Factors Influencing the Dynamics of Russian Oil Companies' Shares Prices

This research is devoted to an assessment of macro economy and inter-firm indicators impact on shares’ prices’ dynamics of Russian oil companies for 2011-2016 years. Current conjuncture in oil field is quite tension: the fall in world oil prices, sanctions against the Russian economy, the debt’s buildup of huge oil companies, the inefficiency in exploration, mining and refining of petroleum products. Development of Russian oil industry closely linked to the economic growth of the Russian Federation, and the influence of oil companies on the financial markets increases each year. The main purpose of this research is identify the internal and external factors determining the dynamics prices’ shares’ of Russian oil companies using regression analysis. As a dependent variable is the stock price, and the independent seem the internal indicators that characterize the activities of oil companies and external indicators of the macroeconomic situation of the country. The research was completed on the basis of quarterly data from 2011 to 2016. As a consequence of regression analysis of panel data was found that money supply (M2), return on assets, return on equity, earnings per share and turnover ratio of assets affect stock price in oil industry of the Russian Federation.