Economic Analysis: Theory and Practice

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A study of factors that affect the overall risk of owners of ordinary shares

Vol. 18, Iss. 6, JUNE 2019

Received: 19 February 2019

Received in revised form: 4 March 2019

Accepted: 22 March 2019

Available online: 28 June 2019


JEL Classification: D24, D71, D92, G3

Pages: 1111–1123

Ushakova N.V. Tula State University (TulSU), Tula, Russian Federation

ORCID id: not available

Vasin A.S. Federal Treasury, Moscow, Russian Federation

ORCID id: not available

Fatuev V.A. Federal Treasury, Moscow, Russian Federation

ORCID id: not available

Subject Risk as a degree of profit variability needs measurement and management. The article describes approaches to identifying the minimum and maximum level of overall risk of holders of ordinary shares.
Objectives We focus on understanding factors that affect minimum and maximum risk boundaries of a particular firm.
Methods The paper rests on the study of analytic dependence and mathematical modeling.
Results The minimum level of overall risk is in direct hyperbolic relationship to the difference between the market growth rate and return on equity.
Conclusions When managing the income and expenditure, companies should maintain the total risk ratio within the boundaries from minimum to maximum. Companies can calculate values of these boundaries by using the formulae given in the article.

Keywords: risk, operating leverage, financial leverage, risk management, growth rate


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