Stepan Bahteev, Sophia Turkanova, A. Pushkarev, O. Mariev
{"title":"托宾q和现金流对俄罗斯企业资本投资的影响建模","authors":"Stepan Bahteev, Sophia Turkanova, A. Pushkarev, O. Mariev","doi":"10.20472/efc.2021.015.001","DOIUrl":null,"url":null,"abstract":": The relationship between investment and cash flow has been extensively studied since the mid-20th century. The aim of our study is to assess the impact of Tobin's ratio and cash flows on the capital investments of Russian companies. For econometric estimation we data on 206 Russian public companies traded on the Moscow Exchange from 2011 to 2020. We apply quantile regression to obtain more detailed results. The results of our study confirm the significance of the Tobin ratio and cash flow on capital investments. We observe these effects in all quantiles however their magnitude varies. This research is valuable and can be utilized by companies to maximize efficiency of their capital expenditures.","PeriodicalId":387641,"journal":{"name":"Proceedings of the 15th Economics & Finance Conference, Prague","volume":"43 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"MODELLING THE INFLUENCE OF TOBIN'S Q AND CASH FLOWS ON THE CAPITAL INVESTMENTS OF RUSSIAN FIRMS\",\"authors\":\"Stepan Bahteev, Sophia Turkanova, A. Pushkarev, O. Mariev\",\"doi\":\"10.20472/efc.2021.015.001\",\"DOIUrl\":null,\"url\":null,\"abstract\":\": The relationship between investment and cash flow has been extensively studied since the mid-20th century. The aim of our study is to assess the impact of Tobin's ratio and cash flows on the capital investments of Russian companies. For econometric estimation we data on 206 Russian public companies traded on the Moscow Exchange from 2011 to 2020. We apply quantile regression to obtain more detailed results. The results of our study confirm the significance of the Tobin ratio and cash flow on capital investments. We observe these effects in all quantiles however their magnitude varies. This research is valuable and can be utilized by companies to maximize efficiency of their capital expenditures.\",\"PeriodicalId\":387641,\"journal\":{\"name\":\"Proceedings of the 15th Economics & Finance Conference, Prague\",\"volume\":\"43 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-07-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Proceedings of the 15th Economics & Finance Conference, Prague\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.20472/efc.2021.015.001\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Proceedings of the 15th Economics & Finance Conference, Prague","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.20472/efc.2021.015.001","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
MODELLING THE INFLUENCE OF TOBIN'S Q AND CASH FLOWS ON THE CAPITAL INVESTMENTS OF RUSSIAN FIRMS
: The relationship between investment and cash flow has been extensively studied since the mid-20th century. The aim of our study is to assess the impact of Tobin's ratio and cash flows on the capital investments of Russian companies. For econometric estimation we data on 206 Russian public companies traded on the Moscow Exchange from 2011 to 2020. We apply quantile regression to obtain more detailed results. The results of our study confirm the significance of the Tobin ratio and cash flow on capital investments. We observe these effects in all quantiles however their magnitude varies. This research is valuable and can be utilized by companies to maximize efficiency of their capital expenditures.
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