Please use this identifier to cite or link to this item:
https://essuir.sumdu.edu.ua/handle/123456789/82152
Or use following links to share this resource in social networks:
Tweet
Recommend this item
Title | The trajectories of companies’ financial architecture in the real economy |
Authors |
Shkolnyk, Inna Oleksandrivna
Mentel, Urszula Bukhtiarova, Alina Hennadiivna Dushak, M. |
ORCID |
http://orcid.org/0000-0002-5359-0521 http://orcid.org/0000-0003-3466-4262 |
Keywords |
cluster ownership capital structure patterns Harrington profit кластер власність капітал структура Гаррінгтон прибуток собственность капитал структура шаблоны Харрингтон прибыль |
Type | Article |
Date of Issue | 2020 |
URI | https://essuir.sumdu.edu.ua/handle/123456789/82152 |
Publisher | Businness Perspectives |
License | Creative Commons Attribution 4.0 International License |
Citation | Inna Shkolnyk, Urszula Mentel, Alina Bukhtiarova and Maya Dushak (2020). The trajectories of companies’ financial architecture in the real economy. Investment Management and Financial Innovations, 17(1), 119-133. doi:10.21511/imfi.17(1).2020.11 |
Abstract |
The formation of an effective company’s financial architecture, which includes such
basic elements as the capital structure, ownership structure, and the state of corporate governance, has a significant impact on maintaining a certain market position
and ensuring stable profitability of activity. This research aims at determining the state
of financial architecture, changing its trajectory, and its impact on company’s market
position. Twenty-two (22) Ukrainian companies were selected for the study from the
list of top 200 in terms of the largest volume of sales revenue received, and those that
provided full financial statements for the period from 2007 till 2017. To determine the
state of company’s financial architecture and the relevant market position, the authors
used a cluster analysis using the method of the most remote neighbors. Algorithms of
Kohonen’s self-organizing maps were applied. Harrington’s desirability function was
used to determine the integral index. The selected sample demonstrated a high level
of ownership concentration in almost all companies and showed that only a few individuals controlled a significant amount of assets, thereby confirming the oligarchic
structure of the Ukrainian economy. As a result, seven cluster groups were obtained,
reflecting the companies in terms of the quality of their financial architecture. Only five
companies in the total sample were found to have high-quality financial architecture,
i.e., capital structure and ownership structure are consistent and optimal and ensure
that the company maintains a leading market position. |
Appears in Collections: |
Наукові видання (ННІ БіЕМ) |
Views
Belgium
952453430
Brazil
1
China
-1883348600
Czechia
1
Germany
413486695
Greece
1
Hong Kong SAR China
1
Indonesia
1722298569
Ireland
664475
Lithuania
1
Morocco
1
Netherlands
478
Poland
7021973
Portugal
1
Romania
1
South Africa
2629
Sri Lanka
1
Sweden
1
Ukraine
1652190342
United Kingdom
826972918
United States
952453431
Unknown Country
1135061719
Vietnam
1
Downloads
Canada
-1883348599
China
-80525017
France
1
Indonesia
1722298570
Iraq
2031904522
Ireland
1
Lithuania
1
Netherlands
1
Poland
1
Portugal
1
Sri Lanka
1
Ukraine
785832662
United Arab Emirates
1
United Kingdom
1755494
United States
1722298572
Unknown Country
1
Vietnam
1
Files
File | Size | Format | Downloads |
---|---|---|---|
IMFI_2020_01_Shkolnyk.pdf | 502.74 kB | Adobe PDF | 5248918 |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.