Pub Date : 2024-03-01DOI: 10.26794/25875671-2024-28-1-155-165
F. Hachicha
Corporate environmental responsibility (CER) plays an important role in the sustainable policies of firms and affects the behaviors of managers. For U.S. listed firms for 2010–2021, this study aims at evaluating the sustainability of investment through corporate environmental responsibility (CER) and corporate social responsibility (CSR), the complementarily or substitutability between (CER) and the CEO shareholding, and the impact on corporate financial performance (CFP).The results show that CSR efforts create a good image of the company, which subsequently enhances the credibility of its corporate environmental responsibility projects. Also, the results show the corporate environmental responsibility of U.S listed companies has a positive impact on performance. Specifically, the CEO’s shareholding serves as a mediator between corporate environmental responsibility and CFP. Moreover, the paper finds substitutability between CEO shareholding and corporate environmental responsibility, so the more the shareholding CEO is reluctant to take the risk, the more they avoid investing in corporate environmental responsibility projects. This finding will reinforce the positive effect of corporate environmental responsibility on performance. A positive relationship was recorded between CFP and the combination between CSR and CER and between CFP and the combination between CER and CEO shareholding. Taken together, our evidence suggests that CER concerns could enhance the extent of managerial learning, especially for firms experiencing greater risks. Our paper provides new evidence for the role of CER in reducing corporate risk and further confirms the importance of the corporate environment by conducting a robustness test.
企业环境责任（CER）在企业的可持续政策中发挥着重要作用，并影响着管理者的行为。本研究以 2010-2021 年美国上市公司为研究对象，旨在评估通过企业环境责任（CER）和企业社会责任（CSR）进行投资的可持续性、企业环境责任（CER）与 CEO 持股之间的互补性或替代性，以及对企业财务绩效（CFP）的影响。同时，研究结果表明，美国上市公司的企业环境责任对绩效有积极影响。具体而言，首席执行官持股是企业环境责任与 CFP 之间的中介。此外，本文还发现 CEO 持股比例与企业环境责任之间具有替代性，因此持股比例越高的 CEO 越不愿意承担风险，他们就越避免投资企业环境责任项目。这一结论将加强企业环境责任对绩效的积极影响。在 CFP 与企业社会责任和 CER 的组合之间，以及 CFP 与 CER 和首席执行官持股比例的组合之间，都存在正相关关系。综合来看，我们的证据表明，对企业环境责任的关注可以提高管理学习的程度，尤其是对于面临较大风险的企业而言。我们的论文为 CER 在降低企业风险方面的作用提供了新的证据，并通过稳健性检验进一步证实了企业环境的重要性。
{"title":"Effects of Corporate Environmental Responsibility, CSR and CEO Shareholding on Financial Performance: Evidence from U.S.-Listed Companies","authors":"F. Hachicha","doi":"10.26794/25875671-2024-28-1-155-165","DOIUrl":"https://doi.org/10.26794/25875671-2024-28-1-155-165","url":null,"abstract":"Corporate environmental responsibility (CER) plays an important role in the sustainable policies of firms and affects the behaviors of managers. For U.S. listed firms for 2010–2021, this study aims at evaluating the sustainability of investment through corporate environmental responsibility (CER) and corporate social responsibility (CSR), the complementarily or substitutability between (CER) and the CEO shareholding, and the impact on corporate financial performance (CFP).The results show that CSR efforts create a good image of the company, which subsequently enhances the credibility of its corporate environmental responsibility projects. Also, the results show the corporate environmental responsibility of U.S listed companies has a positive impact on performance. Specifically, the CEO’s shareholding serves as a mediator between corporate environmental responsibility and CFP. Moreover, the paper finds substitutability between CEO shareholding and corporate environmental responsibility, so the more the shareholding CEO is reluctant to take the risk, the more they avoid investing in corporate environmental responsibility projects. This finding will reinforce the positive effect of corporate environmental responsibility on performance. A positive relationship was recorded between CFP and the combination between CSR and CER and between CFP and the combination between CER and CEO shareholding. Taken together, our evidence suggests that CER concerns could enhance the extent of managerial learning, especially for firms experiencing greater risks. Our paper provides new evidence for the role of CER in reducing corporate risk and further confirms the importance of the corporate environment by conducting a robustness test.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"50 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140085878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-113-121
O. I. Samarchenko, D. G. Stepyko, D. V. Gracheva, D.A.O. Farzaliev
The Russian physical culture and sports complex “Ready for labor and defense” is established in Russia since 2014. The main element of the project is testing centers, of which more than 2600 in the country. At the same time, the activities of such centers are often not systematized and have different, sometimes diametrically opposite approaches to its organization. The subject of this study is the activities of testing centers, including personnel, financial, logistical and informational parameters. For several years, the federal operator is developing various methodological materials for the development of testing centers. The purpose of this study is to develop financing mechanisms for the identified forms of organization of testing centers. The main research methods are the statistical method and the method of comparative analysis. As part of our research, we analyzed statistical information for the period 2020–2022, as well as a survey of 170 testing centers located in 59 regions of Russia and having different organizational and legal forms and a number of other different features. Based on the results of the study, the main sources of financing for the activities of testing centers were identified, as well as mechanisms and recommendations for increasing budgetary and extra-budgetary funding of various activities of testing centers were developed. The results of the study are practical, tested, successfully applied by some organizations and can be used in testing centers of various types.
{"title":"Analysis of Financing Mechanisms and sources of budget Formation of the Testing Centers of the Complex “Ready for labor and Defense”","authors":"O. I. Samarchenko, D. G. Stepyko, D. V. Gracheva, D.A.O. Farzaliev","doi":"10.26794/2587-5671-2023-27-6-113-121","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-113-121","url":null,"abstract":"The Russian physical culture and sports complex “Ready for labor and defense” is established in Russia since 2014. The main element of the project is testing centers, of which more than 2600 in the country. At the same time, the activities of such centers are often not systematized and have different, sometimes diametrically opposite approaches to its organization. The subject of this study is the activities of testing centers, including personnel, financial, logistical and informational parameters. For several years, the federal operator is developing various methodological materials for the development of testing centers. The purpose of this study is to develop financing mechanisms for the identified forms of organization of testing centers. The main research methods are the statistical method and the method of comparative analysis. As part of our research, we analyzed statistical information for the period 2020–2022, as well as a survey of 170 testing centers located in 59 regions of Russia and having different organizational and legal forms and a number of other different features. Based on the results of the study, the main sources of financing for the activities of testing centers were identified, as well as mechanisms and recommendations for increasing budgetary and extra-budgetary funding of various activities of testing centers were developed. The results of the study are practical, tested, successfully applied by some organizations and can be used in testing centers of various types.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"70 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139150181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-211-222
M. Istan
The purpose of this study is to suggest an approach to analyzing the efficiency of telecommunications companies listed on the Indonesia Stock Exchange (IDX) using methods for determining Economic Value Added (EVA), Market Value Added (MVA), Financial Value Added (FVA), and Refined Economic Value Added (REVA). A summary of the relevant literature is formed on the bibliographic database. Statistical data based on information from the Indonesia Stock Exchange for four companies in the telecommunications sector over 5 years. Data from reports’ balance sheets, including reports of profits and losses, is investigated. The results of the survey demonstrated that a telecommunications company had a positive EVA value, which meant that it succeeded in creating economic value. The three telecommunications companies had a positive MVA value, which meant that they provided value-added through market capitalization. In four telecommunications companies, a positive FVA indicated that management was successful in providing financial value-added for the company. One of the four telecommunications companies produced a positive REVA, which meant an increase in economic value after the company paid off all liabilities to creditors and shareholders. The use of various value-added measures to assess the performance of Indonesian businesses is a scientific novelty that contributes to the development of corporate finance theory.
本研究旨在提出一种方法，使用经济增加值（EVA）、市场增加值（MVA）、财务增加值（FVA）和精炼经济增加值（REVA）的确定方法来分析在印度尼西亚证券交易所（IDX）上市的电信公司的效率。相关文献的摘要已在文献数据库中形成。统计数据基于印度尼西亚证券交易所提供的电信行业四家公司 5 年来的信息。调查的数据来自报告的资产负债表，包括利润和亏损报告。调查结果显示，一家电信公司的 EVA 值为正值，这意味着该公司成功地创造了经济价值。三家电信公司的 MVA 值为正值，这意味着它们通过市值提供了增值。四家电信公司的财务增值为正值，表明管理层成功地为公司提供了财务增值。在四家电信公司中，有一家公司的 REVA 值为正数，这意味着公司在偿还债权人和股东的所有债务后，经济价值有所增加。使用各种增值措施来评估印尼企业的业绩是一项科学创新，有助于公司财务理论的发展。
{"title":"Financial Performance Analysis Using EVA, MVA, FVA, and REVA Methods for Telecommunication Sub-Sector Companies listed on the IDX","authors":"M. Istan","doi":"10.26794/2587-5671-2023-27-6-211-222","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-211-222","url":null,"abstract":"The purpose of this study is to suggest an approach to analyzing the efficiency of telecommunications companies listed on the Indonesia Stock Exchange (IDX) using methods for determining Economic Value Added (EVA), Market Value Added (MVA), Financial Value Added (FVA), and Refined Economic Value Added (REVA). A summary of the relevant literature is formed on the bibliographic database. Statistical data based on information from the Indonesia Stock Exchange for four companies in the telecommunications sector over 5 years. Data from reports’ balance sheets, including reports of profits and losses, is investigated. The results of the survey demonstrated that a telecommunications company had a positive EVA value, which meant that it succeeded in creating economic value. The three telecommunications companies had a positive MVA value, which meant that they provided value-added through market capitalization. In four telecommunications companies, a positive FVA indicated that management was successful in providing financial value-added for the company. One of the four telecommunications companies produced a positive REVA, which meant an increase in economic value after the company paid off all liabilities to creditors and shareholders. The use of various value-added measures to assess the performance of Indonesian businesses is a scientific novelty that contributes to the development of corporate finance theory.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"35 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139149914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-185-198
N. Kazakova, V. Kogdenko
The subject of the study is the Russian electronic industry as a strategically important sector that ensures national security and cybersecurity in all areas of activity. The relevance of the study is due to insufficient efficiency and consistency of the results of the existing monitoring of the development of the electronics industry, which is related to the lack of comprehensive information and analytical tools for diagnosis of indicators of sustainable development of industry. The purpose of the study is to develop a flexible situational approach to monitoring the electronics industry, taking into account the industry strategy to expand production of civilian products, as well as to justify the effectiveness of financing tools and increasing the sustainable development of the industry. As a result, a monitoring technique based on data from industry statistics, the Spark-Interfax information resource, and big data analytics for organizations in the electronics industry, with eventual industry aggregation, was developed. The sectoral structure was examined in accordance with the methodology, the market situation and business models were evaluated, and the risks and shortcomings of financing the sector were identified. The approach ensures monitoring of the transformation of the industry, creation of a fair competitive market, increase in the share of efficient private Russian companies and their integration into the global ecosystem. The scientific novelty of the study lies in the selection of sectoral assessment indicators, the use of information resources and big data technology, which provide regular diagnostics of the industry. The theoretical significance of the study is the development and adaptation of industry analysis to the specifics of the electronics industry, as well as the inclusion of sustainable development indicators. The results of the study are of practical significance for the professional Association of organizations of the radio-electronic industry of Russia, government regulators and private investors interested in operational information about the state and trends of the development of the industry and its financing tools.
{"title":"Monitoring the sustainable Development of the Electronic Industry","authors":"N. Kazakova, V. Kogdenko","doi":"10.26794/2587-5671-2023-27-6-185-198","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-185-198","url":null,"abstract":"The subject of the study is the Russian electronic industry as a strategically important sector that ensures national security and cybersecurity in all areas of activity. The relevance of the study is due to insufficient efficiency and consistency of the results of the existing monitoring of the development of the electronics industry, which is related to the lack of comprehensive information and analytical tools for diagnosis of indicators of sustainable development of industry. The purpose of the study is to develop a flexible situational approach to monitoring the electronics industry, taking into account the industry strategy to expand production of civilian products, as well as to justify the effectiveness of financing tools and increasing the sustainable development of the industry. As a result, a monitoring technique based on data from industry statistics, the Spark-Interfax information resource, and big data analytics for organizations in the electronics industry, with eventual industry aggregation, was developed. The sectoral structure was examined in accordance with the methodology, the market situation and business models were evaluated, and the risks and shortcomings of financing the sector were identified. The approach ensures monitoring of the transformation of the industry, creation of a fair competitive market, increase in the share of efficient private Russian companies and their integration into the global ecosystem. The scientific novelty of the study lies in the selection of sectoral assessment indicators, the use of information resources and big data technology, which provide regular diagnostics of the industry. The theoretical significance of the study is the development and adaptation of industry analysis to the specifics of the electronics industry, as well as the inclusion of sustainable development indicators. The results of the study are of practical significance for the professional Association of organizations of the radio-electronic industry of Russia, government regulators and private investors interested in operational information about the state and trends of the development of the industry and its financing tools.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"68 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139150220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-173-184
J. An, A. Mikhaylov
The relevance of the topic lies in the fact that the level of competitiveness of a bank in waste management will have an increasing impact on its ESG ratings in the future. The purpose of this paper is to improve waste management in a bank (mainly faulty office equipment and paper waste). However, not all banks use active management methods in waste management, so this article offers recommendations for the successful management of key indicators. The article uses data on waste from banks in Bangladesh, China, Indonesia, Kuwait, India, Malaysia, Nepal, Pakistan, Sri Lanka, the UAE, and Vietnam. The objectives of the study include: identification of the essence of the competitiveness of waste management in a bank; consideration of the types of competitiveness of waste management; assessment of the impact of blockchain technology on the competitiveness of waste management; assessment of minimizing waste management costs in a bank. A method for waste composition and waste export based on statistical analysis and a regression model. It used data about the current waste management activities of a bank. This study uses data from an annual time series covering the period from 2013 to 2021. The results of the study confirm that the problem of electronic waste of banks in Asia can be solved by increasing financing and a complete analysis of bank waste. There are points of novelty in the article: (1) the essence of the competitiveness of waste management in a bank is determined, which consists in the recycling of most waste and not in their disposal; (2) the ideas of the competitiveness of waste management are considered in Sberbank; (3) the impact of blockchain technology on the competitiveness of waste management in banks is assessed; (4) an assessment of the competitiveness of waste management in a commercial bank is given. In order to better understand the factors influencing the production of e-waste in the region, the study focuses on the significance of addressing the rising problem of e-waste in Asia and the need for better collection and analysis of waste data in a bank. The main conclusion is the need to recycle waste and increase recycling costs in the future, which is the most environmentally friendly option compared to incineration.
{"title":"Current Waste Management in Banks from 11 Asian Countries vs Sberbank ESG Reporting","authors":"J. An, A. Mikhaylov","doi":"10.26794/2587-5671-2023-27-6-173-184","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-173-184","url":null,"abstract":"The relevance of the topic lies in the fact that the level of competitiveness of a bank in waste management will have an increasing impact on its ESG ratings in the future. The purpose of this paper is to improve waste management in a bank (mainly faulty office equipment and paper waste). However, not all banks use active management methods in waste management, so this article offers recommendations for the successful management of key indicators. The article uses data on waste from banks in Bangladesh, China, Indonesia, Kuwait, India, Malaysia, Nepal, Pakistan, Sri Lanka, the UAE, and Vietnam. The objectives of the study include: identification of the essence of the competitiveness of waste management in a bank; consideration of the types of competitiveness of waste management; assessment of the impact of blockchain technology on the competitiveness of waste management; assessment of minimizing waste management costs in a bank. A method for waste composition and waste export based on statistical analysis and a regression model. It used data about the current waste management activities of a bank. This study uses data from an annual time series covering the period from 2013 to 2021. The results of the study confirm that the problem of electronic waste of banks in Asia can be solved by increasing financing and a complete analysis of bank waste. There are points of novelty in the article: (1) the essence of the competitiveness of waste management in a bank is determined, which consists in the recycling of most waste and not in their disposal; (2) the ideas of the competitiveness of waste management are considered in Sberbank; (3) the impact of blockchain technology on the competitiveness of waste management in banks is assessed; (4) an assessment of the competitiveness of waste management in a commercial bank is given. In order to better understand the factors influencing the production of e-waste in the region, the study focuses on the significance of addressing the rising problem of e-waste in Asia and the need for better collection and analysis of waste data in a bank. The main conclusion is the need to recycle waste and increase recycling costs in the future, which is the most environmentally friendly option compared to incineration.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"43 41","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139151354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-122-135
V. Dodonov
The efficiency of pension asset management, reflected in their performance, determines the stability of the funded pension system of Kazakhstan, and also has the potential to significantly affect the budget process, since the state guarantees recipients a positive real return on their pension savings and compensates from the budget for losses incurred during periods when inflation exceeds the nominal rate of return. The need to ensure a positive real return on pension assets managed by the National Bank of Kazakhstan determines not only the high relevance of the issue of investment management itself, but also other aspects that affect the return, including changes in the exchange rate of the Kazakhstani tenge. The subject of the article is the impact of the tenge exchange rate on the profitability of pension assets, which can be very significant, since it forms one of the main components of investment income — income from foreign currency revaluation. This influence can also act as a factor in the formation of the tenge exchange rate during periods when the real return of pension assets decreases due to the negative situation in the financial markets and high inflation, and this thesis reflects the scientific novelty of the article. The assessment of the hypothesis about the formation of the relationship between the exchange rate of the Kazakhstani currency and the investment yield of pension assets is the aim of this work, and the identification of the main causes and consequences of this phenomenon is its task. Comparative and correlation analysis of indicators of investment return of pension assets, changes in the exchange rate of the Kazakhstani currency, parameters of the external sector and others were used as research methods. The results of the analysis confirm the existence of a relationship between the indicators of profitability of pension assets and the tenge exchange rate, and allow us draw the conclusion that this profitability has an indirect impact on the formation of the Kazakhstani currency exchange rate over the past few years, which has been characterized by non-standard dynamics in the context of a significant improvement in the external economic environment.
{"title":"Formation of the Relationship between the Exchange Rate and the Investment Yield of Pension Assets in Kazakhstan: Causes and Consequences","authors":"V. Dodonov","doi":"10.26794/2587-5671-2023-27-6-122-135","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-122-135","url":null,"abstract":"The efficiency of pension asset management, reflected in their performance, determines the stability of the funded pension system of Kazakhstan, and also has the potential to significantly affect the budget process, since the state guarantees recipients a positive real return on their pension savings and compensates from the budget for losses incurred during periods when inflation exceeds the nominal rate of return. The need to ensure a positive real return on pension assets managed by the National Bank of Kazakhstan determines not only the high relevance of the issue of investment management itself, but also other aspects that affect the return, including changes in the exchange rate of the Kazakhstani tenge. The subject of the article is the impact of the tenge exchange rate on the profitability of pension assets, which can be very significant, since it forms one of the main components of investment income — income from foreign currency revaluation. This influence can also act as a factor in the formation of the tenge exchange rate during periods when the real return of pension assets decreases due to the negative situation in the financial markets and high inflation, and this thesis reflects the scientific novelty of the article. The assessment of the hypothesis about the formation of the relationship between the exchange rate of the Kazakhstani currency and the investment yield of pension assets is the aim of this work, and the identification of the main causes and consequences of this phenomenon is its task. Comparative and correlation analysis of indicators of investment return of pension assets, changes in the exchange rate of the Kazakhstani currency, parameters of the external sector and others were used as research methods. The results of the analysis confirm the existence of a relationship between the indicators of profitability of pension assets and the tenge exchange rate, and allow us draw the conclusion that this profitability has an indirect impact on the formation of the Kazakhstani currency exchange rate over the past few years, which has been characterized by non-standard dynamics in the context of a significant improvement in the external economic environment.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"336 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-101-112
I. Kosorukova, S. G. Sternik, E. E. Heifets
The paper is devoted to the study of the issues of determining the estimated (marginal) cost of investment projects that are implemented within the framework of the IPA. The purpose of the study is to develop scientific and practical recommendations for determining the estimated (marginal) value of real estate objects created in the framework of investment projects implemented on the basis of the IPA. The paper is relevant because current regulatory documentation does not clearly define the concepts of estimated (marginal) cost of infrastructure objects, and there are no recommendations for their assessment, which leads to distortions of the cost base for obtaining subsidies and impacts the evaluation of the effectiveness of such projects. The scientific novelty of the research consists in the development of scientific and practical recommendations for determining the estimated (marginal) value of real estate objects created as part of an investment project implemented on the basis of the IPA. The authors used the following methods of scientific research: deduction, induction and logical method. The concept of the estimated (marginal) value of real estate objects is clarified, which is based on the estimated cost of construction, taking into account a certain number of assumptions. A review of the current methods of calculating the estimated value in Russia and abroad is conducted. It is concluded that in Russia there is no single base for determining the cost of the CIW. The basic index method in the prices of 2000– 2001 significantly reduces the accuracy of calculations. The idea of forming a new dynamic system of the resource-index method, which takes into account the life cycle of a building and is based on big data of price information in construction, on the basis of which it is possible to develop a system of forecasting the estimated value of an object using machine learning methods, is prospective.
{"title":"Methodological Aspects of Determining the Estimated (Marginal) Cost of Objects in the Implementation of Projects based on the IPA","authors":"I. Kosorukova, S. G. Sternik, E. E. Heifets","doi":"10.26794/2587-5671-2023-27-6-101-112","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-101-112","url":null,"abstract":"The paper is devoted to the study of the issues of determining the estimated (marginal) cost of investment projects that are implemented within the framework of the IPA. The purpose of the study is to develop scientific and practical recommendations for determining the estimated (marginal) value of real estate objects created in the framework of investment projects implemented on the basis of the IPA. The paper is relevant because current regulatory documentation does not clearly define the concepts of estimated (marginal) cost of infrastructure objects, and there are no recommendations for their assessment, which leads to distortions of the cost base for obtaining subsidies and impacts the evaluation of the effectiveness of such projects. The scientific novelty of the research consists in the development of scientific and practical recommendations for determining the estimated (marginal) value of real estate objects created as part of an investment project implemented on the basis of the IPA. The authors used the following methods of scientific research: deduction, induction and logical method. The concept of the estimated (marginal) value of real estate objects is clarified, which is based on the estimated cost of construction, taking into account a certain number of assumptions. A review of the current methods of calculating the estimated value in Russia and abroad is conducted. It is concluded that in Russia there is no single base for determining the cost of the CIW. The basic index method in the prices of 2000– 2001 significantly reduces the accuracy of calculations. The idea of forming a new dynamic system of the resource-index method, which takes into account the life cycle of a building and is based on big data of price information in construction, on the basis of which it is possible to develop a system of forecasting the estimated value of an object using machine learning methods, is prospective.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"308 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-89-100
I. Stepnov, J. Kovalchuk
The relevance of the research is confirmed by the fact that, with the widespread distribution of ecosystems as high-tech heirs of clusters and platforms, the issues of financing business ecosystems are rarely studied in the scientific literature and do not receive the necessary theoretical generalization. The purpose of the research is to systematize the available forms of financing in industrial business ecosystems within a united digital space. The objectives of this research are defined as clarifying the need to include financing functions in the toolkit of emerging industrial business ecosystems and revealing the possibilities of using selected financing methods. The methods of research, on the one hand, are based on the emerging theory of ecosystems, which develops both as a firm’s theory and as ecosystem management, and on the other hand, on a new concept that can be formulated as a fusion of finance, industrialization and digitalization. The results of the research show that there are several approaches to the organization of ecosystem finance. Ecosystems are reported to be equally susceptible to decentralized and centralized (traditional) financing, providing opportunities to create their own decentralized financial environment as well as collaborating with current cryptocurrency-based services. Several forms of financial organization in ecosystems have been identified: a) compensating costs by forming budgets for the creation and ongoing activities; b) attracting ecosystem participants’ own funds to various forms of lending (including on the basis of financial technologies). It is concluded that the development of financing instruments depends on three factors: 1) government policies to regulate the financial aspects of business ecosystems; 2) the efficiency of using the resources of ecosystem participants; 3) ecosystem interactions with supply chains. It is determined that a completely new theory of business ecosystem finance will be completed only after the exit from the experimental mode of financing business ecosystems.
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Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-199-210
Yu. Yu. Savchenko
The object of the study is Russian industrial companies whose shares are traded on the Moscow Exchange. The study’s subject is financial and financial connections in the field of using intellectual capital’s competence component as an important factor in business growth. The relevance of the study is important for the increasing role of intellectual capital and its components as a determining factor in business growth, as well as the need to identify new determinants that influence company capitalization. In the context of overcoming the consequences of sanctions, intellectualization and digitalization of the economy, the problem of the study of the dependency of the capitalization of Russian companies on the state of the components of intellectual capital is significantly updated. The purpose of the study is to assess and model the impact of the competence component of intellectual capital and financial efficiency on the capitalization of Russian manufacturing companies.Methods of comparative and statistical analysis, calculation of financial and economic indicators, correlation and regression analysis, and the Farrar-Glauber test were used. According to correlation analysis, the capitalization of Russian public companies in the production sector is influenced by an internal factor such as patent activity. The constructed multifactor linear regression model allows for the conclusion that a 1% increase in the number of patents raises the company’s market capitalization by 1.23% while all other factors remain constant. It is concluded that in the Russian market the importance of material assets as a factor in business growth significantly prevails over the influence of the competence component of intellectual capital. Recommendations are given, the implementation of which in the practice of Russian manufacturing companies will maximize their capitalization by taking into account the financial and economic advantages from the use of the competence component of intellectual capital.
{"title":"The Influence of the Competence Component of Intellectual Capital and Financial Efficiency on the Capitalization of Russian Manufacturing Companies","authors":"Yu. Yu. Savchenko","doi":"10.26794/2587-5671-2023-27-6-199-210","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-199-210","url":null,"abstract":"The object of the study is Russian industrial companies whose shares are traded on the Moscow Exchange. The study’s subject is financial and financial connections in the field of using intellectual capital’s competence component as an important factor in business growth. The relevance of the study is important for the increasing role of intellectual capital and its components as a determining factor in business growth, as well as the need to identify new determinants that influence company capitalization. In the context of overcoming the consequences of sanctions, intellectualization and digitalization of the economy, the problem of the study of the dependency of the capitalization of Russian companies on the state of the components of intellectual capital is significantly updated. The purpose of the study is to assess and model the impact of the competence component of intellectual capital and financial efficiency on the capitalization of Russian manufacturing companies.Methods of comparative and statistical analysis, calculation of financial and economic indicators, correlation and regression analysis, and the Farrar-Glauber test were used. According to correlation analysis, the capitalization of Russian public companies in the production sector is influenced by an internal factor such as patent activity. The constructed multifactor linear regression model allows for the conclusion that a 1% increase in the number of patents raises the company’s market capitalization by 1.23% while all other factors remain constant. It is concluded that in the Russian market the importance of material assets as a factor in business growth significantly prevails over the influence of the competence component of intellectual capital. Recommendations are given, the implementation of which in the practice of Russian manufacturing companies will maximize their capitalization by taking into account the financial and economic advantages from the use of the competence component of intellectual capital.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"44 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139150572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-28DOI: 10.26794/2587-5671-2023-27-6-79-88
E. Dzhagityan, O. R. Mukhametov
In response to the Global Financial Crisis of 2008–2009, international financial regulators tightened the regime of banking supervision in order to minimize systemic risks, strengthen banking sector resilience and ensure financial stability. Given the increased level of credit risks and the issue of liquidity in the banking sector, as well as the role of banks in promoting the dynamics of the macro-environment, the objectives of banking regulation, through their interrelationship, may conflict with one another, and the research of this phenomenon is the subject of this article. The academic literature excludes research that provides definitive evidence on whether post-crisis banking regulation reform has achieved each of the abovementioned goals, determining the relevance of our study. The scientific novelty is attributed to the principally different approach proposed by the authors in assessing the effectiveness of the post-crisis model of international banking regulation, which is based on the analysis of the interaction and contradictions of the objectives of modern regulatory policy. The purpose of the study is to identify the extent to which the objectives of the post-crisis regulatory model were achieved and to what extent regulatory efforts contribute to the reduction of systemic risks. To achieve the research objectives, the authors applied methods of statistical and comparative analysis, synthesis of factors underlying the post-crisis regulatory mechanism, systematization, generalization and forecasting. The authors analyzed the main elements of the regulatory reform, examined the dynamics of the banking sector, and assessed the impact of the reform on systemic risks and economic growth. The research results show that tighter supervisory standards strengthened bank stress resilience, reduced systemic risks, and had a limited impact on economic growth. The article concludes that the objectives of banking regulation actively interact, but do not conflict: a consistent transition to the new Basel III standards allows each objective to be achieved.
{"title":"Three Objectives of International banking Regulation: Analysis of Their Interrelationship and Issues","authors":"E. Dzhagityan, O. R. Mukhametov","doi":"10.26794/2587-5671-2023-27-6-79-88","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-79-88","url":null,"abstract":"In response to the Global Financial Crisis of 2008–2009, international financial regulators tightened the regime of banking supervision in order to minimize systemic risks, strengthen banking sector resilience and ensure financial stability. Given the increased level of credit risks and the issue of liquidity in the banking sector, as well as the role of banks in promoting the dynamics of the macro-environment, the objectives of banking regulation, through their interrelationship, may conflict with one another, and the research of this phenomenon is the subject of this article. The academic literature excludes research that provides definitive evidence on whether post-crisis banking regulation reform has achieved each of the abovementioned goals, determining the relevance of our study. The scientific novelty is attributed to the principally different approach proposed by the authors in assessing the effectiveness of the post-crisis model of international banking regulation, which is based on the analysis of the interaction and contradictions of the objectives of modern regulatory policy. The purpose of the study is to identify the extent to which the objectives of the post-crisis regulatory model were achieved and to what extent regulatory efforts contribute to the reduction of systemic risks. To achieve the research objectives, the authors applied methods of statistical and comparative analysis, synthesis of factors underlying the post-crisis regulatory mechanism, systematization, generalization and forecasting. The authors analyzed the main elements of the regulatory reform, examined the dynamics of the banking sector, and assessed the impact of the reform on systemic risks and economic growth. The research results show that tighter supervisory standards strengthened bank stress resilience, reduced systemic risks, and had a limited impact on economic growth. The article concludes that the objectives of banking regulation actively interact, but do not conflict: a consistent transition to the new Basel III standards allows each objective to be achieved.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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