Capital Structure and Corporate Performance in Late Imperial Russia
Amanda Gregg () and
Steven Nafziger ()
No 2016-12, Department of Economics Working Papers from Department of Economics, Williams College
We investigate the financing of corporations in industrialization's early stages. A new balance sheet database featuring all Imperial Russian corporations in 1914 suggests that Russian corporations exhibited considerable financial flexibility. We emphasize financing differences between two types of Russian corporations: share partnerships and A-corporations. Share partnerships issued greater dividends as a proportion of share capital or profits, were less likely to issue bonds, and had larger accounts payable. Financial strategies varied with age, size, and sector in a manner consistent with modern corporate finance theories. This optimistic assessment suggests that absence of low-cost incorporation impeded Russian industrial and economic development.
Pages: 48 pages
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Journal Article: Capital structure and corporate performance in late Imperial Russia (2019)
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