INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY

The author considers features of influence of finance solutions of management of the Russian public companies on debt policy. In a research are included indicators of internal growth and dividend payments by means of which it is possible to estimate corporate financial policy. Internal growth is the...

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Autor principal:	S. I. Lutsenko
Formato:	article
Lenguaje:	RU
Publicado:	Real Economics Publishing House 2021
Materias:	debt policy management contribution precautionary motive capital structure external negative effects recapitalization of the company financing source dividend payments Risk in industry. Risk management HD61
Acceso en línea:	https://doaj.org/article/be48e28a2c934b6a84807f2371915a4a
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spelling	oai:doaj.org-article:be48e28a2c934b6a84807f2371915a4a2021-11-19T10:42:01ZINFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY2618-947X2618-998410.17747/2618-947X-2020-3-316-323https://doaj.org/article/be48e28a2c934b6a84807f2371915a4a2021-01-01T00:00:00Zhttps://www.jsdrm.ru/jour/article/view/912https://doaj.org/toc/2618-947Xhttps://doaj.org/toc/2618-9984The author considers features of influence of finance solutions of management of the Russian public companies on debt policy. In a research are included indicators of internal growth and dividend payments by means of which it is possible to estimate corporate financial policy. Internal growth is the indicator of regulation of debt strategy, the including mechanism of precautionary motive. The dependence of the share price on the market value of assets defines installation of communication between the economic interests of shareholders and finance solutions of management. The indicator of dividend payments allows to estimate influence of external negative effects (shocks) on behavior of investors at profit assessment. Increase in dividend payments is connected with their financing from an external source. Management works in logic of precautionary motive, keeping a part of profit for further debt repayment before creditors. The management of the Russian companies not only influences the share price, but also regulates the level of a debt load. The company can use dividend payments on reinvestment of assets (as an investment resource). The author shows as the Russian public companies, solve a problem of adverse selection, switching to cheaper financing sources. The value of a debt is connected with the level of investment into the company. Pledge (property providing) is a guarantee for creditors. As, getting access to debt financing, the company provides to the creditor the complete information about property, thereby, reducing the risks connected with attraction of a debt. The Russian public companies react to changes of debt increase in value of size of assets that will be approved with recapitalization of the company (change of the capital structure due to debt increase and its use for dividend payouts to shareholders).S. I. LutsenkoReal Economics Publishing House articledebt policymanagement contributionprecautionary motivecapital structureexternal negative effectsrecapitalization of the companyfinancing sourcedividend paymentsRisk in industry. Risk managementHD61RU Strategičeskie Rešeniâ i Risk-Menedžment, Vol 11, Iss 3, Pp 316-323 (2021)
institution	DOAJ
collection	DOAJ
language	RU
topic	debt policy management contribution precautionary motive capital structure external negative effects recapitalization of the company financing source dividend payments Risk in industry. Risk management HD61
spellingShingle	debt policy management contribution precautionary motive capital structure external negative effects recapitalization of the company financing source dividend payments Risk in industry. Risk management HD61 S. I. Lutsenko INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
description	The author considers features of influence of finance solutions of management of the Russian public companies on debt policy. In a research are included indicators of internal growth and dividend payments by means of which it is possible to estimate corporate financial policy. Internal growth is the indicator of regulation of debt strategy, the including mechanism of precautionary motive. The dependence of the share price on the market value of assets defines installation of communication between the economic interests of shareholders and finance solutions of management. The indicator of dividend payments allows to estimate influence of external negative effects (shocks) on behavior of investors at profit assessment. Increase in dividend payments is connected with their financing from an external source. Management works in logic of precautionary motive, keeping a part of profit for further debt repayment before creditors. The management of the Russian companies not only influences the share price, but also regulates the level of a debt load. The company can use dividend payments on reinvestment of assets (as an investment resource). The author shows as the Russian public companies, solve a problem of adverse selection, switching to cheaper financing sources. The value of a debt is connected with the level of investment into the company. Pledge (property providing) is a guarantee for creditors. As, getting access to debt financing, the company provides to the creditor the complete information about property, thereby, reducing the risks connected with attraction of a debt. The Russian public companies react to changes of debt increase in value of size of assets that will be approved with recapitalization of the company (change of the capital structure due to debt increase and its use for dividend payouts to shareholders).
format	article
author	S. I. Lutsenko
author_facet	S. I. Lutsenko
author_sort	S. I. Lutsenko
title	INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
title_short	INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
title_full	INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
title_fullStr	INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
title_full_unstemmed	INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY
title_sort	influence of management on debt corporate policy
publisher	Real Economics Publishing House
publishDate	2021
url	https://doaj.org/article/be48e28a2c934b6a84807f2371915a4a
work_keys_str_mv	AT silutsenko influenceofmanagementondebtcorporatepolicy
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INFLUENCE OF MANAGEMENT ON DEBT CORPORATE POLICY

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