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The impact of IFRS adoption on influx of foreign direct investment in transition economies

Abduraupov R.R. Republican Graduate School of Business and Management named after Abu Raihan Beruni under National Agency of Project Management under the President of the Republic of Uzbekistan (RGSBM NAPM), Tashkent, Republic of Uzbekistan ( r.abduraupov@rgsbm.uz )

Ibragimov F.A. Ernst & Young, Tashkent, Republic of Uzbekistan ( farrukh.ibragimov@uz.ey.com )

Khamidov B.B. Republican Graduate School of Business and Management named after Abu Raihan Beruni under National Agency of Project Management under the President of the Republic of Uzbekistan (RGSBM NAPM), Tashkent, Republic of Uzbekistan ( info@rgsbm.uz )

Journal: International Accounting, #11, 2019

Subject Foreign Direct Investment (FDI) is of special importance for the economic well-being of nations. FDI and their sources are found to help countries improve their fund raising opportunities. IFRS adoption especially influences the investment attractiveness.
Objectives The study examines the subsequent impact of IFRS adoption on the FDI influx in transition economies by analyzing panel data of 190 observations based on 17 countries within 2000–2016.
Methods The reliability of findings is verified with a set of tests, such as the Ordinary Least Squares regression, Hausmann specification test, Panel-Corrected Standard Error regression, Generalized Methods of Moments and Difference-in-Difference methods.
Results The findings demonstrate that the national accounting harmonization with IFRS inversely influences FDI. The reason may be that the transparency of financial reports clarifies the future benefits for investors, which incidentally does not meet their expectations. Therefore, they refrain from investing. The reliability of the findings is verified with additional tests. Furthermore, the Difference-in-Difference analysis reveals a similar trend even for transition economies aspiring their EU membership.
Conclusions and Relevance The research debunks the hypothesis stating that IFRS adoption might have a positive effect on the influx of FDI in the case of transition economies.


Theoretical and methodological aspects of the municipal management efficiency evaluation

Ibragimov R.M. graduate student, P.A. Stolyipin Volga Region Academy for Civil Service

Journal: Regional Economics: Theory and Practice, #34, 2009

In the conditions of the public administration reform in Russia the issues of the performance appraisal of the public management are getting urgent especially at the municipal level. The author analyses the essence, the basic approaches to determination of the efficiency of public management, the factors influencing it as well as problems of efficiency evaluation and prospects of development of performance management systems. The Article is to be of interest of students, researchers and professionals studying issues of public management efficiency.


Contemporary problems of financial stability of Russia's regional economy

Ibragimov R.N. Altai State University (ASU), Barnaul, Altai Krai, Russian Federation ( defakto1990@gmail.com )

Journal: Regional Economics: Theory and Practice, #10, 2019

Subject This article considers the stability of the financial system as a factor in the development of the region.
Objectives The article aims to classify the levels of stability of the region's financial system, identify its main problems, and develop strategic directions for its development.
Methods For the study, I used the methods of deduction, statistical, and comparative analyses.
Results The article identifies the main problems of the regional economy, hindering the development of financial stability of the economy as a whole. It also lists strategic areas and directions to improve the financial stability of Russia's regions.
Conclusions and Relevance Most regions of Russia are financially unstable and subsidized. This is greatly facilitated by the imperfection of the centralized system of regional governance. Implementation of the proposed directions and measures will contribute to the development of an effective strategy for the real sector of the economy, and investment, financial and social policy by the regional authorities.


Investment in the production segment as a driver of economic security of the criminal justice system

Ibragimov O.A. Research Institute of Federal Penitentiary Service of Russia, Moscow, Russian Federation ( 464941@rambler.ru )

Journal: National Interests: Priorities and Security, #5, 2017

Importance The criminal justice system constitutes a major economic agent, which delivers services, work and goods exceeding totally RUB 30 billion a year.
Objectives The research focuses on the implementation of investment projects in the production segment of the criminal justice system.
Methods Using methods of institutional and structural analysis, I analyzed the role and significance of investing activities in the criminal justice system and described factors that would attract investment into the production segment.
Results I modeled private and public mechanisms for investing in the production segment of the criminal justice system. The article presents the State – corrections cooperation charts. The charts briefly enlist goals, functions and efficiency in relation to the investee and investor. The article emphasizes the mechanism for attracting private investment in the production segment of the criminal justice system through the concession model.
Conclusions and Relevance Private investment underlies investing activities in the criminal justice system. The existing organizational, legislative and economic restrictions shape specific mechanism for attracting investment. I give a practical example illustrating how the mechanism for attracting private investment was implemented through the concession model.


To the question of calculating the terminal component of Discounted Cash Flow model

Ibragimov R.G. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( ibrauf@rambler.ru )

Journal: Financial Analytics: Science and Experience, #6, 2016

Importance The article discusses methodological aspects of calculating the terminal component for business appraisal and evaluation of the investment project efficiency using the Discounted Cash Flow method.
     Objectives The research aims at elaborating and substantiating methodological recommendations to set up a financial model for the terminal component calculation.
     Methods I used a formalized mathematical framework and computer modeling to examine the nexus and quantitative relationships between structural components of the terminal assessment in line with their economic substance.
     Results Whereas financials of the last period of the forecasting horizon and the post-forecast period assumptions are inconsistent, it may result in significant errors. To avoid them, it is advisable to set a terminal component on the basis of the cash flow of the first post-forecast year estimated explicitly, operating profit of the last year of the forecasting horizon, growth rate and return on investment in the post-forecast period.
     Conclusions and Relevance Uncontroversial calculation of the terminal component is one of the key steps for evaluation through the Discounted Cash Flow method. Results may be regarded as sound and reliable if forecasted data and variables of the continuously increasing rent model are correlated. The results are of practical significance for setting up financial models of business appraisal and analysis of the investment project efficiency.


Effects of inflation and their modeling in investment evaluation objectives

Ibragimov R.G. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( ibrauf@rambler.ru )

Journal: Financial Analytics: Science and Experience, #26, 2015

Importance The article deals with actual issues of developing the methodology for considering inflationary effects as part of investment evaluation and capital budgeting. Academic specialists and practitioners often refer to this problem and release a lot of publications in the leading scientific journals.
     Objectives The research examines the effect of inflation on separate components and present value of the future cash flows in the operating entity or investment project in order to generate a framework for elaborating reasonable recommendations on the way to interlace an inflationary aspect into the financial model, forecast the future operations and subsequently evaluate feasibility of investment solutions.
     Methods The research employs computer-assisted modeling by setting up and analyzing financial models in accordance with the basic principles of corporate finance.
     Results The research provides a detailed analysis of mechanisms reflecting the direct and indirect effect of inflation, using tools of the modern electronic spreadsheets.
     Conclusions and Relevance In investment evaluation, inflation may influence financial results and present value of future cash flows directly or indirectly. Inflation has a direct effect on accounts receivable, accounts payable and cash needed to move forward operational and financial cycles of corporate operations. The mechanism of a direct inflationary effect is effectuated through the time value of money. Inflation indirectly affects tax payments through three aspects, i.e. depreciation charges, cost of products sold and tax savings on debt interests. The economic effect of indirect inflation is seen when the amount of discounted tax payments changes.


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