Empirical study of investment activity＇s drivers in capital-intensive Russian firms

In this paper we present the research results of key factors that determine the investment behavior of Russian companies during 2004-2008. The emphasis is made on the policy of capital expenditures. In the analysis, it included maeroeconomic, some industry factors （growth rate, spread of efficiency （ROIC-WACC）, market and industry risks） as well as some internal factors related to the equity structure and the quality of corporate governance.