Moscow University Bulletin. Economics. 2022. 5.

The purpose of the article is to analyze the possibilities and feasibility of using narrative analysis methods in studying the structure and dynamics of entrepreneurial networks. To achieve it, the author provides the description of an entrepreneurial network concept, explores the results of its exploration in the world science, which leads to the conclusion that the use of purely quantitative methods to study entrepreneurial networks does not allow us to reveal their essential features determined by a number of practically unmeasurable social factors. One of these results is the correlation between the two blocks in entrepreneurial business networks: personal entrepreneurial networks that arise before the start of an individual’s business activity, and ordinary inter-firm interactions that begin to operate after the start of his business, usually in the form of the creation of his first firm. The first block is not affected by standard official statistics and requires different research methods. Based on this, the article discusses in detail the concept of narratives and methods for studying them in social sciences, with a special attention on narrative analysis in economics. Finally, the author characterizes the variants of such analysis, proposes and substantiates the logic and methodological features of its application to the study of entrepreneurial networks.

Space is one of the key and controversial (in terms of content) categories in economics. It is assumed that the methodological basis of spatial development concept, and, correspondingly, the very concept of space itself are classical (mercantilism) and neoclassical (price theory) theories. However, until now the understanding of its nature and its role in creating and transforming modern socio-economic relations remains a debatable issue. The key method of analysis in this work is semantic analysis. The Authors attempt, on the one hand, to reveal a retrospective transformation of space concept, and on the other, to identify the key theoretical and methodological approaches to this phenomenon in modern research. The analysis results in a number of valuable findings. First, the authors identify a synthetic nature of concept evolution, which consists in a specific absorption of previously proposed models and space describing provisions. Secondly, the authors identify the main approaches to space study, for which the determining criterion is the nature of socio-economic relations formed by economic agents, and the processes that these agents implement in various spaces. Thirdly, the authors prove that modern concept of socio-economic space allows for a broader description of interactions of economic agents in translocation aspect. Thus, the scientific significance of the research consists in expanding knowledge approaches to defining the category of space, as well as its analysis in modern economic research.

The paper provides a systemic-synergetic study — from a new conceptual stand — of the lessons of reform policy and openness to the outer world in the PRC after December 1979 through the lens of “the Chinese model” theory and practice for socio-economic, spiritual and materialistic progress of Russia, the new Union state (NUS) and the world at large. As a methodological basis of the work, the author first critically explores recent literature on this subject drawing on personal multi-decade research in this area. He then formulates a new conceptual view on the problem, provides a new periodization of the main socio-economic stages of development of the PRC; systematizes some of most important lessons of the “Chinese model” for Russia and the NUS; defines the current strategy of socio-economic development of the People’s Republic of China. The analysis concludes with an examination of the advancing socio-progress model towards a sustainable-optimal society, (bio)economy and (bio)finance and then the good-economic management. The findings will contribute to the development of optimal political economy and, more specifically, to a number of promising directions in the strategy of social sphere and the entire life order of Russia, the NUS and the world.

The paper analyses the variables covering real, financial and external sectors of the economy alongside various sectoral, price and survey indicators. We have obtained forecast values of gross value added by industry and an aggregated estimate of Russia’s productionbased GDP. Drawing on dynamic factor model (DFM) as the main approach, we obtained quarterly point forecasts for production-based Russian GDP and for individual sectors for 2011-21. The forecast accuracy is compared to Bayesian vector autoregression (BVAR), simple benchmarks based on aggregated and disaggregated GDP modeling and consensus expert forecasts. The results of the study show that the dynamic factor model outperforms the benchmarks and, in some cases, also BVAR in forecast ability (measured on the basis of an out-of-sample forecast error). The superiority of the factor model can be traced back to its ability to capture sectoral information on the gross value added of individual industries. The covariance matrix analysis of sectoral forecast errors confirms that the factor model superiority is based on its ability to capture sectoral dynamics more accurately, especially during the periods of high volatility. The dynamic evaluation of point forecasts for 4 quarters ahead and comparison of modeling results with consensus forecasts of experts shows that forecasting based on the DFM model for production allows for more stable and consistent results.

This article addresses current approach to interest rate risk management in commercial banks and identifies different management tools aimed at increasing business value. We argue that interest rate risk management tools available in Russia and China are only marginally used, with a significant similarity in the development of Russian and Chinese credit systems. We provide information from the core groups of Chinese banks concerning the extent of acceptable interest rate risk, attempt to assess the quality of interest rate risk management and offer the examples and possible variants to mitigate the interest rate risk while using specific asset and liability management options. The authors argue that the study of interest rate management practice compared to mature financial market existing tools demonstrate that commercial banks earn premiums while accepting interest rate risks but handle it marginally.

Currently, most rural areas of our country are actively stagnating. High poverty, low educational level of the population, low wages or no employment opportunities, underdeveloped infrastructure, active migration to cities — all this leads to the mass depopulation of rural areas and their shrinkage in the spatial and economic context. In this regard, it is necessary to form new approaches to the spatial development of rural areas, based on the development of alternative activities in the formation of creative centers in order to spread innovation and improve the real quality of life of the local population. The purpose of the present research is the formation and substantiation of the organizational-economic mechanism of the development of the creative centers in the rural territories. General scientific methods of research were applied.

The organizational-economic mechanism of creative centers formation should provide effective infrastructural by displacing the entrenched forms of management. The attraction of creative workers to rural areas will act as an indicator of efficiency. The proposed multilevel management system of the process of formation of creative centers in rural areas is supplemented by an additional level — reflexive, in addition to the standard levels of management (strategic, tactical and operational). This level implies constant contacts between various stakeholders in real time with the possibility of adjusting the current processes. In our opinion, the only true solution to the problem of depopulation of rural areas should be to launch the process of qualitative transformation of rural areas taking into account the opinions of all stakeholders. The proposed methodological framework in the form of an organizational-economic mechanism can serve as a basis for future changes in the decision-making process of those responsible for rural development. The development of creative centers in rural areas can become a potential pole of growth of the latter and contribute to the improvement of the quality of life of the local population at the expense of economic diversification.

The paper considers the state of the regenerative medicine market. The purpose of the work is to review the existing sources on the economic issues of regenerative medicine products and their introduction to the market. Due to the fact that the market for regenerative medicine is in growth stage, the number of sources is extremely limited. The review collected, analyzed and systematized data on the volume and dynamics of the market, its financing, drivers and barriers, provides a list of regulatory documents regulating the market, government support measures and opportunities for start-up entrepreneurs. The performed research characterizes the market of regenerative medicine products as a market with strong potential for growth in the next decade. The results obtained helped to identify problematic aspects of the market that require examine issues by specialized specialists. Subject to consideration of negative reviews of the federal law No. 180-FZ “On biomedical cell products” adopted on June 23, 2016, continued active state support and legal regulation, products and services of the regenerative medicine market will be able to win their niche and compete with current drugs and methods of treatment.

Oil and gas companies are under the scrutiny of investors and counterparties, among which today there is a growing commitment to complying with environmental management criteria and socially responsible investment and development. This study is devoted to the analysis of the impact of environmental management criteria on the financial performance of oil and gas companies. Compliance with the principles of environmental management contributes to the stable development of companies in the oil and gas sector and increases the attractiveness for investors. Regression analysis of panel data covering 2002–2020 was performed on the basis of assessments of compliance with environmental management within the framework of the ESG rating. The novelty of the study lies in the high detail of the data, the focus on oil and gas companies in developed and emerging economies, and taking into account the specific characteristics of the sample. The analysis of compliance with the principles of environmental management, as part of the ESG strategy, in companies in the oil and gas sector complements the results of broader studies of the energy sector. The purpose of the study is to study the relationship between environmental management criteria and the financial performance of oil and gas companies, in particular their market value (Stock Return, Tobin’s Q) and accounting financial indicators (ROA, ROE).

The practical significance of the work lies in the formulation of conclusions about the impact of environmental management criteria on the success of oil and gas companies. The results of the study are useful in making strategic decisions by companies in the industry under study and can also be used by investors when choosing assets to form an investment portfolio.

The article identifies the main features and current trends in the process of recycling secondary construction resources during the transition from a linear model of the economy to a closed-cycle economy. The study indicates the need to start recycling secondary construction resources from the period of pre-investment studies, acceptance and approval of the investment project till the termination of the project and the decommissioning of the object. The author suggests to upgrade the methodological approach to a comprehensive assessment of ecological and economic efficiency of investments in recycling secondary construction resources, taking into account current views on the functioning of natural and socio-economic systems and ensuring a balanced account of environmental and socio-economic factors. The effectiveness assessment rests on the ideas of human security, preventing negative consequences of nature management and restoration of disturbed natural ecosystems. In assessing environmental damages and effects, special attention is given to analyzing the nature and extent of possible changes in the state of the main components of natural environment. The analysis concludes with practical testing of the proposed methodological approach to assessing investment efficiency in recycling secondary construction resources.

The article addresses the specificity of managing efficiency in motorsport industry and the development of key performance indicators (KPI) system for the Formula 1 team. The study analyses the annual reports of the company that manages Formula 1 team - Williams Grand Prix Holding, and Liberty Media company which owns the rights to hold the Formula 1 championship. This paper is based on Kaplan-Norton balanced scorecard system, industry reviews and studies. The analysis provides an overall profile of the firm, identifies its weaknesses and formulates the strategic development goals related to both sporting activities and other areas of work. The study contributes to management theory by developing efficiency criteria framework adapted for motorsport sphere that is currently considered understudied. Finally, the paper offers a system of indicators that may be both used for performance evaluation in automotive business and its sports (competition) segment and adapted to other sports.

This article reviews new challenges and trends of economic digitalization after the coronavirus crisis in the context of sanctions, discussed at the Lomonosov Readings, the conference held on April 18, 2022, at Economics Faculty of Lomonosov Moscow State University. The paper addresses the following issues: competition in digitalization era, social and psychological challenges of digital economy, the Matthew effect in digital era, the experience of publicprivate partnership to boost technological self-sufficiency, migration processes in digitalization context, national and regional models of digital development and cooperation, new development opportunities and risks of digitalization for low-income African countries. The article concludes with a discussion of the prospects for digital development and cooperation in new geopolitical reality and anti-Russian sanctions.