KFU. Card publication. Investment drivers of shareholder value creation in large publicly traded Russian companies

KAZAN
FEDERAL UNIVERSITY

- RUS
- 中文
- ES

INVESTMENT DRIVERS OF SHAREHOLDER VALUE CREATION IN LARGE PUBLICLY TRADED RUSSIAN COMPANIES

Form of presentation

Articles in international journals and collections

Year of publication

2014

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Authors, employees of KFU

Ankudinov Andrey Borisovich, author

Lebedev Oleg Vladimirovich, author

Bibliographic description in the original language

Investment drivers of shareholder value creation in large publicly traded Russian companies

Annotation

Investment Management and Financial Innovations

Keywords

investment expenditures, investment drivers, value drivers, shareholder return, company value

The name of the journal

Investment Management and Financial Innovations

URL

http://businessperspectives.org/journals_free/imfi/2014/imfi_en_2014_02_Ankudinov.pdf

Please use this ID to quote from or refer to the card

https://repository.kpfu.ru/eng/?p_id=96170&p_lang=2

Full metadata record

Field DC	Value	Language
dc.contributor.author	Ankudinov Andrey Borisovich	ru_RU
dc.contributor.author	Lebedev Oleg Vladimirovich	ru_RU
dc.date.accessioned	2014-01-01T00:00:00Z	ru_RU
dc.date.available	2014-01-01T00:00:00Z	ru_RU
dc.date.issued	2014	ru_RU
dc.identifier.citation	Investment drivers of shareholder value creation in large publicly traded Russian companies	ru_RU
dc.identifier.uri	https://repository.kpfu.ru/eng/?p_id=96170&p_lang=2	ru_RU
dc.description.abstract	Investment Management and Financial Innovations	ru_RU
dc.description.abstract	Modern financial theory maintains that it is the investment decisions that act as the major source of shareholder value creation. The article presents results of empirical study of the impact the investments in different kinds of assets have on shareholder value creation. The study is based on panel data; the sample is formed by data covering the 2004-2012 period for the largest public companies representing nonfinancial sector of Russian economy. The results obtained show that investments in new equipment are associated with higher comparative market value of a company but not with higher total shareholder return. At the same time, companies most actively increasing investment in working capital are traded with certain discount. Active investment in intangible assets makes it possible to obtain higher shareholder returns. Long term financial assets are negatively related to both comparative market value of the company and the level of shareholder return, while no statistically significant influence of investment in short-term financial assets over company value is discovered. It is also shown that individual characteristics of companies are essential in their comparative valuation by the market and are of much less importance in explanation of shareholder returns. The applied relevance of analysis performed lies in its role in making possible for managers to single out value drivers for companies in an incomplete financial market.	ru_RU
dc.language.iso	ru	ru_RU
dc.subject	investment expenditures	ru_RU
dc.subject	investment drivers	ru_RU
dc.subject	value drivers	ru_RU
dc.subject	shareholder return	ru_RU
dc.subject	company value	ru_RU
dc.title	Investment drivers of shareholder value creation in large publicly traded Russian companies	ru_RU
dc.type	Articles in international journals and collections	ru_RU