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Business social responsibility: World trends and domestic characteristics

Pashtova L.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( palelya@yandex.ru )

Komel'kov M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( academy@fa.ru )

Journal: Financial Analytics: Science and Experience, #8, 2017

Importance The paper reveals the importance of researching the foundations of social business responsibility, the practice of applying this concept in Russia and abroad. The article deals with the most typical managerial problems of the constituent elements of corporate social responsibility.
Objectives The purpose of the article is to substantiate the importance of researching the principles and components of the social responsibility of business, reviewing the experience of foreign and Russian practices, and identifying trends and opportunities for the development of social business responsibility in Russia.
Methods The authors use analytical methods of research of social activity of Russian and foreign companies.
Results The analysis shows that in Russia, the most important internal constraining factor is the low level of social responsibility of companies' management.
Conclusions and Relevance When studying the material, it was found that the Russian practice of the CSR has not yet reached a sufficiently high level. But despite this, in the face of the ongoing economic crisis, the Russian companies do not reduce their socially-oriented costs.


Current issues of start-ups (small manufacturing enterprises) in the economy of Russia

Pashtova L.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( palelya@yandex.ru )

Baev G.O. Bauman Moscow State Technical University, Moscow, Russian Federation ( baevgo@gmail.com )

Journal: Financial Analytics: Science and Experience, #37, 2015

Importance The article deals with the importance of small business and its core, i.e. small manufacturing enterprises (SME) as the main source of GDP and innovative development drivers, and illustrates cases of developed economies. The research focuses on issues of financing small business, other aspects and possible solutions.
     Objectives The research substantiates the importance of management quality in terms of SME growth and successful development, studies issues of managing SME during various stages of the life cycle, determines critical managerial issues that affect the performance of SME and prepare recommendations for improving the small business management system.
     Methods The article reviews data on economic and innovative activities of the Russian and foreign small businesses. The research applies methods of evaluating the efficiency of finance for innovative activity in Russia.
     Results As a result of the research, we found that Russia has a weakness in the institutional environment that impedes the development of SME. We demonstrate that the low management level is the most critical internal constraint.
     Conclusions and Relevance To make SME more important actors in the Russian economy, it is reasonable to improve the small business financing system and make it more accessible. As their key objective, executives of SME should improve the management quality. For this, we started the research into the Management Issues in Small Industrial Enterprises during Various Stages of the Corporate Life Cycle, which will result in recommendations for improving the management system of SME.


Financial role of the State and business in enhancing the innovation activity of companies

Pashtova L.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( palelya@yandex.ru )

Journal: Financial Analytics: Science and Experience, #1, 2015

Importance Integrated innovation policy of the State aimed at creation and implementation of innovative processes, significantly increases the inflow of investments into the country. Today, enhancing innovative activity, which will give an opportunity to lay the foundation of a strong competitive State, assumes priority for the Russian Federation and its domestic companies. In this aspect, the financial participation of the State in enhancing of innovation activity is absolutely essential. However, it is necessary to pay attention to big business as well, as its share in innovative undertakings should increase.
     Objectives The article considers the most important aspects of government and business activities aimed at increasing the Russian innovation activity over the past 20 years. I analyze the State policy in the field of support for science and involving large business organizations in scientific activities financing.
     Methods In order to determine the financial role of the State and private business, the paper provides an analysis of innovation activity data of the Russian companies since the 1990s. The article also assesses the efficiency of financing of the Russian innovation activity.
     Results The calculations have shown that Russia has not yet formed the institutional environment, which facilitates innovation activity and the introduction of innovations, and the financial role of the State in the implementation of innovative development remains a determining one. At the same time, big business is passively involved in the creation of the country's innovative capacity.
     Conclusions and Relevance I came to a conclusion that to enhance economic growth and innovation activity in the country it is necessary to substantially involve private businesses in financing of innovations and fostering their interest in changing raw material orientation of the Russian economy development.


Applied aspects of diagnostics of the bankruptcy risk of major oil corporations

Pashtova L.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( palelya@yandex.ru )

Emel'yanova M.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ps.marina@mail.ru )

Shashkova P.G. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ivanovapg@gmail.com )

Journal: Financial Analytics: Science and Experience, #39, 2014

Importance The assessment of the bankruptcy and business solvency risks is one of the most important aspects of the financial analysis. Proceeding from the variety of methods of the assessment of an enterprise's bankruptcy risk, it is rather complicated to choose the most optimal one (providing the most precise and adequate forecasting), which is applicable to a particular company and economic conditions, prevailing in the country.
     Objectives The article considers the most popular forecast models of the bankruptcy risk assessment including the Taffler model, a couple of the Altman's models and also the four-factor model of the Irkutsk State Economic Academy (hereinafter referred to as the ISEA R-model).
     Methods In order to assess the possibilities of the use of different models in practice, and to obtain adequate results for the Russian economy, we have analyzed the bankruptcy risk by using the five-factor Altman's model (Z-model) and the ISEA R-model on the basis of the financial reporting for 2012 of the Russian major oil companies, such as ОАО LUKOIL, ОАО Gazpromneft, ОАО Surgutneftegaz, ОАО NGK Slavneft and ОАО Tatneft.
     Results The computed data demonstrated that the Z-model and ISEA R-model differ absolutely in the bankruptcy risk assessment of the Russian oil corporations. The data show that in order to adequately assess the risk of bankruptcy of the Russian corporations, is not possible to use the existing models.
     Conclusions and Relevance We have reached the conclusion that while choosing a model of the bankruptcy risk assessment, we should take into account various aspects of the national, economic and other specifics, which unavoidably influence the operation of corporations in the particular country. In order to estimate the risks for the Russian oil companies taking into account the specifics of the internal market, we hardly can use the Z-model because it has not been tried in Russian companies, and it is not relevant for today. In this case, the ISEA R-model which has been estimated in the Russian environment is the most optimal one.


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