title: Macro-drivers and Over-investment of Russian Companies
metadata.name: dc.contributor.author
metadata.value: Cherkasova, Victoria A.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Piankova, Yana M.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2020-02-06T17:06:23Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2020-02-06T17:06:23Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2019-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Cherkasova V. A., Piankova Y. M. (2019) Macro-drivers and Over-investment of Russian Companies. St Petersburg University Journal of Economic Studies, vol. 35, iss. 4, pp. 658–681.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2019.408
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/17027
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: A consideration of investment activity in relation to macroeconomic factors suggests that
  companies have an optimal investment policy. In the majority of studies that analyze companies’
  investment activities, attention has been focused mainly on the influence of internal
  factors as they are manageable, and less has been paid to external factors. In the Russian reality,
  since this may result in bankruptcy, over-investment occurs less frequently than underinvestment.
  Therefore, the main question is: What has a bigger impact on over-investment,
  macroeconomic factors or internal factors? The goal of our study is to establish macro-drivers
  as having the strongest impact on the likelihood of over-investment in Russian companies. To
  measure the influence of macro-drivers, a binary choice regression model is estimated on the
  basis of panel data. The results reveal that the biggest impact on the probability of over-investment
  was oil price volatility, decreasing it by 38 %. Exchange rate volatility was second place
  (–29 %), and GDP growth rate and inflation have an inconsequential influence (7 % and less
  than –1 % respectively). The analysis of the speed of adjustment to target levels of investment
  shows that, in the macroeconomic environment Russia experienced in 2012–2017, companies
  would have target levels of investment, adjustment to which would occur gradually, over a
  period of around 2 to 5 years, depending on the industry.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 35; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: investment policy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: agency conflict
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: over-investment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: under-investment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: speed of adjustment
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: target level of investment
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Macro-drivers and Over-investment of Russian Companies
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 658_683.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/17027/3/658_683.pdf
resources.format: Adobe PDF
resources.size: 1,17 MB