Бизнес-группы и неразвитые финансовые институты: пример России

Business Groups and Undeveloped Financial Institutions: The Case of Russia

Andrei Shumilov and Natalya Volchkova ()

MPRA Paper from University Library of Munich, Germany

Abstract: 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.

Keywords: business groups; Russia; Cash flow sensitivity of cash (search for similar items in EconPapers)
JEL-codes: G32 L22 (search for similar items in EconPapers)
Date: 2004
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