SEARCH
 

Search

 

Результаты поиска 31 - 40 из 110
Начало | Пред. | 2 3 4 5 6 | След. | Конец


Classification of Enterprise Integration Forms in the Russian Industry

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Digest Finance, #2, 2017

Importance Various forms of business combinations result from implementing the integration strategy in the Russian industry. Classifications of these forms were developed by Russian scientists, however, most of them either do not cover the totality of forms or are not based on a clear criterion of classification. These downsides necessitate improvement of existing approaches to classification of forms of enterprise integration in the Russian industry.
Objectives The study aims to improve the methodological support to the management of industrial enterprise integration based on systematization of forms of integration by the essence criterion.
Methods The paper employs general scientific methods of research, like analysis, synthesis, deduction, induction, ascension from abstract to concrete. The theoretical and information basis of the research comprises articles and monographs of domestic and foreign scholars specializing in enterprise integration, and financial and non-financial reporting of the Russian industrial enterprises and groups.
Results I elaborated a classification of integration forms of the Russian industrial enterprises based on the formulation of the basic clear classification criteria, i.e. the availability of control exercised by the initiator of integration over other companies included in the combination. I also verified the developed classification by examples from the business practice of Russian industrial enterprises.
Conclusions and Relevance The article may be useful for analyzing integration processes in the Russian industry and developing the growth strategy of industrial enterprises.


Classification of forms of enterprise integration in Russian industry

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Economic Analysis: Theory and Practice, #10, 2016

Importance Various forms of business combinations result from implementing the integration strategy in Russian industry. Classifications of these forms were developed by Russian scientists, however, most of them either do not cover the totality of forms or are not based on clear criterion of classification. These downsides necessitate improvement of existing approaches to classification of forms of enterprise integration in the Russian industry.
Objectives The study aims to improve the methodological support to the management of industrial enterprise integration based on systematization of forms of integration by the essence criterion.
Methods The paper employs general scientific methods of research, like analysis, synthesis, deduction, induction, ascension from abstract to concrete. The theoretical and information basis of the research is articles and monographs of domestic and foreign scholars dedicated to integration of companies, and financial and non-financial reporting of Russian industrial enterprises and groups of companies.
Results I elaborated a classification of integration forms of Russian industrial enterprises based on the formulation of the basic clear classification criteria, i.e. the availability of control exercised by the initiator of integration over other companies included in the combination. I also verified the developed classification by examples from the business practice of Russian industrial enterprises.
Conclusions and Relevance The article may be useful for the analysis of integration processes in the Russian industry and for developing the growth strategy of industrial enterprises.


Accounting for estimated liabilities for the upcoming disposals in 2017 and 2018: The Draft Federal Accounting Standard Fixed Assets innovations

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: International Accounting, #9, 2017

Importance The article deals with the accounting for estimated liabilities for upcoming dismantling and disposal of fixed assets and restoring the site the property is located on. There are two accounting procedures for that: the one running in 2017, and the one to be introduced in 2018.
Objectives The article aims to acquaint the professional community with the pending changes in the Russian accounting regulatory system.
Methods For the study, I used methods of analysis, synthesis, comparison, generalization, analogy, and the ascent from the abstract to the concrete. The Russian Accounting Standards, International Financial Reporting Standards, and the Draft Federal Accounting Standard Fixed Assets are the research source data.
Results I have reviewed the accounting procedure for estimated liabilities for upcoming fixed assets disposal in accordance with the normative documents of the RF Ministry of Finance of 2017 and the Draft Federal Accounting Standard Fixed Assets. The analysis reveals some inconsistencies between the existing and planned-to-impose procedures of this accounting. The paper gives some examples of reflection of estimated liabilities in accounting.
Conclusions and Relevance The procedure of accounting for estimated liabilities for upcoming fixed assets disposal, proposed in the Draft Federal Accounting Standard Fixed Assets, complicates the national accounting methodology for fixed assets, as the annual balance sheet change involves estimating a fixed asset when calculating the present value of the estimated liability for the upcoming disposal. The results of this research can be used for preparation for conducting and teaching accounting in 2018.


Evolution of approaches to understanding the economic substance, assessment and recognition of goodwill in financial reporting: a harmonic stage

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Economic Analysis: Theory and Practice, #38, 2015

Subject The article continues a series of publications addressing the origin and development of views on the economic substance of goodwill, its valuation at the stage of mergers and acquisitions planning. It considers the harmonic stage characterized by weakening the scholarly dispute on the economic nature of goodwill and increasing unification of approaches to goodwill recognition and valuation in national and international accounting standards.
     Objectives The aim is a retrospective review of studies on goodwill and the corresponding bibliography, which, I believe, will be useful for further research of this asset by Russian scientists.
     Methods The article includes an analysis of opinions of the best known researchers of goodwill from the 70's of the 20th century to the present day. It also reviews the evolution of major statutory documents regulating the goodwill accounting in various countries.
     Results I emphasize major trends in the studies on goodwill during the said period, i.e. identification of the synergetic nature of goodwill resulting from non-additive interaction of the acquiree company's elements with those of the acquirer, and within each company's elements; a shift from treating the goodwill as a depreciable asset with definite useful life to treating it as an asset with indefinite useful life subject to impairment test; extended discussion about the need to evaluate the internally created goodwill and disclose relevant information.
     Conclusions and Relevance The article may be useful for all those interested in the history of the goodwill concept, as well as the history of accounting and economic analysis.


A study of justification of the buyers' synergetic optimism in major M&A deals of 2008–2014 involving Russian mining enterprises

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Economic Analysis: Theory and Practice, #1, 2017

Subject The article addresses goodwill recognized in financial statements of the largest participants of major M&A deals over 2008–2014 involving Russian mining enterprises, and the results of its subsequent annual test for impairment (2009–2015).
Objectives The study aims to reveal whether the acquisitions at the price exceeding the fair value of the acquiree's assets in major M&A deals involving Russian mining companies are justified, and to compare the findings with those of my earlier study on the largest Russian M&A deals, in which the goodwill was recognized.
Methods I analyzed financial statements of Russian mining enterprises that participated in major M&A deals over 2008–2014, and identified the companies, which recognized goodwill as a result of acquisition, and subsequently reported its impairment. For enterprises that did not report goodwill impairment by 2015, I made a comparison of return on equity in the year preceding the year of M&A, and in 2015.
Results I found that goodwill impairment was recognized in almost half of the considered transactions. The return on equity of buyers who did not report goodwill impairment in their financial statements decreased significantly in most cases. These facts enable to say that almost all of the mergers and acquisitions involving Russian mining enterprises with recognized goodwill were carried out at unreasonably high prices.
Conclusions and Relevance The article may be useful for all those interested in integration processes in the Russian mining industry from the perspective of unique statistical material presentation.


A study of justification of the buyers' synergetic optimism in major M&A deals of 2008–2014 involving Russian mining enterprises

Ivanov A.E. South Ural State University (SUSU), Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Digest Finance, #3, 2019

Subject The article addresses goodwill recognized in financial statements of the largest participants of major M&A deals over 2008–2014 involving Russian mining enterprises, and the results of its subsequent annual test for impairment (2009–2015).
Objectives The study aims to reveal whether the acquisitions at the price exceeding the fair value of the acquiree's assets in major M&A deals involving Russian mining companies are justified, and to compare the findings with those of my earlier study on the largest Russian M&A deals, in which the goodwill was recognized.
Methods I analyzed financial statements of Russian mining enterprises that participated in major M&A deals over 2008–2014, and identified the companies, which recognized goodwill as a result of acquisition, and subsequently reported its impairment. For enterprises that did not report goodwill impairment by 2015, I made a comparison of return on equity in the year preceding the year of M&A, and in 2015.
Results I found that goodwill impairment was recognized in almost half of the considered transactions. The return on equity of buyers who did not report goodwill impairment in their financial statements decreased significantly in most cases. These facts enable to say that almost all of the mergers and acquisitions involving Russian mining enterprises with recognized goodwill were carried out at unreasonably high prices.
Conclusions and Relevance The article may be useful for all those interested in integration processes in the Russian mining industry from the perspective of unique statistical material presentation.


The extent to which the investors' synergetic optimism is justified: findings on impairment of goodwill recognized in major M&A deals over 2008-2012 involving Russian companies

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Journal: Economic Analysis: Theory and Practice, #41, 2015

Subject The article continues a series of publications dedicated to the research of major integrated transactions involving Russian companies. I identified and analyzed 50 major M&A transactions over 2008-2012, which resulted in goodwill recognition in the buyer's financial statements. This article studies the subsequent annual test results of the recognized goodwill for impairment.
     Objectives The purpose is to identify the extent to which the acquisitions by (and of) Russian companies at the price exceeding their fair value can be justified.
     Methods At the earlier stages, I identified major integrated transactions over 2008-2012, where Russian companies acted as sellers or buyers, analyzed the financial statements that reported the recognized goodwill. The detailed analysis showed the exact volumes of transactions, the amount of recognized goodwill, and its causes. This article considers the results of the fourth stage, during which I reviewed the financial statements of the companies analyzed at the previous stages in terms of existence of impairment of the acquired goodwill.
     Results I identified the highest risk of recognizing the impairment of goodwill in financial statements; prepared Top 10 rating of the biggest volumes of goodwill impairment over 2009-2014 that was recognized in major integrated transactions involving Russian companies for 2008-2012. The study presents the comparison of the rationale behind the causes of overpaying for goodwill in the integrated transactions and charging-off the impaired goodwill.
     Conclusions The article may be useful for all those interested in integration processes in Russia from the perspective of unique statistical material presentation.


Synergetic optimism in Russian integration transactions: an industrial aspect

Ivanov A.E. South Ural State University, Chelyabinsk, Russian Federation ( ivanov.chel@list.ru )

Salomatina E.Yu. South Ural State University, Chelyabinsk, Russian Federation ( samoletina.k@mail.ru )

Journal: Economic Analysis: Theory and Practice, #7, 2015

The article considers the major integration deals involving Russian companies. It analyzes the 60 largest deals for 2008-2013 with the participation of Russian industrial enterprises and complexes, which resulted in the buyer's financial statements goodwill. To do this, in the first phase of the study the authors summarized the results of annual surveys of integration deals, identified the biggest of them for 2008-2013, which Russian industrial enterprises and complexes attended as sellers or buyers. In the second phase, the authors examined the financial statements of the remaining transactions and excluded acquisitions resulted in no goodwill. In the third phase, the authors carried out a detailed analysis of the financial statements of the companies-buyers that satisfied the criteria of selection of the first and second stages, and identified the exact transaction volumes and values of the recognized in the financial statements goodwill, and its root causes. At the same time, the authors calculated indices of synergetic optimism for each transaction, designed to assess the expectations of buyers to achieve the synergies resulting from the integration transaction and determined as the ratio of the amount of goodwill recognized in the financial statements of the purchaser, to the total cost of the acquisition of an enterprise or a complex. The paper submits the ratings of the most amounts of goodwill deals and the highest index values of synergetic optimism, the rating of overpayment for purchased factories or facilities, the dynamics of average annual index of synergetic optimism and dynamics of average amount of goodwill for transactions with participation of Russian industrial enterprises and complexes. The article can be useful to all those interested in integration processes in the Russian industry.


The formation and development of an innovation system of agrarian sector of the northern region: Evidence from the Komi Republic

Ivanov V.A. Institute of Socio-Economic and Energy Problems of the North, Komi Science Center of Ural Branch of RAS, Syktyvkar, Komi Republic, Russian Federation ( ivanov.v.a@iespn.komisc.ru )

Ivanova Е.V. Institute of Socio-Economic and Energy Problems of the North, Komi Science Center of Ural Branch of RAS, Syktyvkar, Komi Republic, Russian Federation ( ivanova@iespn.komisc.ru )

Journal: Regional Economics: Theory and Practice, #1, 2017

Subject The article considers the status and trends of development of the innovative system of agrarian sector of the Komi Republic.
Objectives The aim of this paper is to elaborate methodological approaches and practical recommendations on formation and development of an agro-innovation system in the northern region.
Methods For the study, we used a systems approach, based on the transformation of the agri-food sector in a holistic innovation system.
Results We have assessed the innovation activity of the agricultural sector, considered the factors and conditions affecting its innovative development. We developed methodological guidelines forming the agro-innovation system as a set of interacting fields. We propose certain approaches to formation and development of innovation system actors of the agricultural sector, and developed a system's model. As well, we propose forms of interaction between agricultural consulting services and research and educational institutions.
Conclusions and Relevance The supposed events on formation and development of regional agro-innovation systems will help accelerate the creation, commercialization and innovation. The results of this research can be used to support the strategy of innovative development of the agrarian sector, when adjusting the current Government program on development of the agri-food sector and developing a strategy for sustainable development of rural territories of the Komi Republic up to 2030, as well as when implementing the measures to improve the innovation activity of agricultural enterprises and farms of the northern region.


A study of life cycle of the investment activities of enterprises: Evidence from the best practices of Russia

Ivanov V.V. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( viktor.ivanov@spbu.ru )

L'vova N.A. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( n.lvova@spbu.ru )

Pokrovskaya N.V. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( n.pokrovskaia@spbu.ru )

Andrianov A.Yu. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( alex@andrian.spb.ru )

Journal: Finance and Credit, #3, 2019

Subject This article considers the issues of investment activity of enterprises taking into account the stage of life cycle.
Objectives The article intends to substantiate a hypothesis about the life cycle of the investment activity of industrial enterprises, decomposed into four components. It helps identify significant factors influencing the investment activity in different corporate age.
Methods To test the hypothesis, we applied a model of corporate age scoring, adapted to meet the objectives and characteristics of the sample. The data from the Professional Market and Company Analysis System SPARK over 2011 to 2015 are the source of information about the sample.
Results The article gives the characteristic of the enterprise investment activity in the context of the organization's life cycle concept. It also presents a formulation and decomposition of the hypothesis about the life cycle of the company's investment activity.
Conclusions The article shows that at the stage of active growth the analyzed enterprises seek to actively form fixed assets, borrowed funds being the predominant source. Having reached maturity, they demonstrate restrained investment activities, focusing on the adopted strategy, which becomes indifferent to the influence of various factors. Aging enterprises lose flexibility in choosing effective investment objects and reducing the level of reinvestment of profits, they are moving to the path of recession.


Результаты поиска 31 - 40 из 110
Начало | Пред. | 2 3 4 5 6 | След. | Конец


Отсортировано по релевантности | Сортировать по дате