The article aims to identify and evaluate the financial factors influencing the investment behavior of Lithuanian companies. The article briefly reviews and summarizes previous research that provides detailed evidence of the financial factors that influence a firm’s investment behavior. The study is performed using correlation–regression and factor analysis. Sixteen Lithuanian joint-stock companies, the shares of which are listed on the Nasdaq Baltic stock exchange and whose main activity is not related to financial instruments, were selected for the research. Moreover, 58 companies are listed on the Nasdaq Baltic stock exchange (32 companies on the official list, 26 companies on the additional list). There are only 26 Lithuanian joint-stock companies in both lists. Out of 26 Lithuanian companies listed on this stock exchange, 16 were selected whose activities are not related to financial instruments. The results of the study provided strong evidence that a company’s financial assets have a positive impact on capital and overall profitability, i.e., Lithuanian companies with higher profitability invest in financial instruments more often, while companies with borrowed funds and with higher financial restrictions invest less. The study showed that the performance indicators of Lithuanian companies have a weak impact on the size of the company’s financial assets; therefore, it can be assumed that this is related to cognitive factors and heuristics.

中文翻译：

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决定立陶宛商业公司投资行为的财务因素

本文旨在确定和评估影响立陶宛公司投资行为的财务因素。本文简要回顾并总结了以前的研究，这些研究为影响公司投资行为的财务因素提供了详细的证据。该研究是使用相关回归和因子分析进行的。选择了16家立陶宛股份公司，其股票在纳斯达克波罗的海证券交易所上市，其主要活动与金融工具无关。此外，有58家公司在纳斯达克波罗的海证券交易所上市（正式名单上32家公司，其他名单上26家公司）。在这两个列表中，只有26家立陶宛股份公司。在该证券交易所上市的26家立陶宛公司中，选择了16个活动与金融工具无关的活动。研究结果提供了有力的证据，表明公司的金融资产对资本和整体盈利能力有积极影响，即，具有较高盈利能力的立陶宛公司投资金融工具的频率更高，而拥有借入资金和较高财务限制的公司的投资较少。研究表明，立陶宛公司的绩效指标对公司金融资产规模的影响较小；因此，可以假定这与认知因素和启发式方法有关。利润率较高的立陶宛公司投资金融工具的频率更高，而资金借贷且财务限制较高的公司的投资较少。研究表明，立陶宛公司的绩效指标对公司金融资产规模的影响较小；因此，可以假定这与认知因素和启发式方法有关。利润率较高的立陶宛公司投资金融工具的频率更高，而资金借贷且财务限制较高的公司的投资较少。研究表明，立陶宛公司的绩效指标对公司金融资产规模的影响较小；因此，可以假定这与认知因素和启发式方法有关。