| Abstract [eng] |
57 pages, 11 tables, 8 pictures, 48 references. The main purpose if this master thesis is to determine which financial indicators affect the investment behavior of Baltic States companies. The master thesis consists of three main parts: the analysis of literature, the research and its results, conclusion and recommendations. Literature analysis reviews the concept of financial behavior, characteristics of company managers and investors, the biases that affect them, and analyzes the scientific research conducted on the investment behavior of companies and the influence of financial indicators. After the literature analysis, the research methodology is formed. The data used consists of 39 companies listed on the Nasdaq Baltic exchange. The author carried out the study analyzing how the debt ratio and the asset turnover ratio affect the companies of the Baltic region. Also, the effect of the company's industry on financial indicators was analyzed. A panel regression was created with GRETL program, data was processed with Microsoft Excel. The results of the study showed that the highest investment-to-asset ratio was in the industry of communal services, and the lowest in food, beverages and tobacco. The performed research revealed that the investment behavior of companies in the Baltic region is negatively affected by the debt ratio and positively affected by the asset turnover rate. The panel regression model explains 30 percent investment spreads of business companies. The conclusions and recommendations section presents the main summarized information of the literature analysis and research results. The author believes that the capital market of the Baltic region is underdeveloped, so it is necessary for companies to properly evaluate their investment strategy and to educate people who are responsible for companies' investment decisions, in the field of financial behavior. |
