Estimation of the determinants of investment activity of Russian non-financial companies
Анкудинов А.Б.1, Дашкин Р.М.1, Дашкин Э.М.2
1 Казанский (Приволжский) федеральный университет, Институт управления, экономики и финансов
2 Саратовский социально-экономический институт РЭУ им. Г.В. Плеханова
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Journal paper
Russian Journal of Entrepreneurship *
Volume 19, Number 4 (April 2018)
* Этот журнал не выпускается в Первом экономическом издательстве
Please, cite as:
Ankudinov A.B., Dashkin R.M., Dashkin E.M. Otsenka determinant investitsionnoy aktivnosti rossiyskikh nefinansovyh kompaniy // Rossiyskoe predprinimatelstvo. – 2018. – Tom 19. – № 4. – S. 1175-1188. – doi: 10.18334/rp.19.4.38903.
Abstract:
We have recently witnessed a situation when the level of investment activity in Russia is extremely low. In this regard, the issue of stimulating investment activity is of increasing importance. Under conditions of macroeconomic stagnation companies become the main initiators and subjects of investment activity within the country.
The main objective of this research is to analyze key indicators affecting investment behavior of Russian companies and to develop recommendations for improving the effectiveness of their investment policy.
The study presents the analysis results of the determinants of incremental investments by Russian non-financial companies. The paper examines the impact of such fundamental and non-fundamental determinants on investment costs as revenue growth rates, profitability of sales, equity concentration ratio, state participation in a company, company size, company age and investment attractiveness of the region where the company operates.
Quantitative estimates were obtained using tobit-models with reference to the sample of panel data for 2011-2015 of the 300 largest non-financial companies in Russia from the following industries : mining, manufacturing, wholesale and retail trade, production and distribution of electricity, construction, transport and communications.
Keywords: investments, investment policy, Russian companies, determinants, economic stagnation
JEL-classification: L26, E22, G31
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