed Markets ◽  
Debt Capital ◽  
Emerging Capital Markets ◽  
E Mail

Kokoreva Maria Sergeevna - assistant professor, lecturer, HSE Higher School of Economics, deputy head of the school of finance, researcher of the scientific and educational laboratory of corporate finance, director of the joint educational program for the preparation of bachelors in the direction of "Economics" USU and HSE. E-mail: [email protected] This study investigates the puzzle of zero-debt on in developing markets using a sample of firms from Eastern Europe during 2000-2013. The results of this paper are in line with the previous research of firms from developed markets. Firms that are financially constrained do not use debt as a result of credit rationing w. While financially unconstrained firms intentionally eschew debt to maintain financial flexibility and avoid underinvestment incentives. Furthermore, this study provides new insights on into unconstrained firms’ performance during different economic situations. Firms that strategically avoid debt show better financial results than levered firms.

Structures of Corporate Finance in Germany and France. A Comparative Analysis for West German and French Incorporated Enterprises / Strukturen der Unternehmensfinanzierung in Deutschland und Frankreich. Eine vergleichende Analyse für westdeutsche und französische Kapitalgesellschaften

2001 ◽  
Vol 221 (5-6) ◽  
Author(s):  
Hans Friderichs ◽  
Bernard Paranque
Keyword(s):  
Capital Structure ◽  
Corporate Finance ◽  
Balance Sheet ◽  
Institutional Factors ◽  
Structure Theory ◽  
Relative Importance ◽  
Corporate Financing ◽  
Capital Structure Theory ◽  
Point Of Departure ◽  
Country Specific

SummaryThe study examines the balance sheet structures of both French and west German incorporated firms in manufacturing and their evolution during the last business cycle in the late eighties and early nineties. The point of departure is to focus op the relative importance of the different financing sources used by the incorporated enterprises in the two countries. A deeper examination of the observed differences suggests that country-specific legal and institutional factors seem to play an important role in determining corporate finance structures. Finally this evidence is considered in the context of capital structure theory with particular reference to the architecture and functioning mechanisms of the corporate financing systems in Germany and France.

ICO as a Business Financing Tool: Myths and Reality

2018 ◽  
Vol 11 (2) ◽  
pp. 41-51 ◽  
Author(s):  
I. Ya. Lukasevich
Keyword(s):  
Corporate Finance ◽  
Digital Economy ◽  
Real Sector ◽  
The Real ◽  
Objective Information ◽  
Advantages And Disadvantages ◽  
Russian Economy ◽  
The Subject ◽  
Business Financing ◽  
Made In

The subject of the research is new tools for business financing using the initial coin offering (ICO) in the context of the development of cryptocurrencies and the blockchain technologies as their basis. The purpose of the work was to analyze the advantages and disadvantages of the ICO in comparison with traditional financial tools as well as prospects, limitations and problems of using digital financial tools. Conclusions are made in relation to possibilities, limitations and application areas of digital business financing tools, particularly in the real sector, taking into account the specifics of the Russian economy and legislation. It is shown that the main problems of using the digital financial tools are related to the economic sphere and caused by the lack of adequate approaches to evaluation of assets as well as the shortage of objective information. The problems and new tasks of corporate finance in the digital economy are defined.

scholarly journals On Emotional Grounds: Private Communication of Muslims in Late Imperial Russia

2020 ◽  
Vol 73 (4) ◽  
pp. 655-682
Author(s):  
Alfrid Bustanov
Keyword(s):  
Personal Experience ◽  
Language Use ◽  
Social Activism ◽  
Russian Empire ◽  
The Self ◽  
Private Communication ◽  
Late Imperial ◽  
Imperial Russia ◽  
The Russian Empire ◽  
New Generation

AbstractThis article explores the practices of private communication of Muslims at the eclipse of the Russian empire. The correspondence of a young Kazan mullah with his family and friends lays the ground for an analysis of subjectivity at the intersection of literary models and personal experience. In personal writings, individuals selected from a repertoire of available tools for self-fashioning, be that the usage of notebooks, the Russian or Muslim calendar, or peculiarities of situational language use. Letters carried the emotions of their writers as well as evoking emotions in their readers. While still having access to the Persianate models of the self, practiced by previous generations of Tatar students in Bukhara, the new generation prioritized another type of scholarly persona, based on the mastery of Arabic, the study of the Qur’an and the hadith, as well as social activism.

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