Determinants of Financing in Innovation Companies in Russian Federation

Student: Varsanovich Dmitriy

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2019

This research is dedicated to analyzes of middle-large innovative companies financing determinants, that operate in Russian Federation. During regression analyzes was studied the influence of key company’s financial indicators on its’ capital structure, and also tested the mechanism of pecking order theory implied on innovative Russian companies. During the research it was found that financial indicators: R&D expenses, Company size (Total assets), Operating Revenue influence capital structure of innovative companies. It was also found, that pecking order mechanism works with this companies. Conducting this study helps to expand the definition of innovators and also helps to determine some patterns in capital structure choice of innovative Russian companies.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses