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    The Impact of Ownership on Companies’ Investment Rates in Ukraine

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    Publication date
    2016
    Author
    Mykhayliv, Dariya
    Zauner, K.G.
    Keyword
    Investment; Ownership; Corporate governance; Investment rates; Ukraine; Financial constraints; Soft budget constraints; Private benefits of control
    Rights
    © 2016 The Authors. Reproduced by permission from the copyright holder.
    Peer-Reviewed
    n/a
    
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    Abstract
    In this paper, we empirically analyze the impact of ownership groups on companies’ investment rates in Ukraine using a new dynamic Tobin’s Q model allowing investment rates to depend on present and lagged Q. We find that the presence of a majority in and increases in state, non-domestic and financial companies’ ownership has a significantly negative impact on investment rates. State and insider ownership are associated with soft budget constraints whereas non-domestic, financial companies’ and financial and industrial groups’ ownership with hard budget constraints. The dynamic model shows persistence in the market-to-book value of equity, the proxy for Q.
    URI
    http://hdl.handle.net/10454/11241
    Version
    Accepted Manuscript
    Citation
    Mykhayliv D and Zauner KG (2016) The Impact of Ownership on Companies' Investment Rates in Ukraine. Working Paper. The Authors.
    Type
    Working Paper
    Collections
    Management and Law Publications

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