EQUITY RECYCLING VS FINANCIAL CONSTRAINTS

The influence of major factors on financial policy of the Russian companies is considered. The author researches process of change of an equity (recycling) in the conditions of financial con-straints. The given work tries to give the answer to a question - whether there is a redistribution of an equ...

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Autor principal:	S. I. Lutsenko
Formato:	article
Lenguaje:	RU
Publicado:	Real Economics Publishing House 2014
Materias:	recycling profit equity capital structure financial policy financial constraints financial leverage Risk in industry. Risk management HD61
Acceso en línea:	https://doaj.org/article/a5a97a1c61b9420b82d4344b0da44485
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spelling	oai:doaj.org-article:a5a97a1c61b9420b82d4344b0da444852021-11-19T10:41:57ZEQUITY RECYCLING VS FINANCIAL CONSTRAINTS2618-947X2618-998410.17747/2078-8886-2014-3-76-82https://doaj.org/article/a5a97a1c61b9420b82d4344b0da444852014-10-01T00:00:00Zhttps://www.jsdrm.ru/jour/article/view/156https://doaj.org/toc/2618-947Xhttps://doaj.org/toc/2618-9984The influence of major factors on financial policy of the Russian companies is considered. The author researches process of change of an equity (recycling) in the conditions of financial con-straints. The given work tries to give the answer to a question - whether there is a redistribution of an equity in the company. The models considered in work are tested for a subject of a choice of the most adequate, from the point of view, forecasting. For each of models three kinds of specifications are estimated: pooled regression, regression with a random effect and regression with the fixed ef-fect. Task of the presented work is penetration into an essence of financial policy of the Russian companies: whether there is a dividend payout of shareholders in process an equity recycling or the received incomes go on development the companies (reinvesting). Novelty of the presented work consists in consideration an equity recycling as mechanism with which help the Russian companies direct the income of an equity on its shares repurchase and accumulations of profit for the reinvesting. Equity recycling gives the chance to reserve the companies certain level of a debt for the further use as a financing sources. Besides, influence of other sources of financing is considered in the conditions of financial constraints. The Russian companies resolve a problem of adverse selection (a choice of the cheapest sources of financing — profit). The author notices that low information asymmetry allows the companies to choose cheaper sources of financing. The mechanism an equity recycling gives the chance to the companies to regulate the debt level, actively correcting capital structure.S. I. LutsenkoReal Economics Publishing House articlerecyclingprofitequitycapital structurefinancial policyfinancial constraintsfinancial leverageRisk in industry. Risk managementHD61RU Strategičeskie Rešeniâ i Risk-Menedžment, Vol 0, Iss 3, Pp 76-82 (2014)
institution	DOAJ
collection	DOAJ
language	RU
topic	recycling profit equity capital structure financial policy financial constraints financial leverage Risk in industry. Risk management HD61
spellingShingle	recycling profit equity capital structure financial policy financial constraints financial leverage Risk in industry. Risk management HD61 S. I. Lutsenko EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
description	The influence of major factors on financial policy of the Russian companies is considered. The author researches process of change of an equity (recycling) in the conditions of financial con-straints. The given work tries to give the answer to a question - whether there is a redistribution of an equity in the company. The models considered in work are tested for a subject of a choice of the most adequate, from the point of view, forecasting. For each of models three kinds of specifications are estimated: pooled regression, regression with a random effect and regression with the fixed ef-fect. Task of the presented work is penetration into an essence of financial policy of the Russian companies: whether there is a dividend payout of shareholders in process an equity recycling or the received incomes go on development the companies (reinvesting). Novelty of the presented work consists in consideration an equity recycling as mechanism with which help the Russian companies direct the income of an equity on its shares repurchase and accumulations of profit for the reinvesting. Equity recycling gives the chance to reserve the companies certain level of a debt for the further use as a financing sources. Besides, influence of other sources of financing is considered in the conditions of financial constraints. The Russian companies resolve a problem of adverse selection (a choice of the cheapest sources of financing — profit). The author notices that low information asymmetry allows the companies to choose cheaper sources of financing. The mechanism an equity recycling gives the chance to the companies to regulate the debt level, actively correcting capital structure.
format	article
author	S. I. Lutsenko
author_facet	S. I. Lutsenko
author_sort	S. I. Lutsenko
title	EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
title_short	EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
title_full	EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
title_fullStr	EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
title_full_unstemmed	EQUITY RECYCLING VS FINANCIAL CONSTRAINTS
title_sort	equity recycling vs financial constraints
publisher	Real Economics Publishing House
publishDate	2014
url	https://doaj.org/article/a5a97a1c61b9420b82d4344b0da44485
work_keys_str_mv	AT silutsenko equityrecyclingvsfinancialconstraints
_version_	1718420277902180352

EQUITY RECYCLING VS FINANCIAL CONSTRAINTS

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