IDLab Workshop

Marina Zavertyaeva presented the results of the study "Uncertainty of economic policy and investments of Russian companies: the role of social capital of the board of directors"

There are many theoretical and empirical studies that show the negative impact of the level of uncertainty on investments, as companies tend to delay sunk investments. In this paper, one of the types of uncertainty is considered - the uncertainty of economic policy, the index of which was proposed by Becker and co-authors in 2014, and the model is supplemented by the moderation effect of the social capital of the board of directors. Preliminary results of the study show that professional and political connections of directors reduce the negative impact of uncertainty on investments, while connections with foreign companies do not.
The study is carried out jointly with other laboratory staff - Dmitry Kirpischikov and Iuliia Naidenova.