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    The Impact of Equity Ownership Groups on Investment: Evidence from Ukraine

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    Publication date
    2017
    Author
    Mykhayliv, Dariya
    Zauner, K.G.
    Keyword
    Investment; Ownership; Corporate Governance; Financial Constraints; Soft Budget Constraints; Ukraine
    Rights
    © 2017 Elsevier. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.
    Peer-Reviewed
    yes
    
    Metadata
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    Abstract
    We empirically investigate the impact of different ownership groups on companies’ investment in Ukraine with a novel dynamic investment model where investment is based on present and historical levels of profitability (market-to-book value of equity) and lagged investment. Groups include state, insider, non-domestic, financial and financial and industrial group (FIG) ownership. Contrary to the literature, we find that the past level of profitability significantly affects investment; the presence of and increases in state ownership have a negative impact on firms’ investment, as is the case for non-domestic and financial companies’ ownership. Insider and FIG ownership have no impact on investment. We explain the results by the extent of liquidity concerns (hard and soft budget constraints) and the extent of asset stripping for the corresponding ownership group and relate them to over- and underinvestment, and to the free cash flow or cash constraint hypothesis.
    URI
    http://hdl.handle.net/10454/11601
    Version
    Accepted Manuscript
    Citation
    Mykhayliv D and Zauner KG (2017) The Impact of Equity Ownership Groups on Investment: Evidence from Ukraine. Economic Modelling. 64: 20-24.
    Link to publisher’s version
    https://doi.org/10.1016/j.econmod.2017.03.005
    Type
    Article
    Collections
    Management and Law Publications

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