Condition of Stability and Growth of Russian Companies

Mitsek, S. (2005). Condition of Stability and Growth of Russian Companies. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-05-059

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Abstract

The author of this report tries to estimate the role of economic stability and financial markets in the growth process of Russian companies. The article contains econometric estimations of the influence of different factors on investments in property, plant and equipment in the Russian economy. Among the regressors here are such indicators as revenues, net income, net cash flow and net tax payments and their variance, and a set of financial indicators. The results show that the greatest influence on investments is caused by the net cash flow from operations. The impact of the net tax payments on the investment policy is insignificant. The econometric analysis demonstrates that the major financial indicators are statistically significant as factors of investments.

The paper continues the research on econometric identification and optimization of economic growth initialized in the book.

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