Мешков Ярослав Сергеевич
The Choice between Bank and Public Debt by Russian Firms
This research investigates the determinants of debt sources choice and relationship between the debt sources and company financial performance during the distress of 2014-2017 in Russia. The study uses panel data on 70 listed on Moscow Stock Exchange companies to identify determinants of debt source choice and answer whether choice of bank debt financing or bonds affected company financial performance. Results of the paper indicate that firms’ size, market-to-book ratio and annual net income growth rates are the main determinants of the debt source choice and firms with public debt performed better than its bank dependent peers during 2014-2017.