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dc.contributor.authorMykhayliv, Dariya*
dc.contributor.authorZauner, K.G.*
dc.date.accessioned2017-03-13T14:50:00Z
dc.date.available2017-03-13T14:50:00Z
dc.date.issued2017
dc.identifier.citationMykhayliv D and Zauner KG (2017) The Impact of Equity Ownership Groups on Investment: Evidence from Ukraine. Economic Modelling. 64: 20-24.en_US
dc.identifier.urihttp://hdl.handle.net/10454/11601
dc.descriptionYes
dc.description.abstractWe 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.en_US
dc.language.isoenen_US
dc.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.en_US
dc.subjectInvestment
dc.subjectOwnership
dc.subjectCorporate Governance
dc.subjectFinancial Constraints
dc.subjectSoft Budget Constraints
dc.subjectUkraine
dc.titleThe Impact of Equity Ownership Groups on Investment: Evidence from Ukraineen_US
dc.status.refereedYes
dc.date.Accepted07/03/2017
dc.date.application18/03/2017
dc.typeArticle
dc.type.versionAccepted manuscript
dc.identifier.doihttps://doi.org/10.1016/j.econmod.2017.03.005
refterms.dateFOA2018-07-25T16:05:36Z
dc.openaccess.statusopenAccess


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