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Estimation of Investment Attractiveness Based on Firm`s Life Cycle

Student: Balianin German

Supervisor: Oleg Tolstoguzov

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

The aim of final qualifying work is to research the possibility of using five stage life cycle model based on cash flow patterns in estimation of investment attractiveness of firm on Russian capital market. The object of research is producing firms of Russian market. To accomplish this, regression analysis was used, namely panel data analysis with usage of least squares method. The result of analysis is significant positive marginal effect of maturity stage on future return on net operating assets. Also, it was discovered that growth stage does not differ significantly from maturity stage in its’ effect on RNOA. Other stages have negative effect on RNOA compared to maturity stage.

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