Show simple item record

dc.contributor.authorMykhayliv, Dariya
dc.contributor.authorZauner, K.G.
dc.date.accessioned2017-02-02T12:24:39Z
dc.date.available2017-02-02T12:24:39Z
dc.date.issued2016
dc.identifier.citationMykhayliv D and Zauner KG (2016) The Impact of Ownership on Companies' Investment Rates in Ukraine. Working Paper. The Authors.en_US
dc.identifier.urihttp://hdl.handle.net/10454/11241
dc.descriptionyesen_US
dc.description.abstractIn 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.en_US
dc.language.isoenen_US
dc.rights© 2016 The Authors. Reproduced by permission from the copyright holder.en_US
dc.subjectInvestment; Ownership; Corporate governance; Investment rates; Ukraine; Financial constraints; Soft budget constraints; Private benefits of controlen_US
dc.titleThe Impact of Ownership on Companies’ Investment Rates in Ukraineen_US
dc.status.refereedn/aen_US
dc.typeWorking Paperen_US
dc.type.versionAccepted Manuscripten_US
refterms.dateFOA2018-07-26T09:44:55Z


Item file(s)

Thumbnail
Name:
MykhaylivZauner_EconomicModeli ...
Size:
271.5Kb
Format:
PDF
Description:
Working paper

This item appears in the following Collection(s)

Show simple item record