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A performance-based (regulatory) approach to financial planning in small businesses

Musienko S.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( som090788@yandex.ru )

Journal: Finance and Credit, #27, 2015

Importance Building an effective system for financial planning becomes a key aspect of effective management in small businesses. It becomes especially relevant in the current macroeconomic uncertainty and instability.
     Objectives This research pursues demonstrating the efficiency of the performance-based approach to planning in small businesses as compared with the genetic approach. To meet the objective, the following tasks should be addressed: comparative description of the genetic and performance-based approaches to planning, indicating their strengths and weaknesses, comparison of results of these approaches and illustrating them with practical examples.
     Methods Using a comparative analysis, I find the key aspects of the effective application of the performance-based approach to planning.
     Results The research proves that the performance-based approach to financial planning is more preferable for small businesses than the genetic one. It is versatile for each phase of business life cycle and easier to use.
     Conclusions and Relevance Considering resource limitation and capabilities of small entities, the performance-based approach to financial planning is more effective, since it facilitates determining tasks to be performed in order to reach the strategic goal, at any phase of corporate development.


Prediction of bankruptcy of small and medium-sized business entities in Russia

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Musienko S.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( som090788@yandex.ru )

Fedorov F.Yu. OOO RedSys, Moscow, Russian Federation ( fedorovfedor92@mail.ru )

Journal: Finance and Credit, #11, 2018

Subject This article analyzes the regulatory and legal framework, defining criteria of recognition of the enterprise bankrupt and compares these criteria with forecasting of bankruptcy of small and medium-sized enterprises.
Objectives The article aims to determine the regulatory values of the criteria used in the legislative acts of the Russian Federation, as well as the most frequently used ones in foreign studies when predicting the bankruptcy of small and medium-sized enterprises.
Methods For the study, we used the following methods of classification: the Random Decision Forests method, Classification And Regression Tree (CART) analysis technique, Gradient Tree Boosting technique, and the Bagging ensemble meta-algorithm.
Results The article shows that the current criteria specified in the legislative acts as criteria for determining bankruptcy are not universal and require clarification for small and medium-sized enterprises.
Conclusions and Relevance Legislative criteria to define bankruptcy require refinement taking into account the size of an enterprise. The results of the study can be used by small and medium-sized enterprises to predict the likelihood of bankruptcy and make timely management decisions, and the legislative powers to introduce amendments to legislation acts.


Assessment of the quality of education in Russian regions

Fedorova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ecolena@mail.ru )

Musienko S.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( som090788@yandex.ru )

Fedorov F.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( fedorovfedor92@mail.ru )

Rogov O.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( olegrgv@yandex.ru )

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

Importance This article discusses the issues of education quality assessment in Russian regions.
Objectives The article aims to compile the rating of education quality in the regions of Russia.
Methods For the study, we used the methods of data envelopment analysis and composite indexes. The quality of education was assessed through dividing all the regions of the Russian Federation by type of economic activity. For consideration, we used the Rosstat data for the period of 2006 to 2015.
Results We found that the quality of education varies depending on the type of region and its economic orientation. The level of education in industrial regions is higher than in export-oriented ones. Our article presents a rating of ten most and ten least effective regions at quality of education.
Conclusions Education policies should be tailored to the regional context. Financial and economic centers and industrial regions demonstrate high levels of quality and efficiency of education as opposed to export-oriented regions. Given the orientation of Russia's economy to exports, special attention should be paid to raising the level of education in export-oriented regions.


An analysis of small businesses' capabilities to use financial planning methods: issues and solutions

Musienko S.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( som090788@yandex.ru )

Journal: Financial Analytics: Science and Experience, #27, 2016

Importance Financial planning is one of the crucial management functions, which determines financial stability of the entity. Effective financial planning is especially important for small businesses. In this respect, it is especially critical whether small businesses can apply elaborated theoretical methods for financial planning.
Objectives The research analyzes the main methods for financial planning and whether small enterprises can apply them. During the analysis, I identify the existence or absence of challenging issues for small businesses and propose possible solutions.
Methods Using theoretical methods of research, such as data synthesis and analysis, I evaluate various financial planning methods, identify their strengths and weaknesses when they are applied by small businesses. Using the method of algebraic transformations, I present a formula to calculate planned financial indicators.
Results As I have found out, the main financial planning methods are basically intended for large enterprises, rather than small businesses. As each financial planning method is implemented, small businesses come across certain difficulties. To address those challenging issues, I suggest using my own algorithm for applying the performance-based planning method, which implies a formula to calculate target indicators.
Conclusions and Relevance For purposes of effective financial planning, small businesses have to adapt the existing methods to specifics and possibilities of the segment in question. The performance-based method proves to be the most effective method of financial planning, especially considering the current macroeconomic situation. The proposed algorithm for performance-based planning turns out to be a versatile solution, which helps to facilitate and streamline the application of contemporary financial planning methods for small businesses.


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