Articles

The paper analyses two alternative theoretical interpretations the nature of Corporate Environmental Responsibility (CER)-Financial Performance (FP) interconnections based on the concept, that the implementation of CER measures increases the company financial efficiency, or the alternative theory the CER strategy development can only be applicable for stable companies with sufficient financial resources. The recent empirical literature shows many inconsistencies in each of the theoretical explanations the effective environmental and company financial policy formation. There are no Russian and foreign studies explaining the environmental responsibility and financial efficiency interconnection for Russian companies. It determines the purpose of this research and the novelty of the obtained research results. We use the least squares method in order to argue that financial efficiency is a significant driver for environmental responsibility of Russian companies. We also argue that the influence of financial efficiency on environmental responsibility varies according to the ownership structure and the foreign and state participation in the company..

Under sanctions, at the state level (in particular via the Russian antimonopoly authority) the idea of the need to prioritize supply to the domestic market is being promoted as an imperative for Russian manufacturers. The reverse side of the prioritization of the domestic market is the refusal to link prices under domestic contracts to foreign price indicators and exchange rates. The requirement to prioritize the internal market is as simple and obvious in concept as it is difficult to administer. We assess the design of the norm and possible scenarios for its application in terms of effects both for Russian business entities and for public welfare in general. We propose options for fine-tuning in terms of the application of this norm. We show that the preferred methods for analyzing the satisfaction of domestic demand are economic and statistical methods, as opposed to survey methods, which are associated with high risks of strategic behavior on the part of consumers. Additionally, we outline the main risks associated with the administration of the priority of meeting domestic demand through antimonopoly regulation. Among these risks, the most important are the risk of involvement of the antimonopoly authority in the resolution of economic disputes (which contradicts not only the essence of antimonopoly policy, but also the existing regulatory documents), as well as the risk of side effects that cannot be systematically taken into account and adjusted for in conditions where the prioritization domestic demand is provided not by methods of economic regulation, but by antitrust measures.

The aim of the study is to propose and substantiate recommendations for development of the export potential of the Russian agro-industrial complex (AIC) in the Eurasian Economic Union (EAEU). The paper assesses the benefits of the Russian agro-industrial complex within the EAEU and measures to extract them for exporters. It develops recommended measures of state support that promote development of the Russian agro-industrial complex under EAEU membership conditions. The author considers state regulation measures for the following sectors of the Russian agro-industrial complex: agriculture, food industry, agricultural machinery, and fertilizer production. The author makes the following conclusions in the work. Russia exports to the EAEU products that are less in demand on other external markets. Overall, Russia’s trade relations with the EAEU countries are as follows: 1) companies in the agrochemical and food industries are in a winning position; 2) a relatively positive effect is observed in the agricultural machine building industry; 3) a relatively negative impact is observed in the dairy industry and production of meat products (due to competitive pressure from Belarusian producers). To improve the competitiveness of Russian products, as well as to identify their niche in the EAEU market, enterprises should be assisted in finding new markets and developing cooperation. The diversification of export-oriented production, which has already established itself in the external market, can be used to consolidate markets on the territory of the EAEU to sell goods. Here, the capacities created to assist subjects of industrial-innovation activity and production of innovative goods (for example, in agricultural robotics) should be attracted.

The article examines the phenomenon of connection between the regional market of banking services and the regional socioeconomic systems on the example of the Russian Federation’s subjects. In order to identify the measure and nature of this relationship, the regional socio-economic system and the regional banking services market are appropriately parametrized and analyzed for reciprocal causality. The study indicates that this relationship is statistically significant and mainly bilateral as well as partly unilateral with predominance of regional socio-economic system parameters’ causality. The regional socio-economic system, thus being articulated, is co-dependent and co-directed with the regional banking market, nevertheless dominates it.

Generalization of the structure of financing of the main managers of federal budget funds in the context of sections and subsections of expenditures of the budget classification in order to identify the features and problems of further structuring costs in the context of the development of digitalization of budget processes. The current system of structuring sections and subsections of the budget classification of expenditures is considered, the quantitative composition of the codes of sections, subsections and expenditures of the GRBS of the federal budget for 2020 is analyzed. The ratio of the number of codes of sections and subsections of the budget classification of federal budget expenditures for the GRBS for 2020 and the regularity of their relationship is investigated. A low correlation between the number of codes of sections (subsections) and the volume of budget expenditures at the federal level for financing the GRBS was quantitatively revealed. A new concept is proposed — the consumption capacity of the code. The average expenditure intensity of one code of the budget expenditure section for the GRBS is estimated, and the structure of the ratio of budget expenditures and the expenditure intensity of the GRBS cost section code is studied according to the results of the federal budget execution for 2020. The provisions of the organization of the approach to building a digital budget are proposed. The conclusions of the generalization are reduced to a positive assessment in general of the possibilities of analyzing budget expenditures in the current classification of budget expenditures and the need for further deepening of digitalization, contributing to a more rational study and analysis of the effectiveness of the use of budget expenditures of the country.

The article defines the subject and examines the main problems that arise during the transformation of the national accounting reporting system (NARS) into IFRS and the differences arising in the basic concepts of NARS and IFRS. Furthermore, their impact on the change in the accounting process cost is occurred, considering the trend towards reporting synchronization with the regulatory requirements. Two factors determined the research relevance. The first factor was depicted as an evolutionary complication of accounting and maintaining cost increase following the results of a 20-year transitional period for the implementation of IFRS in the Russian NARS. The second was to figure out a discrepancy between the IFRS concept and the vector of information technology development in accounting and reporting. The study aims to determine the directions and conditions for ensuring the NARS efficiency, considering convergence with IFRS in the needs of the digital economy. The methodology is based on the general scientific methods of theoretical and empirical knowledge, including modelling, expert assessments and a comparative analysis of the results and consequences of the impact of IFRS on NARS. As a result of the study, the implications of the identified conceptual inaccuracies in IFRS for further developing NARS and IFRS have been summarized. The developed proposals will ensure the national accounting system’s effectiveness, considering current trends and the mathematical model results for calculating accounting costs. The research results will interest accounting, financial reporting professionals, and the authorized regulatory agencies operating in this field.

The article proposes a systematic description of Russian economy, in order to move from its unilateral definitions to its comprehensive assessment. This assessment is necessary to determine both the foundations of the current state of Russian economy and the prospects for its development. This characteristic is intended to reflect the level of development of the Russian economic system, its place in the system of world economy and its national peculiarities. The article deals with a set of features reflecting the internal structure of the Russian economic system: market situation, the system of reproduction, economy structure, the main socio-economic institutions etc., taking into account the historical development that led to the formation of the current state of affairs. Within the framework of this point of view, Russian economy appears to be a peculiar version of a mixed economy with a significant share of state participation and the structure of private property, formed largely as a result of its noneconomic redistribution. In such an economy there are no economic, institutional and social conditions that provide effective domestic sources of economic development. The national and cultural peculiarities of the Russian economy are determined on the basis of a variety of factors, ranging from natural-climatic, spatial, and up to socio-psychological formed, among other things, due to the influence of peculiar features of social relations’ historical evolution. Finally, the Russian economy place in the system of global economy is considered. It is defined primarily on the basis of qualities and level of Russian economic system development. The conclusion is made that Russian economic system meets the characteristics of semiperipheral economies. Such a characteristic of Russian economic system does not exclude the capability of its modernization, but makes it possible only in case of qualitative changes in the existing economic model.

This is the first publication in a series of the three papers that present the research findings of the diagnostic project on the quality of Bachelors’ final papers initiated by the Faculty of Economics Pedagogical committee in 2021. We present the findings of academic quality analysis and the typology of the main formats of Bachelors’ final papers. The research is based on a methodology that is specially developed along the lines of positive economics approach. Its application allows us to demonstrate the qualitative features of the body of final papers prepared by our graduates which include inter alia quality of literature review, research statement, tools of analysis and interpretation of findings. We offer the steps for further strengthening the analytical quality of final papers, including early submission of research hypothesis, elective courses on the methods of academic research and research seminars for undergraduates. We also present a typology of formats for final papers covering Economics and Management streams of study. Based on our positive analysis, we have identified six primary formats of Bachelors’ final papers, which can be combined into three more general categories: academic, project and research, and applied project formats. A comparative analysis of formats in economics and management papers confirms the applicability of common criteria for evaluating and grading the papers, alongside common guidelines for final paper preparation. The study proves the viability of diverse analytical methods while preparing final papers in both streams of study.

The increase in life expectancy, both in the world and in Russia, has led to an increase in the burden on the state budget as a whole and on pension systems, in particular. Since for most pensioners the state social system, in general, and the pension one, in particular, is the main source of well-being, this can provoke its decline.

As follows from the study, along with demography (an increase in the number of pensioners compared to the population of working age) and the economy (phase of the cycle), the territory of residence is also a factor affecting pension welfare.

The study is limited in scope: only material well-being, only old-age pensions, 8 federal districts of the Russian Federation, for the period of 2014, 2016, 2018, 2020.

The Global Pension Index, the World Social Protection Report, other international documents, as well as the Comprehensive Monitoring of the Living Conditions of the Population has provided key indicators to assess pension well-being, including: 2 «monetary» (the ratio of the intended pension and the subsistence minimum) and 7 «non-monetary» ones that assess the state of housing conditions (general: the proportion of households of pensioners who are not constrained by housing; the size of the total area per member of the household; households estimate pensioners in the state of the living quarters occupied by them as «satisfactory» and the level of security of the living quarters of pensioners: centralized water supply, hot water supply, network gas and central heating).

Evaluation of the mini / max method of these indicators empirically proves the hypothesis that the level of well-being of pensioners living in various federal districts of Russia is significantly different. Thus, it is empirically proven that the territory of residence is a factor of pension well-being, which requires the abandonment of regional ties in calculating the state pension.

The article substantiates the recommendations to improving the publication process in economic journals and reducing transaction costs for authors of scientific publications.

The article presents the methodology of integral assessment of Russian regions economic development. Currently, there is a significant number of methods to assess the state of country’s economy and individual regions, including Russia. However, they are often poorly formalized or difficult to implement. The authors offer the methodology to assess the economic development of Russia’s regions using the integral index which minimizes the number of the indicators used. The study applies objective indicators of official statistics which most fully and reliably reflect the essence of regional economic development in Russia such as: gross regional product, the cost of fixed assets adjusted for their depreciation, investments in fixed assets — all of them per capita. The methodology makes it possible to provide an annual assessment of Russian regions economic development to determine the specifics of regional policy.

The article attempts to highlight the socio-psychological portrait of a Russian worker in creative sphere. The relevance of the research is determined by the contradiction between the desire to develop the creative class and the lack of a clear understanding of the essence of this social group. The methodological basis of the research includes both classic works by R. Florida and modern scientific publications on the study of the creative class by Russian and foreign authors. The analysis of theoretical studies shows the impossibility to establish a clear professional affiliation due to both terminological uncertainty and the rapid digitalization of society during the pandemic years, which led to a change in the position of the creative class and actualized the need to study it. The empirical basis is formed by the data from the online questionnaire survey carried out among the participants of the project of the Agency of Strategic Initiatives (rurban.space) to search and unite representatives of the creative class within the framework of the development of urban space models. The article attempts to outline the peculiarities of the formation of the Russian creative class. The results allow us to describe the portrait of a creative worker as a member of a social group that exists within the framework of traditional socio-economic institutions. The respondents self-identify themselves as representatives of the lower and middle classes, gravitating towards full-time employment within urban agglomerations. When selecting the professional qualities inherent in a creative worker, respondents gave preference to «creativity» and «communicativeness,» completely excluding «tolerance,» which is considered mandatory in Western culture. The data obtained in this study allowed us to rethink the established stereotypes and simplifying heuristics about the nature of creative work and the socioeconomic portrait of a creative worker.

The purpose of this article is to demonstrate the significance of contemporary economic science for training public servants for government bodies and managers for business. At present, prevailing theories are being revised, novel concepts and interpretations come into being, and governmental institutions undergo noticeable changes, trying to respond to emerging challenges, i.e. New Industrial Revolution, Energy Transition and Climate Change. With this purpose in mind, the authors offered three methodological approaches — metrics, political economy, narrative, all of which allow to study novel problems from different angles. The review of 1006 articles in 31 Russian economic journals for the period of 2010– 2021 upon three above-mentioned issues has shown, that, firstly, a greater part of publications refers to manufacturing development, secondly, metric (42%) and political economy (51%) approaches prevail in the research of all these issues. However, in the situation of uncertainty the prognostic value of economic modelling is decreasing, contradictions between political economy elaborations are growing up, and narrative approach is actually demanded for alternative interpretations of variable, frequently competitive, ideas and concepts concerning industrial transformation, energy transition and climate change. These three approaches correlate with the curricula of Russian and foreign universities in order to identify the promising fields to upgrade economic education of public servants in Russia. The authors conclude that there is a disparity between trends in economic research and modes in training public servants. Currently in higher education the teaching of economics rests on metric approach, but economic sciences also demand qualitative methods of research. Humanitarian dimension in economic education is indispensable since it helps to form abstract reasoning skills, important for the new generation of public servants capable of solving intricate and ambiguous problems .

The article presents an overview of the main available methodological approaches to implement the procedure of a quantitative assessment of workforce’s occupational risk in companies. The research methodology is based on the analysis of recent scientific publications and the investigation of methods and tools used in occupational risk assessment. In this study, the authors identify the advantages and disadvantages of using each methodology considered, assess the feasibility of the methods applied in activities aimed at improving the working conditions, industrial traumatism and occupational diseases reduction. The study proves that existing techniques based on rating-interval evaluating systems and matrix methods have significant limitations including infeasibility of application for the development of the list of activities to reduce occupational risk and a low level of evidence of the indicators and the assessment criteria applied. The analysis concludes with the requirements for the methodological approach to a quantitative occupational risk assessment.

This article provides the investment analysis, with the portfolio method being one of the frontmost instruments. The traditional portfolio theory implies that its essential criteria such as expected return and risk rate for all considered financial instruments are estimated from the historical data of equal length and are invariant throughout the usage period of the model. The authors suggest the approach which is a development of the Markowitz model. The point being, to estimate the expected return and the risk rate for each financial instrument in focus, an effective (own) learning sample is determined. The extremum seeking for the target function is performed through the method of full enumeration (cycle optimization) which provides the global extremum of the optimization criterion with restriction to the maximum permissible risk level. The sample size is tried upon two quality criteria considering accuracy of forecasts, namely: 1) the minimum condition of the sum of squared deviations of the projected values for the expected return, real values, 2) the maximization of the predicted forecasts when the investor expectations are met, with the minimal results when the real return appeared lower than the predicted one. The selection of the learning sample optimal length is performed on the principle of sliding verification of independent material. The described procedure is tested on realistic examples: the US stock market return forecast and staple crop yield gain forecast in the Russian Federation. The suggested algorithm underlying the synthesis of extensively diversified portfolios improves e investment problem solving effectiveness with contribution of considerations of both the markets in focus and the suitable financial instruments. .

Modern social networks are becoming a significant factor in stock market pricing because the information they generate expands the aggregate news background that determines stock prices according to currently prevailing efficient market theory. The news generated in the electronic media affect all the spheres forming supply and demand not only for manufactured goods but also through them for the prices of their manufacturers’ stocks. Normally, the relationship between the production of goods and the share price of its manufacturer is traced through economic indicators of profit, size of dividends, etc. Social information does not have a direct economic content. However, according to efficient market theory this kind of information should influence the share price. The article proves the influence of a trendsetter photo wearing certain brand clothes on the stock quotes of the company that owns this brand. The event analysis method reveals a short-term increase in company's share market price after the publication of a trend-setting blogger photos on Instagram, especially when it comes to a luxury brand. At the same time, the trend-setter profession and gender do not affect the abnormal rate of stock return resulted from the publication of his photograph. It proves a relative isolation of the “trend setter” itself in comparison with the personal characteristics of a blogger and turns this title into a specific independent factor in stock pricing.