Бизнес-группы и неразвитые финансовые институты: пример России

Shumilov, Andrei and Volchkova, Natalya (2004): Бизнес-группы и неразвитые финансовые институты: пример России. Published in: Экономические исследования и образование: Россия и СНГ , Vol. 15, (2004): pp. 10-11.

Abstract

The hypothesis that internal capital markets within Russian business groups overcome the liquidity constraints problem widely spread outside groups is tested. Our findings indicate that even if the groups’ internal capital markets do exist in Russian business groups, their efficiency is rather doubtful and the access to external financing by firms affiliated with the groups is constrained.

• Item Type: MPRA Paper
• English Title: Business Groups and Undeveloped Financial Institutions: The Case of Russia
• Language: Russian
• Keywords: business groups; Russia; Cash flow sensitivity of cash
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L22 - Firm Organization and Market Structure

References

Khanna, T. and Ghemawat, T., 1998, “The nature of diversified business groups: a research design and two case studies”, Journal of Industrial economics, Vol. 46, No. 1, p. 35-61.

Guriev, S. and Rachinskiy, A., 2005, “Oligarchs: the past or the future of Russian capitalism?”, forthcoming in Journal of Economic Perspectives.

Almeida, H., Campello, M. and Weisbach, M. (2003), “The cash flow sensitivity of cash”, Journal of Finance, 59, p. 1777-1804.