Assessment of the impact of corporate governance risks on the ability to attract borrowed capital

Subject. This article analyzes the impact of various corporate governance risks on the growth rate of long-term borrowings in non-public small businesses. Objectives. The article aims to assess the impact of seven significant corporate governance risks for investors on the growth rate of long-term borrowings of three hundred non-public small businesses. Methods. For the study, I used complex, systems, correlation and regression analyses, as well as grouping using the MS Excel data analysis package. Results. The article presents the results of assessing the impact of seven corporate governance risks on the growth rate of long-term borrowings of three hundred non-public small businesses and determines the overall level of risk in their corporate governance systems. Conclusions and Relevance. The practical significance of the study lies in the possibility of using the proposed tools to assess the impact of corporate governance risks of Russian small non-public companies on their ability to attract borrowed capital, as well as predict its volume. The results of the study can be used by managers and specialists of Russian small non-public companies in order to independently assess the risks inherent in their corporate governance systems, as well as predict the amount of long-term borrowed funds that can be attracted by such companies for the implementation of investment projects.