Flexibility, Cash and Capital Structure

Student: Petrova Anastasia

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2019

The present research has aimed to study the effect of financial flexibility on the financial behavior of 121 Russian companies in the period from 2012 to 2018. Using a methodology to identify financially flexible firms based on their debt capacity, it was found that more than the half of companies studied follow financial flexibility strategy. The regression analysis showed in this research that the financial flexibility has positive and meaningful effect on the financial behavior of Russian listed companies in terms of dividend, investment and cash holding policies. The data analysis was done by the use of the multi-variable regression models based on the panel data methods and the Stata econometrics software. The hypothesis that the financial flexibility has a positive and significant effect on the corporate financial behavior by investment, dividend and cash holdings policies of the Russian companies accepted in the stock exchange was confirmed.

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