Modelling the influence of Tobin's Q and cash flows on the capital investments of Russian firms

Stepan Bahteev (), Sophia Turkanova (), Andrey Pushkarev and Oleg Mariev
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Stepan Bahteev: Ural Federal University
Sophia Turkanova: Ural Federal University

No 12513370, Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences

Abstract: The relationship between investment and cash flow has been extensively studied since the mid-20th century. The aim of our study is to assess the impact of Tobin's ratio and cash flows on the capital investments of Russian companies. For econometric estimation we data on 206 Russian public companies traded on the Moscow Exchange from 2011 to 2020. We apply quantile regression to obtain more detailed results. The results of our study confirm the significance of the Tobin ratio and cash flow on capital investments. We observe these effects in all quantiles however their magnitude varies. This research is valuable and can be utilized by companies to maximize efficiency of their capital expenditures.

Keywords: Tobin?s Q; Russian firms; quantile regression; capital investments (search for similar items in EconPapers)
JEL-codes: L25 M21 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2021-07
New Economics Papers: this item is included in nep-cfn, nep-cis and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Proceedings of the Proceedings of the 15th Economics & Finance Conference, Prague, Jul 2021, pages 1-9

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iefpro:12513370

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