Pub Date : 2023-01-01DOI: 10.15826/vestnik.2023.22.1.008
M. V. Rodchenkov
The decline in the functionality of corporate reports compiled in accordance with International Financial Reporting Standards (IFRS) destabilizes the market information system and has a direct impact on investment decisions by the end users of these reports. One of the main factors contributing to the noted dysfunctionality is the discrepancy between the downward trend in the consumer value of the IFRS reporting for investors and the high assessments of its “formal” quality by the IFRS practitioners. For an effective solution of the identified problem, it is important to study the current qualitative assessments of the reporting by its end users. Therefore, the purpose of the study is to evaluate the degree of satisfaction among the representatives of the national investment community with the consumer characteristics of financial statements under IFRS. The hypothesis assumes that the consumer properties of the financial statements in their current state do not meet the interests of the users, primarily the investors. The applied methodology includes expert review using multivariate analysis tools. The objectivity and scientific novelty of the results obtained are also confirmed by the analysis of primary data from a survey conducted among the representatives of the business environment. The results of the tests performed are statistically significant and strongly indicate against the null hypothesis. The study confirms the low degree of satisfaction with the quality of the reporting among investors with heterogeneity of assessments in functional groups. Consequently, at the current stage of development of the IFRS system, formally high-quality financial statements do not fully meet the expectations and only partially meet the needs of the end users represented by investors and other interested representatives of the business community. The theoretical significance of the obtained results expanding the base of empirical data on the practical usefulness of financial statements, rests in the proposals for criteria and clarification of the level of satisfaction among the investment community of Russia with the quality of financial reporting under IFRS. The practical significance of the results obtained lies in the possibility of their use for adjusting managerial decisions in the practice of organizing international financial accounting and standardizing financial reporting.
{"title":"Assessment of the Satisfaction of the Russian Investment Community with the Quality of Financial Statements according to International Standards","authors":"M. V. Rodchenkov","doi":"10.15826/vestnik.2023.22.1.008","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.1.008","url":null,"abstract":"The decline in the functionality of corporate reports compiled in accordance with International Financial Reporting Standards (IFRS) destabilizes the market information system and has a direct impact on investment decisions by the end users of these reports. One of the main factors contributing to the noted dysfunctionality is the discrepancy between the downward trend in the consumer value of the IFRS reporting for investors and the high assessments of its “formal” quality by the IFRS practitioners. For an effective solution of the identified problem, it is important to study the current qualitative assessments of the reporting by its end users. Therefore, the purpose of the study is to evaluate the degree of satisfaction among the representatives of the national investment community with the consumer characteristics of financial statements under IFRS. The hypothesis assumes that the consumer properties of the financial statements in their current state do not meet the interests of the users, primarily the investors. The applied methodology includes expert review using multivariate analysis tools. The objectivity and scientific novelty of the results obtained are also confirmed by the analysis of primary data from a survey conducted among the representatives of the business environment. The results of the tests performed are statistically significant and strongly indicate against the null hypothesis. The study confirms the low degree of satisfaction with the quality of the reporting among investors with heterogeneity of assessments in functional groups. Consequently, at the current stage of development of the IFRS system, formally high-quality financial statements do not fully meet the expectations and only partially meet the needs of the end users represented by investors and other interested representatives of the business community. The theoretical significance of the obtained results expanding the base of empirical data on the practical usefulness of financial statements, rests in the proposals for criteria and clarification of the level of satisfaction among the investment community of Russia with the quality of financial reporting under IFRS. The practical significance of the results obtained lies in the possibility of their use for adjusting managerial decisions in the practice of organizing international financial accounting and standardizing financial reporting.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85470555","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.1.002
H. Hadouga
The most important roots of foreign income, government fiscal and monetary policies shape the general perception of competitiveness given that it is export that determines how a country can try for the level of economic growth. The aim of this study is to investigate the impact of exports on economic growth in Russia by analyzing the relationship between exports and economic growth in the period 2000-2022 and predicting the effects for the period 2023-2033. The unit root test, which is the Augmented Dickey-Fuller test (ADF), was used to determine stability in the data. The fully modified ordinary least squares method (FMOLS) was used to estimate the coefficient of variables, the Classification Prediction Model Based on LR was used, and artificial intelligence.The results showed that exports have a positive and significant impact on economic growth in Russia, and that there are positive developments at the level of economic growth, as well as at the level of the variables of exports and investment in the future, which confirms the impact of the hypothesis of exports on economic growth in Russiawhere it was found that there is a rise in the indicators of each of exports, investment, and economic growth from 2023 to 2032, according to the period adopted for the study. This proves the validity of the hypothesis, that there is a positive relationship between exports and the growth of the Russian economy during the next ten years after 2022.
{"title":"The Impact of Exports on Economic Growth in Russia: Retrospective and Perspective","authors":"H. Hadouga","doi":"10.15826/vestnik.2023.22.1.002","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.1.002","url":null,"abstract":"The most important roots of foreign income, government fiscal and monetary policies shape the general perception of competitiveness given that it is export that determines how a country can try for the level of economic growth. The aim of this study is to investigate the impact of exports on economic growth in Russia by analyzing the relationship between exports and economic growth in the period 2000-2022 and predicting the effects for the period 2023-2033. The unit root test, which is the Augmented Dickey-Fuller test (ADF), was used to determine stability in the data. The fully modified ordinary least squares method (FMOLS) was used to estimate the coefficient of variables, the Classification Prediction Model Based on LR was used, and artificial intelligence.The results showed that exports have a positive and significant impact on economic growth in Russia, and that there are positive developments at the level of economic growth, as well as at the level of the variables of exports and investment in the future, which confirms the impact of the hypothesis of exports on economic growth in Russiawhere it was found that there is a rise in the indicators of each of exports, investment, and economic growth from 2023 to 2032, according to the period adopted for the study. This proves the validity of the hypothesis, that there is a positive relationship between exports and the growth of the Russian economy during the next ten years after 2022.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88351760","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.1.003
B. Sokolov, X. Jiang
The article traces the evolution of the market-oriented reform of the exchange rate of the yuan, the national currency of the People's Republic of China. The purpose of the study is to reveal the consistently implemented reform aimed at domestic economic growth on the internationalization of the yuan exchange rate. A hypothesis was formulated according to which, in the conditions of an export-oriented economy, the internationalization of the exchange rate of the national currency without opening financial accounts of the balance of payments is able to remove the limits of economic growth, and thereby allows an adequate response to external and internal negative challenges (global economic crises, pandemic, sanctions, etc.). To test the hypothesis: 1) the specific practical measures are traced that were taken by the People's Bank of China to internationalize the yuan as a tool for attracting external resources for the growth of an export-oriented economy from 1994 to the present; 2) methods of statistical, comparative and step-by-step regression analysis, synthesis, generalization, as well as the logical method were used. The results of the study confirmed the correctness of the formulated hypothesis. Based on them, it is concluded that improving the market-oriented reform of the yuan exchange rate without opening financial accounts of the balance of payments may consist in creating a hidden target zone of the yuan exchange rate together with the reform of the currency system and the mechanism of currency issuance under the influence of the yuan equivalent of foreign exchange reserves. The theoretical significance of the results obtained consists in substantiating the variety of ways of internationalization of the national currency in relatively undeveloped domestic financial markets. The practical significance is connected with the generalization of current measures for further internationalization of the yuan without opening financial accounts of the balance of payments: the abolition of the average parity and the daily floating limit of 2%; the establishment of a hidden target zone for the yuan exchange rate based on the equilibrium exchange rate; the creation of exchange rate equalization funds for operations on the open market; optimization of the structure of reserve assets and increase shares of gold reserves.
{"title":"Market-Oriented Reform of the Yuan Exchange Rate: Organizational and Analytical Aspects","authors":"B. Sokolov, X. Jiang","doi":"10.15826/vestnik.2023.22.1.003","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.1.003","url":null,"abstract":"The article traces the evolution of the market-oriented reform of the exchange rate of the yuan, the national currency of the People's Republic of China. The purpose of the study is to reveal the consistently implemented reform aimed at domestic economic growth on the internationalization of the yuan exchange rate. A hypothesis was formulated according to which, in the conditions of an export-oriented economy, the internationalization of the exchange rate of the national currency without opening financial accounts of the balance of payments is able to remove the limits of economic growth, and thereby allows an adequate response to external and internal negative challenges (global economic crises, pandemic, sanctions, etc.). To test the hypothesis: 1) the specific practical measures are traced that were taken by the People's Bank of China to internationalize the yuan as a tool for attracting external resources for the growth of an export-oriented economy from 1994 to the present; 2) methods of statistical, comparative and step-by-step regression analysis, synthesis, generalization, as well as the logical method were used. The results of the study confirmed the correctness of the formulated hypothesis. Based on them, it is concluded that improving the market-oriented reform of the yuan exchange rate without opening financial accounts of the balance of payments may consist in creating a hidden target zone of the yuan exchange rate together with the reform of the currency system and the mechanism of currency issuance under the influence of the yuan equivalent of foreign exchange reserves. The theoretical significance of the results obtained consists in substantiating the variety of ways of internationalization of the national currency in relatively undeveloped domestic financial markets. The practical significance is connected with the generalization of current measures for further internationalization of the yuan without opening financial accounts of the balance of payments: the abolition of the average parity and the daily floating limit of 2%; the establishment of a hidden target zone for the yuan exchange rate based on the equilibrium exchange rate; the creation of exchange rate equalization funds for operations on the open market; optimization of the structure of reserve assets and increase shares of gold reserves.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86279597","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.3.030
Maria O. Kakaulina, Alexander S. Wagner
The issue of enrichment through artificially inflated stock prices has become especially significant in the past decade due to the increasing number of lawsuits filed against various publicly listed companies. The purpose of this study is to thoroughly examine the income generation process resulting from the collateralization of artificially inflated stocks and to assess the possible profitability of this operation for all parties involved. The research hypothesis is the possibility of an income-generating scheme based on the process of depositing overvalued securities of companies under securities-backed lines of credit offered by financial institutions around the world. The essence of the research procedure is a step-by-step study of two processes: capital round-tripping as a means of stock price inflation, and subsequent pledging of shares for a line of credit, and the application of the DuPont formula to calculate return on investment. The main results indicate that the potential beneficiary's cashback could reach approximately 180% of the initial investment, subject to a four-fold increase in share price. Bank profitability ranges from 28.6% in the worst-case scenario to around 80% in the best case scenario for this credit transaction. The theoretical and practical significance lies in the introduction and definition of the term "Clean Cashback" for scientific research, the visualization of the income generation process, and the development of a methodology to calculate profitability for all participants involved. One additional avenue for future research is examining the stock market's reaction to the collapse of inflated stock prices, considering the time lag before margin calls.
{"title":"Collateralization of Artificially Inflated Stocks as a Way of Generating Profit – “Clean Cashback”","authors":"Maria O. Kakaulina, Alexander S. Wagner","doi":"10.15826/vestnik.2023.22.3.030","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.3.030","url":null,"abstract":"The issue of enrichment through artificially inflated stock prices has become especially significant in the past decade due to the increasing number of lawsuits filed against various publicly listed companies. The purpose of this study is to thoroughly examine the income generation process resulting from the collateralization of artificially inflated stocks and to assess the possible profitability of this operation for all parties involved. The research hypothesis is the possibility of an income-generating scheme based on the process of depositing overvalued securities of companies under securities-backed lines of credit offered by financial institutions around the world. The essence of the research procedure is a step-by-step study of two processes: capital round-tripping as a means of stock price inflation, and subsequent pledging of shares for a line of credit, and the application of the DuPont formula to calculate return on investment. The main results indicate that the potential beneficiary's cashback could reach approximately 180% of the initial investment, subject to a four-fold increase in share price. Bank profitability ranges from 28.6% in the worst-case scenario to around 80% in the best case scenario for this credit transaction. The theoretical and practical significance lies in the introduction and definition of the term \"Clean Cashback\" for scientific research, the visualization of the income generation process, and the development of a methodology to calculate profitability for all participants involved. One additional avenue for future research is examining the stock market's reaction to the collapse of inflated stock prices, considering the time lag before margin calls.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135909662","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.2.014
Alexander E. Plesovskikh
Modern studies widely discuss the role of special economic zones in stimulating the economic growth and development of Russia, generating the necessary investment flows and increasing the country's innovative potential by expanding production in high-tech sectors of the economy with high added value. The purpose of the study is to model the process of generating residents and to determine quantitative factors that have a statistically significant effect on the average annual growth rate of companies participating in special economic zones in the Russian Federation. The paper describes modern approaches to predicting the choice of potential residents to start doing business in the territory of the SEZ using classification approaches (Support Vector Machines, Decision Trees, Random Forest, Naive Bayes, K-Nearest Neighbor, Gradient Boosting) and regression approaches (logistic regression). A modern classification algorithm was applied in practice - Histogram-based Gradient Boosting Classification Tree, which is stable for analyzing large data with missing variable values and does not require preliminary sample transformation. The paper confirms the hypothesis that there is a positive relationship between the location of the organization and its financial result forming by the end of the year. On average, in the sample, resident companies located near the centers of the constituent entities of the Russian Federation are more successful in terms of generated revenue. The hypothesis that there is a strong relationship between indicators of spatial differentiation of the regions of the Russian Federation and indicators characterizing the process of generating residents and private investment has not been fully confirmed. From a practical point of view, the results of the study could be applied by both resident organizations, potential residents, and SEZ management companies. The theoretical significance of the study lies in the specification of the proposed binary choice model for potential residents, which can be expanded and generalized in future works. At present, there are all the necessary prerequisites for creating conditions for the development of industry, high-tech sectors of the economy and the production of high value-added products in order to increase the stability of the Russian economy.
{"title":"Special Economic Zones of Russia: Forecasting Decisions of Potential Residents and Resident Generation Process Modeling","authors":"Alexander E. Plesovskikh","doi":"10.15826/vestnik.2023.22.2.014","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.2.014","url":null,"abstract":"Modern studies widely discuss the role of special economic zones in stimulating the economic growth and development of Russia, generating the necessary investment flows and increasing the country's innovative potential by expanding production in high-tech sectors of the economy with high added value. The purpose of the study is to model the process of generating residents and to determine quantitative factors that have a statistically significant effect on the average annual growth rate of companies participating in special economic zones in the Russian Federation. The paper describes modern approaches to predicting the choice of potential residents to start doing business in the territory of the SEZ using classification approaches (Support Vector Machines, Decision Trees, Random Forest, Naive Bayes, K-Nearest Neighbor, Gradient Boosting) and regression approaches (logistic regression). A modern classification algorithm was applied in practice - Histogram-based Gradient Boosting Classification Tree, which is stable for analyzing large data with missing variable values and does not require preliminary sample transformation. The paper confirms the hypothesis that there is a positive relationship between the location of the organization and its financial result forming by the end of the year. On average, in the sample, resident companies located near the centers of the constituent entities of the Russian Federation are more successful in terms of generated revenue. The hypothesis that there is a strong relationship between indicators of spatial differentiation of the regions of the Russian Federation and indicators characterizing the process of generating residents and private investment has not been fully confirmed. From a practical point of view, the results of the study could be applied by both resident organizations, potential residents, and SEZ management companies. The theoretical significance of the study lies in the specification of the proposed binary choice model for potential residents, which can be expanded and generalized in future works. At present, there are all the necessary prerequisites for creating conditions for the development of industry, high-tech sectors of the economy and the production of high value-added products in order to increase the stability of the Russian economy.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75427699","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.2.015
O. Smirnov
Technological connection of new construction facilities to public infrastructure is one of the key sources of financing for urban infrastructure. It is assumed that in order to attract developers, it is important for cities to have affordable and transparent procedures for technological connection. The purpose of the study is to substantiate the impact of the affordability and transparency of technological connection procedures on the developer's decision on new construction in Russian cities. The scientific hypothesis is that these characteristics should have an impact mainly on the cost indicators of building construction. As part of the study, 152 regulatory documents (decrees, orders, etc.) were analyzed for resource-supplying organizations in 85 regional centers of the constituent entities of the Russian Federation. Based on these data, a methodology for assessing the level of transparency of tariff decisions in the field of technological connection is proposed, and calculations of the cost of technological connection (affordability level) to heat supply, water supply and sanitation systems are attached. Correlation analysis is used to identify the relationship between the characteristics of affordability and transparency with key indicators of housing construction. It is shown that in cities with a population of up to 100 thousand people, and from 500 thousand people and above the cost of technological connection are relatively similar. The lowest connection fees are in cities with a population of 250,000 to 500,000 people. Separately, the discrepancy between the high volumes of construction in cities with over one million people and the low level of transparency of payment for technological connection in them is highlighted. It was also found that the higher the connection cost, the higher the cost and profitability of construction, as well as the price per square meter, and with increased transparency, the profitability of construction also increases. The theoretical significance of the work lies in the development of a methodological approach to assessing the effectiveness of technological connection practices. The practical significance of the work lies in the classification of problems in the field of technological connection and the assessment of their impact on housing construction, which allows us to raise the question of the need to create a unified information system in the field of technological connection.
{"title":"Assessment of the Impact of Transparency and Affordability of Technological Connection on the Developer's Decision on New Construction in Russian Cities","authors":"O. Smirnov","doi":"10.15826/vestnik.2023.22.2.015","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.2.015","url":null,"abstract":"Technological connection of new construction facilities to public infrastructure is one of the key sources of financing for urban infrastructure. It is assumed that in order to attract developers, it is important for cities to have affordable and transparent procedures for technological connection. The purpose of the study is to substantiate the impact of the affordability and transparency of technological connection procedures on the developer's decision on new construction in Russian cities. The scientific hypothesis is that these characteristics should have an impact mainly on the cost indicators of building construction. As part of the study, 152 regulatory documents (decrees, orders, etc.) were analyzed for resource-supplying organizations in 85 regional centers of the constituent entities of the Russian Federation. Based on these data, a methodology for assessing the level of transparency of tariff decisions in the field of technological connection is proposed, and calculations of the cost of technological connection (affordability level) to heat supply, water supply and sanitation systems are attached. Correlation analysis is used to identify the relationship between the characteristics of affordability and transparency with key indicators of housing construction. It is shown that in cities with a population of up to 100 thousand people, and from 500 thousand people and above the cost of technological connection are relatively similar. The lowest connection fees are in cities with a population of 250,000 to 500,000 people. Separately, the discrepancy between the high volumes of construction in cities with over one million people and the low level of transparency of payment for technological connection in them is highlighted. It was also found that the higher the connection cost, the higher the cost and profitability of construction, as well as the price per square meter, and with increased transparency, the profitability of construction also increases. The theoretical significance of the work lies in the development of a methodological approach to assessing the effectiveness of technological connection practices. The practical significance of the work lies in the classification of problems in the field of technological connection and the assessment of their impact on housing construction, which allows us to raise the question of the need to create a unified information system in the field of technological connection.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75488945","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.3.023
Darya A. Zubakina, Pavel E. Koliasov
Numerous studies have been devoted to the factors influencing the market success of startups. However, at early stages of startup development, obtaining investments is a priority. Nevertheless, the topic of the influence of various factors, specifically the choice of business model, on the amount of investment received by a startup remains underexplored. Therefore, the aim of this research is to assess the impact of the business model on the amount of investment received by a startup at the Series A stage. The hypothesis being put forward is that the business model patterns utilized by the startup impact the amount of investment received at the Series A stage. To achieve this goal and test the hypothesis, Student's t-test and Mann-Whitney test were applied to a sample of 2313. As a result of the study, the influence of the business model for different industries was revealed. Considering that different business models have varying effects on the amount of investment, models leading to an increase or decrease in investment size were identified for startup founders. The results of this article enable startups to compare their chosen model with those that allow for larger investments and to adjust their chosen strategy. Additionally, this study stands out due to the uniqueness of the methods applied within the scope of the issues covered in the article and the unique sample size in assessing the impact of the business model factor. The findings of this research serve as a catalyst for incorporating the business model factor into further studies dedicated to a comprehensive assessment of a startup's investment attractiveness and the creation of a machine learning model to predict the success of obtaining investments and the amount of investment a startup can expect.
{"title":"The Impact of the Business Model on the Size of Investments Received by a Startup at the Series A Stage in the US Market","authors":"Darya A. Zubakina, Pavel E. Koliasov","doi":"10.15826/vestnik.2023.22.3.023","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.3.023","url":null,"abstract":"Numerous studies have been devoted to the factors influencing the market success of startups. However, at early stages of startup development, obtaining investments is a priority. Nevertheless, the topic of the influence of various factors, specifically the choice of business model, on the amount of investment received by a startup remains underexplored. Therefore, the aim of this research is to assess the impact of the business model on the amount of investment received by a startup at the Series A stage. The hypothesis being put forward is that the business model patterns utilized by the startup impact the amount of investment received at the Series A stage. To achieve this goal and test the hypothesis, Student's t-test and Mann-Whitney test were applied to a sample of 2313. As a result of the study, the influence of the business model for different industries was revealed. Considering that different business models have varying effects on the amount of investment, models leading to an increase or decrease in investment size were identified for startup founders. The results of this article enable startups to compare their chosen model with those that allow for larger investments and to adjust their chosen strategy. Additionally, this study stands out due to the uniqueness of the methods applied within the scope of the issues covered in the article and the unique sample size in assessing the impact of the business model factor. The findings of this research serve as a catalyst for incorporating the business model factor into further studies dedicated to a comprehensive assessment of a startup's investment attractiveness and the creation of a machine learning model to predict the success of obtaining investments and the amount of investment a startup can expect.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135908038","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.1.001
D. M. Sari, I. Asngari, A. Hidayat, S. Andaiyani
Almost every country, both developed and developing ones, faces stability problems and economic growth problems. One of the issues that receives special attention in each country is inflation. Inflation is seen as a crucial variable for potential economic conditions where sustainable economic growth is the main goal of every country. Unstable inflation can be influenced by macroeconomic variables, including interest rates, exchange rates, and output gaps. Observing how the determinants affect inflation, we hypothesize that interest rates and exchange rates have a negative and significant effect on inflation while the output gap has a positive and significant effect on inflation. To explore our goals, we use panel data consisting of ASEAN countries including Indonesia, Malaysia, Singapore, Thailand and the Philippines. The panel data analysis method allows us to study the dynamics of changes with time series by using the Fixed Effect Model. The data used in this study are secondary data for 2000-2019 obtained from the World Bank and Global Economic Data, Indicators, Charts & Forecasts. The results showed that the variables Interest Rate, Exchange Rate and Output Gap together had a significant effect on inflation. Interest Rates and Exchange Rates have a negative and significant effect on Inflation in the five ASEAN countries. Meanwhile, the Output Gap has a positive and significant effect on inflation in the five ASEAN countries. Indonesia and the Philippines have the highest inflation estimates. Indonesia is the country with the highest inflation with an average inflation of 6.76%.The lowest inflation intercepts and estimates were in Singapore. The inflation rate over the past 20 years in Singapore has tended to fluctuate with an average of 1.53%.
{"title":"The Effect of Interest Rates, Exchange Rates and Output Gap on Inflation in Five ASEAN Countries: A Panel Data Evidence","authors":"D. M. Sari, I. Asngari, A. Hidayat, S. Andaiyani","doi":"10.15826/vestnik.2023.22.1.001","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.1.001","url":null,"abstract":"Almost every country, both developed and developing ones, faces stability problems and economic growth problems. One of the issues that receives special attention in each country is inflation. Inflation is seen as a crucial variable for potential economic conditions where sustainable economic growth is the main goal of every country. Unstable inflation can be influenced by macroeconomic variables, including interest rates, exchange rates, and output gaps. Observing how the determinants affect inflation, we hypothesize that interest rates and exchange rates have a negative and significant effect on inflation while the output gap has a positive and significant effect on inflation. To explore our goals, we use panel data consisting of ASEAN countries including Indonesia, Malaysia, Singapore, Thailand and the Philippines. The panel data analysis method allows us to study the dynamics of changes with time series by using the Fixed Effect Model. The data used in this study are secondary data for 2000-2019 obtained from the World Bank and Global Economic Data, Indicators, Charts & Forecasts. The results showed that the variables Interest Rate, Exchange Rate and Output Gap together had a significant effect on inflation. Interest Rates and Exchange Rates have a negative and significant effect on Inflation in the five ASEAN countries. Meanwhile, the Output Gap has a positive and significant effect on inflation in the five ASEAN countries. Indonesia and the Philippines have the highest inflation estimates. Indonesia is the country with the highest inflation with an average inflation of 6.76%.The lowest inflation intercepts and estimates were in Singapore. The inflation rate over the past 20 years in Singapore has tended to fluctuate with an average of 1.53%.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87758095","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.2.019
L. Serkov
The aim of the work is to analyze the changes and behavioral features of economic agents when wage rigidity is incorporated into the new Keynesian model in comparison with the model with flexible wages and rigid prices under cognitive constraints of agents. The relevance of the work lies in the fact that the model under study is able to describe the typical features of the movement of a real business cycle. The working hypothesis is an assumption that the forecasting of the output gap, inflation of prices and wages occurs with the help of fundamentalist and extrapolation rules. The first rule is based on the prediction of the studied variables based on their stationary values. The second rule is based on the extrapolation of the latest available data for the variables under study. The weight shares of agents applying these heuristic rules change endogenously, which is the source of endogenous waves of optimism and pessimism, and the scientific novelty of the analysis of models with an imperfect labor market. An analysis of the impulse responses of an interest rate shock and a technological shock suggests that a more flexible economy (an economy with flexible wages and rigid prices) is less prone to an abrupt economic cycle caused by waves of optimism and pessimism than a more rigid economy. These shocks cause ripple effects in the economy, meaning that a tight economy will be more prone to booms and busts driven by alternating optimism and pessimism than an agile economy. It is concluded that the difference between the degree of optimism and pessimism in the base model, as well as in the model with rigid wages and prices, is the full trust of agents in the Central Bank in targeting wage inflation in the absence of stabilization of this inflation by the bank. The practical significance of the work lies in the fact that the results obtained may be useful in stabilizing the considered variables under the monetary policy of the Central Bank.
{"title":"Effect of sticky Wages on the Behavior of Economic Agents with Heterogeneous Expectations","authors":"L. Serkov","doi":"10.15826/vestnik.2023.22.2.019","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.2.019","url":null,"abstract":"The aim of the work is to analyze the changes and behavioral features of economic agents when wage rigidity is incorporated into the new Keynesian model in comparison with the model with flexible wages and rigid prices under cognitive constraints of agents. The relevance of the work lies in the fact that the model under study is able to describe the typical features of the movement of a real business cycle. The working hypothesis is an assumption that the forecasting of the output gap, inflation of prices and wages occurs with the help of fundamentalist and extrapolation rules. The first rule is based on the prediction of the studied variables based on their stationary values. The second rule is based on the extrapolation of the latest available data for the variables under study. The weight shares of agents applying these heuristic rules change endogenously, which is the source of endogenous waves of optimism and pessimism, and the scientific novelty of the analysis of models with an imperfect labor market. An analysis of the impulse responses of an interest rate shock and a technological shock suggests that a more flexible economy (an economy with flexible wages and rigid prices) is less prone to an abrupt economic cycle caused by waves of optimism and pessimism than a more rigid economy. These shocks cause ripple effects in the economy, meaning that a tight economy will be more prone to booms and busts driven by alternating optimism and pessimism than an agile economy. It is concluded that the difference between the degree of optimism and pessimism in the base model, as well as in the model with rigid wages and prices, is the full trust of agents in the Central Bank in targeting wage inflation in the absence of stabilization of this inflation by the bank. The practical significance of the work lies in the fact that the results obtained may be useful in stabilizing the considered variables under the monetary policy of the Central Bank.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86903362","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 : 2023-01-01DOI: 10.15826/vestnik.2023.22.2.013
V. Akberdina, I. Naumov, S. Krasnykh
The heterogeneity in the development of the digital space of Russian regions is due to the action of many factors related to the overall level of socio-economic well-being. The formation and expansion of digital space, too, has an impact on the socio-economic development of regions. The hypothesis of the study is an assumption that there is a two-way relationship between the digital space formed in the regions and the socio-economic indicators of their development. The purpose of the study is to identify the specifics of the formation of digital space in the regions, to assess the factors of its development and the cause-and-effect relationship with the indicators of socio-economic development of the territories. The article presents a methodological approach, the feature of which is the systematic use of methods of spatial autocorrelation analysis, methods of regression analysis on panel data and Granger causal relationship testing. As a result of this study, three groups of regions were identified according to the level of the development of digital space and the key factors of its development were identified. In the first group of regions, the high level of digital space development is due to the active use of advanced production technologies and a significant volume of GRP. In the regions of the second group, which included the leading production centers of the country, the development of the digital space is influenced not only by the economic condition of the territories, but also by their fiscal security. The development of the digital space in the regions of the third group, which are characterized by a weak level of the development of digital infrastructure and its use, is significantly influenced not only by the volume of the GRP produced and the budgetary provision, but also by the turnover of retail trade and the active use of advanced technologies. The study of cause-effect relationships using the Granger test allowed us to establish an inverse impact of the digital space on the socio-economic development indicators of the three groups of regions, thus confirming the hypothesis put forward. The used methodological approach and modeling results can be used to find optimal mechanisms for the development of the regions' digital space in order to ensure balanced socio-economic development.
{"title":"Digital Space of Regions: Assessment of Development Factors and Influence on Socio-Economic Growth","authors":"V. Akberdina, I. Naumov, S. Krasnykh","doi":"10.15826/vestnik.2023.22.2.013","DOIUrl":"https://doi.org/10.15826/vestnik.2023.22.2.013","url":null,"abstract":"The heterogeneity in the development of the digital space of Russian regions is due to the action of many factors related to the overall level of socio-economic well-being. The formation and expansion of digital space, too, has an impact on the socio-economic development of regions. The hypothesis of the study is an assumption that there is a two-way relationship between the digital space formed in the regions and the socio-economic indicators of their development. The purpose of the study is to identify the specifics of the formation of digital space in the regions, to assess the factors of its development and the cause-and-effect relationship with the indicators of socio-economic development of the territories. The article presents a methodological approach, the feature of which is the systematic use of methods of spatial autocorrelation analysis, methods of regression analysis on panel data and Granger causal relationship testing. As a result of this study, three groups of regions were identified according to the level of the development of digital space and the key factors of its development were identified. In the first group of regions, the high level of digital space development is due to the active use of advanced production technologies and a significant volume of GRP. In the regions of the second group, which included the leading production centers of the country, the development of the digital space is influenced not only by the economic condition of the territories, but also by their fiscal security. The development of the digital space in the regions of the third group, which are characterized by a weak level of the development of digital infrastructure and its use, is significantly influenced not only by the volume of the GRP produced and the budgetary provision, but also by the turnover of retail trade and the active use of advanced technologies. The study of cause-effect relationships using the Granger test allowed us to establish an inverse impact of the digital space on the socio-economic development indicators of the three groups of regions, thus confirming the hypothesis put forward. The used methodological approach and modeling results can be used to find optimal mechanisms for the development of the regions' digital space in order to ensure balanced socio-economic development.","PeriodicalId":44290,"journal":{"name":"Margin-Journal of Applied Economic Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82695677","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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