Mitigating Financing Constraints on Investment: Ownership and Transparency in Russia

Anna Grosman

Journal of East European Management Studies, 2022, vol. 27, issue 3, 434-461

Abstract: This study examines the impact of transparency and disclosure scores on fixed investment within the unique context of the Russian capital market. I find that transparency has a positive and significant impact on fixed investment. However, state-owned enterprises are more sensitive than oligarch-owned enterprises to improved transparency. I find robust evidence that greater transparency of financially constrained firms positively affects investment. Transparency, therefore, is a valid mechanism for reducing financing constraints on investment.

Date: 2022
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DOI: 10.5771/0949-6181-2022-3-434

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