OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY
Features of influence of opportunity cost on the cash policy of the Russian companies are considered. The author analyzes relationship of cause and effect of escalating of cash. The author researched features of a choice the Russian companies of sources of financing. The author shows that availabili...
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| Format: | Article |
| Language: | Russian |
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Real Economics Publishing House
2015-04-01
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| Series: | Стратегические решения и риск-менеджмент |
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| Online Access: | https://www.jsdrm.ru/jour/article/view/445 |
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| author | S. I. Lutsenko |
| author_facet | S. I. Lutsenko |
| author_sort | S. I. Lutsenko |
| collection | DOAJ |
| description | Features of influence of opportunity cost on the cash policy of the Russian companies are considered. The author analyzes relationship of cause and effect of escalating of cash. The author researched features of a choice the Russian companies of sources of financing. The author shows that availability of opportunity costs forces the companies to be reoriented on internal sources of financing. Opportunity costs are the indicator for a choice of optimum financing. The model (specification) presented in work is tested for determination of its adequacy, from the point of view of quality of forecasting. It is estimated three kinds of specifications: pooled regression, regression with a random effect and regression with the fixed effect. The purpose of work attempt to open cash puzzle of company disclosing of a puzzle. That is, to reduce opportunity costs for preserving of cash as the preventive motive, allowing to struggle with financial restrictions. Novelty of the presented work consists that the companies can rationally manage cash holdings, using negative shocks (signals) in the capital market, to expect them and without supposing the situations connected with financial restrictions. |
| format | Article |
| id | doaj-art-2cedfb0ef48a47b5b5fdcb29f578bfbb |
| institution | OA Journals |
| issn | 2618-947X 2618-9984 |
| language | Russian |
| publishDate | 2015-04-01 |
| publisher | Real Economics Publishing House |
| record_format | Article |
| series | Стратегические решения и риск-менеджмент |
| spelling | doaj-art-2cedfb0ef48a47b5b5fdcb29f578bfbb2025-08-20T02:10:38ZrusReal Economics Publishing HouseСтратегические решения и риск-менеджмент2618-947X2618-99842015-04-01019810510.17747/2078-8886-2015-1-98-105450OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANYS. I. Lutsenko0Presidential Control Directorate of the Russian FederationFeatures of influence of opportunity cost on the cash policy of the Russian companies are considered. The author analyzes relationship of cause and effect of escalating of cash. The author researched features of a choice the Russian companies of sources of financing. The author shows that availability of opportunity costs forces the companies to be reoriented on internal sources of financing. Opportunity costs are the indicator for a choice of optimum financing. The model (specification) presented in work is tested for determination of its adequacy, from the point of view of quality of forecasting. It is estimated three kinds of specifications: pooled regression, regression with a random effect and regression with the fixed effect. The purpose of work attempt to open cash puzzle of company disclosing of a puzzle. That is, to reduce opportunity costs for preserving of cash as the preventive motive, allowing to struggle with financial restrictions. Novelty of the presented work consists that the companies can rationally manage cash holdings, using negative shocks (signals) in the capital market, to expect them and without supposing the situations connected with financial restrictions.https://www.jsdrm.ru/jour/article/view/445opportunity costcashinvestmentadverse selectionprecautionary motiveshock |
| spellingShingle | S. I. Lutsenko OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY Стратегические решения и риск-менеджмент opportunity cost cash investment adverse selection precautionary motive shock |
| title | OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY |
| title_full | OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY |
| title_fullStr | OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY |
| title_full_unstemmed | OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY |
| title_short | OPPORTUNITY COST ARE A KEY TO CASH PUZZLE OF THE COMPANY |
| title_sort | opportunity cost are a key to cash puzzle of the company |
| topic | opportunity cost cash investment adverse selection precautionary motive shock |
| url | https://www.jsdrm.ru/jour/article/view/445 |
| work_keys_str_mv | AT silutsenko opportunitycostareakeytocashpuzzleofthecompany |