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The article proves the impact of the institutional environment, investigated through the index of entrepreneurial confidence, the number of bankruptcies of enterprises, on the dynamics of economic variables, in particular, on the return on invested capital (ROIC), which is an indicator of business risk. It is determined that for foreign investors, this indicator of business risk is one of the key in the decision-making process to invest in the real sector of the economy. The authors argue that, under the current conditions of the Russian economy, debt restructuring and lending to enterprises belonging to a group of related persons in order to improve the value of ROIC is dangerous because of the further increase in overdue debts of enterprises.

About the authors

N A Petrov

Samara State University of economics

Author for correspondence.
141, Soviet Army str, Samara, 443090, Russian Federation

Candidate of Economic Sciences, Associate Professor of the Samara State University of Economics

D V Abramov

Samara State University of economics

141, Soviet Army str, Samara, 443090, Russian Federation

Candidate of Economic Sciences, Head. Department of World Economy, Samara State University of Economics

A M Michailov

Samara State University of economics

141, Soviet Army str, Samara, 443090, Russian Federation

Doctor of Economics, Professor of the Department of Economic Theory of the Samara State University of Economics


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Copyright (c) 2018 Petrov N.A., Abramov D.V., Michailov A.M.

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