Capital Structure of Russian State- Owned Companies: the Impact of the State’s SHARE

Student: Samok Aleksandra

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Finance (Master)

Year of Graduation: 2021

The goal of this work is to determine the influence of the state's share in the joint-stock of Russian state-owned companies on companies' decision-making about financing their activities. The sample includes 34 Russian state-owned companies from 5 industries for 2014-2018, which are listed on the Moscow Exchange. The results of fixed-effect model show that the state's share in the joint-stock has a negative effect on the capital structure of Russian state-owned companies. But this effect is canceled: if the state's share in the joint-stock of state-owned companies is 75% or more, then state's share has a positive effect on the capital structure of Russian state-owned companies. It was also demonstrated that the tangibility has a negative effect on the companies' capital structure where the state has a controlling stake. As part of additional testing, it was found that the state's share in the joint-stock has a positive effect on the capital structure of state-owned companies from the mining industry, and has a negative effect on the capital structure of state-owned companies from the process manufacturing industry.

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