+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

New financial indicators for new conditions of financial and economic development of Russia

Vol. 30, Iss. 6, JUNE 2024

Received: 21 December 2023

Received in revised form: 18 January 2024

Accepted: 1 February 2024

Available online: 28 June 2024

Subject Heading: THEORY OF FINANCE

JEL Classification: G1, G12, G13, G14, G17

Pages: 1206-1226


Sergei A. VASIL'EV International Banking Institute named after Anatoliy Sobchak St. Petersburg, Russian Federation

ORCID id: not available

Semen Yu. BOGATYREV International Banking Institute named after Anatoliy Sobchak, St. Petersburg, Russian Federation


Subject. The article considers new financial indicators for new conditions of Russia’s financial and economic development.
Objectives. The aim is to develop new financial indicators for the new conditions of financial and economic development of Russia, create a classification of new financial indicators.
Methods. The study employs data tagging methods, index method, induction and deduction, and statistical methods.
Results. We substantiated the need and proposed a new system of financial indicators for domestic financial markets, developed a classification of new financial indicators.
Conclusions. The use of new financial indicators solves the problem of insufficient information in financial decision-making on domestic financial markets, reveals new aspects of financial decision-making, provides an adequate and objective assessment of situation in financial markets, furnishes domestic financial analysts with information sources independent of the external foreign information environment, gives the national regulator of financial markets new analytical and regulatory capabilities in accordance with the law on financial indicator administrators.

Keywords: Bank of Russia, regulation, financial index, financial market, fundamental analysis


  1. Kavianpour N., Mahmoudian A. Studying the Relation Between Ownership Structure and the Profit Reporting Quality in the Corporations Listed on Tehran Stock Exchange. Journal of Advanced Biotechnology and Research, 2016, vol. 7, pp. 222–239.
  2. Teplova T., Mikova E., Nazarov N. Stop losses momentum strategy: From profit maximization to risk control under White's Bootstrap Reality Check. Quarterly Review of Economics and Finance, 2017, vol. 66, pp. 240–258. URL: Link
  3. Fama E.F., French K.R. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 1993, vol. 33, iss. 1, pp. 3–56. URL: Link90023-5
  4. Bogatyrev S.Yu., Alferova A.V. [Valuation analysis of tax factors in modern information systems]. Nalogi i nalogooblozhenie = Taxes and Taxation, 2015, no. 6, pp. 416–423. URL: Link (In Russ.)
  5. Clout V.J., Willett R.J. Earnings in firm valuation and their value relevance. Journal of Contemporary Accounting and Economics, 2016, vol. 12, iss. 3, pp. 223–240. URL: Link
  6. Persakis A., Iatridis G. The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study. Journal of International Financial Markets, Institutions & Money, 2017, vol. 46, pp. 1–29. URL: Link
  7. Lee C., Shleifer A., Thaler R. Investor sentiment and the closed-end fund puzzle. The Journal of Finance, 1991, vol. 46, no. 1, pp. 75–109. URL: Link
  8. Beneish M.D. Detecting GAAP Violations: Implications for Assessing Earnings Management among Firms with Extreme Financial Performance. Journal of Accounting and Public Policy, 1997, vol. 16, iss. 3, pp. 271–309. URL: Link00023-9
  9. Beneish M. The detection of earning manipulation. Financial Analysts Journal, 1999, vol. 55, iss. 5, pp. 24–36. URL: Link
  10. Bogatyrev S.Yu. [New models for analysis of the reporting of organizations]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2017, vol. 10, iss. 11, pp. 1290–1304. URL: Link (In Russ.)
  11. Ahmadpour A., Shahsavari M. Earnings Management and the Effect of Earnings Quality in Relation to Bankruptcy Level (Firms Listed at the Tehran Stock Exchange). Iranian Journal of Management Studies, 2016, vol. 9, iss. 1, pp. 77–99 URL: Link
  12. Hampton C. Estimating and Reporting Structural Equation Models with Behavioral Accounting Data. Behavioral Research in Accounting, 2015, vol. 27, iss. 2, pp. 1–34. URL: Link
  13. Valyaeva D.S., Kim D.A., Filippov M.S. [Study of risk methods of manipulation with financial statements]. Alleya nauki = Alley of Science, 2017, vol. 1, no. 12, pp. 174–181. (In Russ.)
  14. Borisova E.N. [Financial Statements Fraud]. Fundamental'nye issledovaniya = Fundamental Research, 2015, no. 2-19, pp. 4235–4238. URL: Link (In Russ.)
  15. Deng L., Li S., Liao M. Dividends and earnings quality: Evidence from China. International Review of Economics and Finance, 2017, vol. 48, pp. 255–268. URL: Link
  16. Cameron R., Gallery N. Were regulatory changes in reporting “abnormal items” justified? Evidence of intra-period classificatory earnings management practices in Australia. Journal of Accounting & Organizational Change, 2012, vol. 8, iss. 2, pp. 160-185. URL: Link
  17. Feruleva N.V., Shtefan M. A. [Detection of Financial Statements Fraud in Russian Companies: Analysis of the Beneish and Roxas Models Applicability]. Rossiiskii zhurnal menedzhmenta = Russian Management Journal, 2016, vol. 14, no. 3, pp.49–70. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 6
June 2024