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Building an integrated index to assess the likelihood of overstated financial results in financial statements

Dudin S.A. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( s.a.dudin@nsuem.ru )

Savel'eva M.Yu. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( avsa_2010@mail.ru )

Maksimenko I.N. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( maksimenko.i@list.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2018

Importance Reliability and quality of financial statements guarantee the confidence of State structures, creditors, potential investors and other stakeholders of a company.
Objectives Our purpose is to discuss theoretical and methodological aspects of reliability of financial statements, build an indicator to reveal misstatements of financial results disclosed in accounting reports, define industry specifics in determining the indicators that characterize distortions in financial performance of companies.
Methods We offer a technique to estimate the probability of distortions in financial statements of companies involved in mining operations.
Results We built an integrated index to estimate the likelihood of misstated financial result in financial statements, i.e. its overstatement, for resource development companies. The paper proves that indicators characterizing distortions in financial statements of resource development companies do not coincide with indicators of construction companies.
Conclusions The test of the proposed approach enabled not only to unveil misstatements in the financial results of companies of two economic sectors, but also to define the amount of overstatements. Furthermore, the paper proves the presence of industry specifics in choosing the indicators that characterize the misstatements of companies.


The modern aspects of financing of scientific activity in the higher education sector (on example of Perm State University)

Mingaleva Zh.A. professor, Perm State University ( mingal1@psu.ru )

Maksimenko I.I. assistant, Perm State University ( ilonamaksimenko@mail.ru )

Journal: Regional Economics: Theory and Practice, #4, 2010

The search of alternative sources of financial means is very important in the conditions of reduction of the federal financing of higher education sector. In this work the features of financing of scientific researches in high education sector are considered on example of Perm State University. Basic tendencies and specific of financing of different directions of researches are exposed. The importance of variety of sourcings is grounded.


Bailout policy for financial institutions

Bozh'ya-Volya R.N. National Research University Higher School of Economics, Perm, Russian Federation ( romanb-v@mail.ru )

Maksimenko T.A. Perm, Russian Federation ( v.tatiana91@mail.ru )

Journal: Financial Analytics: Science and Experience, #2, 2015

Importance Financial crisis of 2008 clearly showed the weakness of the banking system of many countries to withstand shocks, and the ineffectiveness of existing mechanisms of regulation and control over financial institutions. The need for efficient public bailout policy for weak banks to counter the development of negative system effects and to mitigate the regulator's transaction costs became obvious.
     Objectives The subject of the research is a set of objective and behavioral factors that determine the probability of a bank failure and its consequences for the banking system as a whole. The research aims to develop a bailout policy for weak banks salvation, which to a maximum degree will promote a reduction in the ex ante moral hazard on behalf of the program recipient banks; a reduction in the regulator's transaction costs connected with control over financial institutions; a reduction in the number of "unrecorded" system-relevant institutions that remain without the State support.
     Methods We have proposed a rescue policy option using the theory of contracts methodology. The liquidity measures, together with the measures to control the "problem areas" of the banking system applied by the regulator, stimulate moral hazard of banks, which may result in financial difficulties at the microlevel, system instability and increased public debt at the macrolevel. In addition, the imperfect system of selecting banks for participation in the financial assistance program, which is focused to a greater extent on gross quantitative indicators, does not take into account financial productivity and networking aspects.
     Results We have proposed a mechanism of implementing a bailout policy, which helps to reduce the probability of moral hazard of banks participating in the program and regulator's transaction costs.
     Conclusions and Relevance The bailout policy mechanism also implies a reduction in the share of non-recorded system-relevant financial institutions. The research findings may be of interest to monetary authorities.


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