Бизнес-группы и неразвитые финансовые институты: пример России

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.

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Alternative title:	Business Groups and Undeveloped Financial Institutions: The Case of Russia
Year of publication:	2004
Authors:	Shumilov, Andrei ; Volchkova, Natalya
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	business groups \| Russia \| Cash flow sensitivity of cash

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; L22 - Firm Organization and Market Structure: Markets vs. Hierarchies; Vertical Integration
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011258995