title: Evaluation of financial distress costs of innovative companies
metadata.name: dc.contributor.author
metadata.value: Makeeva, E. Y.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Khugaeva, M. O.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2018-04-27T09:00:52Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2018-04-27T09:00:52Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2018-03
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Makeeva E. Y., Khugaeva M. O. 2018. Evaluation of financial distress costs of innovative companies. Russian Management Journal 16 (1): 37–62.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: 10.21638/11701/spbu18.2018.102
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/10196
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Over the last few decades investments in research and development (R&D) projects have
  risen significantly. Many experts have found a positive relationship between R&D expenses
  and a company’s value. However, investments in innovations are characterized by a high level
  of uncertainty. Often innovations generate income only in long run. These factors increase the
  probability of firms’ financial distress considerably. Thus, the aim of the present paper is to
  evaluate financial distress costs at companies that invest in research and development projects.
  The study covers 389 innovative firms over the period from 2006 to 2015. The analysis is
  based on a direct and indirect costs evaluation. The first are estimated through panel logistic
  regression. Indirect costs are calculated as unexpected losses or profits relative to industry
  indicators. The paper confirms the existence of relation between R&D expenses and financial
  instability. The results of the research show that the total financial distress costs of innovative
  companies amount to 7.95% of total assets or 11.78% of the value of a company on average.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Volume 16; Issue 1
metadata.lang: -
metadata.name: dc.subject
metadata.value: financial distress costs
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: bankruptcy
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: innovative companies
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: panel logistic regression
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Evaluation of financial distress costs of innovative companies
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 02-Makeeva.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/10196/1/02-Makeeva.pdf
resources.format: Adobe PDF
resources.size: 246,74 kB