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Analysis of the Working Capital Determinants on the Example of Russian Companies

Student: Sokolovskiy Anton

Supervisor: Anna Novak

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

In this paper, we study the effect of determinants on the working capital of Russian oil and gas companies. To analyze the impact, a regression model is constructed that includes selected determinants. The models were chosen in three types: through, with a fixed effect and random effects, after which the most appropriate model is selected. In addition, in the work, the sample of companies is grouped on the basis of the stages of the life cycle, based on the selected groups, a model is also constructed. In this paper it was found that the size of the company plays an important role in obtaining discounts and delays, which is an important factor for the growth of working capital, as a result of which production will increase and profits will increase. The financial cycle and age of the company have a positive impact only at some stages of the company's life cycle, on the contrary, financial leverage, on the contrary, negatively affects the working capital of oil and gas companies.

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