The Impact of Corporate Governance on Investment Decision in Russian Companies

This work is devoted to the evaluation of corporate governance impact on investment decisions. I spend a study from 2009 to 2013 as the dependent variable reflection of the investment decision. I used the ratio of capital expenditures to total assets stand. After analyzing the investment literature can reveal that there are two main groups of this capital structure and composition of the Board of Directors. In the end, I chose a number of factors that characterize corporate governance. This is a state in the capital structure, the presence of institutional investors in the share capital and their share of the board of directors, the size of the board of directors, the proportion of women on the board, the proportion of independent directors on the board, the number of shareholders and the situation when the director and chairman of the board of directors of the same human. A number of hypotheses have been put forward, but confirmed only two of them. Combining positions has a negative impact on investment and public investors are positive. This is typical for a developing capital market in Russia.