Abstract:

The article explores the relationship between accounts receivable and the profitability of sales of Russian electricity companies. The purpose of the article is to test the hypothesis that accounts receivable in a crisis period negatively affect the efficiency of activity of the enterprises. If the hypothesis is refuted, an alternative view of receivables management during periods of instability is necessary. The empirical research was conducted on 1135 companies, information on which was taken from the SPARK database for 2009-2017. The period was divided into four intervals: crisis, recession, deeper recession and revival. Regression was constructed for each interval. Results of tests showed that the increase in receivables of Russian companies in times of crisis is justified. The purpose of the study is to develop theoretical principles and develop practical recommendations aimed at improving receivables management tools. Scientific novelty consists in the development and justification of methodological approaches to the management of receivables in modern business conditions. The theoretical significance lies in the development of a methodology for assessing the quality of receivables management of Russian companies, taking into account the features of the functioning of the national economy. The results can be used in the course of further theoretical studies on the issues of managing current assets of the companies. The practical significance of the results is related to the possibility of using theproposed recommendations in the direct activities of companies. The results can be used in making management decisions in the field of working capital, as well as in improving the legal framework for doing business in the Russian Federation.