PROSPECTS FOR USING THE MICROECONOMETRIC APPROACH IN THE ANALYSIS OF FIRMS’ FINANCIAL BEHAVIOR IN THE STOCK MARKET
Abstract
The article examines the prospects for using microeconometric analysis to study the financial behavior of enterprises, particularly in the context of their access to capital in the stock market. It is substantiated that the application of microeconomic models at the level of individual economic entities allows for a deeper understanding of the factors determining companies' abilities to attract financing through capital markets mechanisms, including through initial public offerings and bond issuances. Key directions for the use of microeconometric tools are proposed, in particular for assessing the impact of digitalization on firms' access to the stock market, analyzing the determinants of their decisions regarding public capital raising, and investigating the relationship between innovation, investment, and financing at the level of individual companies. It is noted that the results of such research can serve as a basis for improving state policies aimed at stimulating business investment and innovation activities and increasing their access to capital markets. The microeconometric approach involves the use of statistical and econometric methods for the analysis of individual behavior of economic agents based on micro-level data. However, most studies in this area focus on developed markets, while the understanding of the mechanisms of financial behavior of firms in developing countries, including Ukraine, remains insufficient. The article proposes the main directions for the application of microeconometric tools in the analysis of the financial behavior of companies and their access to capital in the stock market. The use of microeconometric models offers several advantages, including a deeper understanding of individual strategies and motivations, identification of key factors determining the ability of companies to attract financing, and the assessment of relationships between various aspects of enterprise activities. The article emphasizes the importance of further research on the financial behavior of companies represented on the Ukrainian stock market and the impact of regulatory policy on it.
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