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Whether the international diversification of large Russian companies influences standard of profitability demanded by investors

Shcherbakov D.Y. Graduate Student of department "Economics and Finance of a Firm", the National Research University - the Higher School of Economics ( dm.shcherbakov@gmail.com )

Journal: Finance and credit, #44, 2012

In the article it is noted that the Russian companies actively diversify the international structure of business, entering the markets of the CIS and foreign countries. However effectiveness of international diversification in some cases is questionable. The majority of the academic researches testifies that the international diversification of the companies with developed and emerging markets reduces profitability of business. Influence of internationalization on the alternative cost of the capital defined as the average expenses for the enclosed capital (WACC), remains insufficiently studied area. The approach to an assessment of influence of internationalization on the average costs of the capital is offered. It is shown that dependence of WACC on level of the international diversification wears a U-return uniform, and the companies with the international structure of business are characterized by higher risk level.


The position and role of universities in the innovative development of Russian regions

Tereshchenko D.S. Petrozavodsk State University, Petrozavodsk, Russian Federation ( dter@petrsu.ru )

Shcherbakov V.S. Omsk State University, Omsk, Russian Federation ( chsherbakov.v@gmail.com )

Journal: Regional Economics: Theory and Practice, #12, 2016

Importance The article deals with the issues of functioning of educational institutions within regional innovation development.
Objectives The main objective of the study is to provide the results of analysis of the role of universities in the innovative development of the subjects of the Russian Federation.
Methods To consider the linkage between parameters of the educational and innovation systems of a region, we used a correlation analysis.
Results Using the method of instrumental variables, we prove the positive effect of scientific-educational activity on the innovation development of the region. We found that the growth of quantitative performance indicators of educational institutions leads to enhance the innovation activities in the region.
Conclusions and Relevance We conclude that there are many potential channels through which higher education institutions may affect the innovation development of the region. We reaffirm a statistically significant relationship between the activities of scientific and educational organizations and characteristics of regional innovation development. The results of this article can be used when designing and implementing economic strategies and, in particular, the strategies of innovative development of regions of the Russian Federation.


Internalization of institutions as economic inducement

Shcherbakov I.V. Samara State Transport University, Samara, Russian Federation ( ig063@mail.ru )

Journal: Regional Economics: Theory and Practice, #2, 2018

Subject This article explores the internalization of existing institutions as independent economic incentives from the standpoint of the new institutional economic theory and psychological concept of self-determination.
Objectives The article aims to establish the main directions to enhance the motivation of the individual's economic activity by increasing internalization of such a stimulus as the institution.
Methods For the study, I used methodological tools of the new institutional economics. Large and small groups, market and non-market rules of resource allocation, and the dominance of formal and informal rules are used to study the internalization of institutions.
Results The article defines the main directions of enhancing internalization of the current norms and rules aimed at increasing the motivation of the individual's economic activity. The article explains and justifies the ratio of market (non-market) and formal (informal) rules and regulations, which should prevail in small or large groups to increase their internalization.
Conclusions and Relevance Internalization of institutions gets achieved when individuals share and accept the existing institutional requirements as their own. By internalization level, the institutions take an intermediate position between wages and the specification of property rights. The results obtained can be used to improve institutions both in society at large and at the regional level.


An analysis of main factors influencing the regional competitiveness

Dus' Y.P. Omsk State University, Omsk, Russian Federation ( dous@univer.omsk.su )

Mishchenko V.V. Altai State University, Barnaul, Altai Krai, Russian Federation ( m.vitaly53@mail.ru )

Shcherbakov V.S. Altai State University, Barnaul, Altai Krai, Russian Federation ( chsherbakov.v@gmail )

Journal: Regional Economics: Theory and Practice, #4, 2017

Importance The article discusses the issues of regional competitiveness and determination of competitive advantages of regions.
Objectives The article aims to select and analyze key factors influencing the regional investment attractiveness, which in turn affects the competitiveness of the region, and particularly those ones that might be affected and controlled at the regional level.
Methods For the study, we applied the analytic hierarchy process (AHP), first proposed by Thomas L. Saaty in the 1970s, which helped to analyze the factors of subjective nature, that usually cannot be effectively quantified.
Results The analysis shows that the most significant factors affecting the investment attractiveness of the region are an institutional environment, region's financial markets, and the development of regional infrastructure.
Conclusions and Relevance The investment attractiveness of the region is one of the most important elements of regional competitiveness, and it itself is affected by a number of factors. Among the most important factors, there are those ones that can be impacted on at the regional level. The results of the article can be used to justify and build a regional economic policy, develop measures to improve the competitiveness of regions.


The impact of economic and political institutions on the region's investment processes

Tereshchenko D.S. Petrozavodsk State University, Petrozavodsk, Republic of Karelia, Russian Federation ( dter@petrsu.ru )

Shcherbakov V.S. Omsk State University, Omsk, Russian Federation ( chsherbakov.v@gmail.com )

Journal: Regional Economics: Theory and Practice, #33, 2015

Importance The article investigates what impact socio-economic institutions have on economic indicators of growth in the Russian Federation. This article brings novelty as it examines the relation between the institutions and economic growth at the sub-national level, rather than at the national one.
     Objectives The research aims at a quantitative analysis of the relation between sub-national institutions and region's economic growth indicators and the extent of such relation.
     Methods We applied statistical and econometric apparatus. We examined the extent to which the institutions influence economic growth indicators and used activity indices of small entrepreneurship, institutional potential etc. Economic growth indicators at the regional level were represented with Gross Regional Product, capital investment and investment rate and Gross Regional Product per capita.
     Results As seen in the research, there is a positive relation between economic growth indicators and activity indices of small entrepreneurship, democratic nature of elections and institutional potential.
     Conclusions and Relevance We confirmed the meaningful and positive correlation between the main institutional indicators and economic growth indicators in the regions. To implement the State policy effectively, it is reasonable to consider the importance of institutional changes along with economic transformations. We find out that the institution of ownership and business activity protection, if strengthened, will generate the synergistic effect for growth in a certain region and the entire economy of Russia. The article may prove helpful in the scientific milieu and for various officials who may use it to theoretically substantiate practical activities for developing institutions at the regional level.


A structural and dynamic analysis of the Russian sub-federal bond market

Ermakova E.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( eae13@mail.ru )

Semernina Yu.V. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( ysemernina@yandex.ru )

Shcherbakov A.A. Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( chcherbakov@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #39, 2015

Subject At present, there is little consideration of issues related to the analysis of the structure of the Russian sub-federal bond market in the domestic specialized financial and economic literature. In addition, very often, analysts review the domestic sub-federal bond market together with the municipal bond market, and we believe this is not quite correct.
     Objectives The aim is to identify major development trends in the domestic sub-federal bond market based on its structural and dynamic changes over 2004-2014.
     Methods In the study, we applied graphical and tabular methods, analysis of structural changes, and analysis of average values in relation to the indicators that are traditionally used in this segment of the financial market.
     Results We performed a structural and dynamic analysis of the sub-federal bond market from 2004 to 2014. It enabled to obtain more accurate and reliable results of changes in the reviewed segment of the financial market during the analyzed period, to identify major development trends, and to create a reliable platform for the most realistic forecast of the market development.
     Conclusions We conclude that the nominal value of bond issues (excluding amortization) gives a more accurate picture of the dynamics and structure of the reviewed segment of the Russian debt securities market. The market developed intensively, its volume increased. The market structure underwent significant changes: the total number of issuers of circulating bonds increased from 25 to 35. The analyzed market segment was characterized by a very high level of concentration.


The economic essence and classification of sub-federal bonds

Shcherbakov A.A. Saratov Social Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ( chcherbakov@yandex.ru )

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

Importance My article considers the economic essence of sub-federal bonds issued to finance the budget expenditure commitments of the constituent entities of the Russian Federation, the placement attractiveness of which, in recent times, has increased dramatically in context of stagnating incomes and systematic growth of expenditures, as well as the classification of sub-federal bonds using the private attributes, that reflect the specifics of those financial instruments.
     Objectives In the paper, I undertake to identify the specific essential features of the sub-federal bonds as financial instruments, and the classification of some private features that enable to structure their issuance targets, and the possible sources of repayment.
     Methods A systematic approach to the study of the general theoretical issues related to the production and circulation of bonds emitted by the constituent entities of the Russian Federation based on the consideration of the specific features of the Russian bond market, allowed me to offer my interpretation of the term of sub-federal bonds. The method of comparative analysis of the existing scientific and practical approaches to grouping of bonds provided the basis of my approach to the allocation of sub-federal bonds as an independent group. It also allowed me to offer a number of private classification criteria of sub-federal bonds.
     Results In accordance with the existing levels of the budget system, I provide a distinct line of reasoning of allocation of the State, regional and municipal bonds. I substantiate my definition of sub-federal bonds and propose the signs (criteria) of groups and the types of sub-federal bonds allocated on this basis.
     Conclusions and Relevance I have reached a conclusion that in the contrast to the majority of the foreign bond markets, the Russian bond market, in general, and sub-federal bonds market, in particular, are basically stock exchange markets, which, in their turn, significantly influence the specific essential features of the subnational bonds and the criteria for their classification.


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