Year of Graduation
The Choice between Bank and Public Debt by Russian Firms
This research investigates the relationship between the corporate debt sources and company financial performance during the financial crisis of 2014-2017 in Russia. The study uses panel data on 70 listed on Moscow Stock Exchange companies to answer whether choice of bank debt financing or bonds affected company financial performance. The main result of the paper is that during 2014-2017 firms with public debt performed better than its bank dependent peers.