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Corporate Governance as a Factor in Choosing Equity for Business Financing

Student: Sergei Almuradov

Supervisor: Irina Khvostova

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This paper will attempt to determine factors of corporate governance in Russia and Europe which are significant in assessing the attractiveness of raising equity by a company to finance its activities, as well as the impact of these mechanisms on the capital structure, taking into account the stage of the life cycle. The purpose of the study is to determine and analyze the impact of corporate governance on the choice of equity capital for financing its activities, taking into account the stage of the life cycle. The objects of research are the organization's capital structure, the cost of equity and corporate governance, and the subject of research is the impact of corporate governance on the capital structure, and in particular, on the attractiveness of attracting equity. The main objectives of this study are: * Explore corporate governance mechanisms; * Analyze research, including empirical research, on the impact of corporate governance on capital structure; * Collect the necessary sample for further analysis; * Determine the strength and direction of the impact of CU mechanisms on the capital structure, taking into account the company's life cycle; * Determine the strength and direction of the impact of QM mechanisms on the choice of equity capital; * Perform a regression analysis of the results and test the hypotheses. This work consists of two chapters, the first of which contains the definition of the company's capital, corporate governance and Finance, the study of approaches to these definitions and the basic principles. In addition, the first Chapter will present an analysis of empirical research on the impact of corporate governance on capital structure. In the second Chapter of our work, we conduct our own research, the main novelty of which is the analysis of the impact of corporate governance in the Russian and European markets. We will conduct a full-fledged analysis, including the collection of necessary data, regression analysis and description of the results obtained. In the course of this research, we will use software tools in the form of information databases Bloomberg, Zephyr, Thomson Reuters Eikon and the program of econometric analysis Eviews.

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