The theory of capital structure, developed in the last century, determines the factors on the basis of which the management of a given company must form its system of financing decisions in order to optimize the capital structure and, accordingly, to increase the company’s value. Despite the fact that the data of the theory are based on the fundamental concepts of corporate finance, such as the present value of future revenues, information asymmetry, and profitability, the tenets of different theories contradict each other. These ambiguous results concerning the influence of various factors on a company’s capital structure form the motivation and problem of this study. Decisions on financing a company have an impact on its value, and therefore its financing method is a very significant factor for investors, directors and other stakeholders, which makes the study of target capital structure determinants particularly relevant. The topic of the capital structure of Russian companies has barely been addressed in existing studies, since most often they are based on the Western market. Thus, the identification of regularities in the system of decisions on capital structure through the case study of oil and gas companies in Russia, as well as the definition of theories that explain these patterns, are of particular interest, motivated by the ambiguity of previous studies, and the lack of such studies on Russian companies. Identifying the existing patterns affecting decisions on capital structure and the theoretical framework that describes them will enable companies to develop their own system of capital structure decisions.

Проведен анализ различия влияния прямых иностранных инвестиций на экономический рост раз-витых и развивающихся стран. Для построения модели зависимости ВВП от прямых иностранных ин-вестиций для развитых стран использованы панельные данные -наблюдения для 10 стран в период 1983-2013 гг., для развивающихся стран -наблюдения для 11 стран в период 1994-2013 гг. Развиваю-щиеся страны получают меньший эффект от прямых иностранных инвестиций в силу непрозрачной институциональной среды и негативного влияния других неэкономических факторов. В развитых стра-нах институциональная и экономическая среда и, скорее всего, человеческий капитал позволяют полу-чать всецелый эффект от ПИИ, т. е. как накопление капитала, так и спилловер-эффекты. В развиваю-щихся странах существуют пороги, снижающие эффекты от ПИИ, такие как недостаточный уровень человеческого капитала и слабая экономическая и институциональная среда. Таким образом, влияние ПИИ на экономический рост имеет положительный характер, однако уровень этого влияния зависит от характеристик стран. То есть гипотеза о том, что ПИИ влияют на развивающиеся страны меньше, чем на развитые в силу существования порогов в виде нездоровой институциональной и экономической среды, подтвердилась.ВЛИЯНИЕ ПРЯМЫХ ИНОСТРАННЫХ ИНВЕСТИЦИЙ НА ЭКОНОМИЧЕСКИЙ РОСТ; РАЗВИТЫЕ СТРАНЫ; РАЗВИВАЮЩИЕСЯ СТРАНЫ; ЭКОНОМИЧЕСКИЕ И НЕЭКОНОМИЧЕСКИЕ ФАКТОРЫ.We have analyzed the differences in the influence of foreign direct investments on the economic growth of developed and developing countries. We used panel data, namely, the observations for 10 countries during 1983-2013, to construct a model of the dependence of GDP on foreign direct investments for the developed countries. For the model of the GDP as a function of foreign direct investments in the developing countries, we used the observations for 11 countries during 1994-2013. We have reached the conclusion that the influence of foreign direct investments definitely has a positive effect on economic growth in both cases. However, the degree of this influence depends on the type of country. Developing countries get a smaller effect from foreign direct investments due to non-transparent institutional environment and negative influence of other non-economic factors. These findings indicate the institutional and economic environment and, most likely, human capital of the developed countries allow to achieve the full effect of FDI, that is, both capital accumulation and spillover effects. Obstacles reducing the FDI effects, such as insufficient human capital and poor economic and institutional environment, likely exist in the developing countries. Thus, the impact of FDI on economic growth is certainly positive, however the level of this effect depends on the country's characteristics. This means that the hypothesis that FDI affects developing countries less than developed due to the existence of thresholds in the form of unhealthy institutional and economic environment was confirmed. INFLUENCE OF FOREIGN DIRECT INVESTMENTS ON ECONOMIC GROWTH; DEVELOPED COUNTRI...