Analysis of the debt burden in Russian economy sectorsSvetlana Popova, Nataliya Karlova, Alexey Ponomarenko and Elena Deryugina Russian Journal of Economics, 2017, vol. 3, issue 4, 379-410 Abstract: This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental explanatory variables of companies and industry fixed effects. The results of the analysis demonstrate that standard variables, such as profitability, company size, asset turnover, and fixed-asset turnover ratio have a strong statistical significance. However, these do not fully explain the variation in the debt levels of companies in different sectors. According to model estimation, there are other industry specific factors that produce an imbalance between fundamental factors and companies’ debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important for the financial stability of companies and for an effective monetary policy. Keywords: С23; D24; E44; G32; debt burden; capital structure; sector analysis; microdata of Russian companies; emerging markets (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:rujoec:v:3:y:2017:i:4:p:379-410 DOI: 10.1016/j.ruje.2017.12.005 Access Statistics for this article Russian Journal of Economics is currently edited by Alexey Kudrin More articles in Russian Journal of Economics from Elsevier |
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