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The effects of financial capital structure on corporation performance

Agafonova I.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and Credit, #8, 2018

Subject The article addresses the equity to debt ratio of a corporation and the impact of the two capitals on financial sustainability. PAO Mechel serves as an object of the research, as over the analyzed period the company has been in the risk zone and subject to a loss of solvency.
Objectives The purpose of the study is to define the role of financial capital structure, reveal problems and develop measures to improve the financial sustainability of the corporation.
Methods The study rests on analytical methods and statistical techniques, like comparison, method of averages, grouping, graphical methods and method of analytical tables construction.
Results To recover, the corporation should reduce high-margin production costs of iron and steel companies that may have a significant impact on consolidated statements. Furthermore, it should continue refinancing loans to enhance its financial position.
Conclusions and Relevance The proposed streamlining of the considered companies and the entire corporation will generate cash flows and increase shareholders' equity due to a reduction in the retained loss. The large metallurgical group will be able to discharge its liabilities or increase its equity capital to achieve a balance between debt and equity funds.

Specifics of management accounting in project management

Bobryshev A.N. Stavropol State Agrarian University (Stavropol SAU), Stavropol, Russian Federation ( )

Agafonova N.P. Stavropol State Agrarian University (Stavropol SAU), Stavropol, Russian Federation ( )

Journal: International Accounting, #11, 2018

Subject Project management is a specific practice, requiring the information supply to make managerial decisions throughout the project phases. The research is initiated as project management in Russia still lacks sufficient a scientific-methodological and information underpinning. In the Western countries such a system proved to be effective and robust mechanism for managing business entities, thereby forming a new accounting area for accounting analysts.
Objectives The research is to identify the specifics in management accounting as part of project management principles.
Methods The theoretical and methodological underpinning relies upon proceedings of the Russian and foreign scholars in project management and management accounting, relevant publications in periodical. The research is based on the project and systems approaches, comparative and monographic methods.
Results We analyzed the dissemination of the project management system in business structures and scientific milieu. We identified distinctions of project-related activities as compared with the process-related ones, which directly influence accounting and analytical procedures. The article presents comparative characteristics of conventional and project-oriented management accounting. Furthermore, we reconciled tools for management accounting and information needs of the project team throughout the project management phases.
Conclusions and Relevance To implement the concept of project management completely, there should be a tool kit for finding information users need in accordance with relevant volume, quality and time limits. In this respect, management accounting tools should be adapted to the specific conditions of project activities for further research, development of a new accounting practice methodology and practical project management.

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