Financial Constraints, Investment, and Liquidity: Evidence from Russian Companies

Tatiana Salikhova and Irina Nikitushkina

Eastern European Economics, 2024, vol. 62, issue 6, 780-797

Abstract: This paper estimates the degree of financial constraints faced by Russian publicly traded companies using the two most common approaches in the literature. We find that both Russian company investment and cash holdings are sensitive to cash flows, suggesting that the average sample firm is financially constrained. State-owned companies appear less financially constrained. After 2014, when economic sanctions restricted access to foreign capital, Russian companies became more financially constrained and more dependent on accumulated cash reserves. Overall, our findings highlight the importance of financial constraints in the context of developing countries.

Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00128775.2024.2351443 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:eaeuec:v:62:y:2024:i:6:p:780-797

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MEEE20

DOI: 10.1080/00128775.2024.2351443

Access Statistics for this article

More articles in Eastern European Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().