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Assessing the innovative potential of the region using the cost approach

Fedorova T.A. Higher Technical School Autonomous Non-Commercial Organization for Continuing Professional Education, Tula, Russian Federation ( ftatiana75@mail.ru )

Kozlova N.O. Financial University under Government of Russian Federation, Tula Branch, Tula, Russian Federation ( 95kno@mail.ru )

Journal: Finance and Credit, #11, 2019

Subject The article considers the valuation of innovative potential of the region that enables to manage innovation on the basis of financially sound management decisions.
Objectives We focus on developing a cost approach to region’s innovative potential assessment to justify the funding volumes for Federal and regional programs for innovation-driven growth.
Methods The study employs methods of asset valuation on the basis of income and cost approaches, methods of descriptive statistics, and data analysis.
Results We developed practice-oriented methods for region’s innovative potential valuation. The paper distinguishes between the current and perspective innovative potential. The former one is built, using the existing innovative businesses and services, innovative technologies of management in government and provision of services in the social sphere. The latter – using the intellectual assets created in the region, which have not yet found an investor, the opportunities of inclusion of certain organizations in global and interregional innovative and technological cycles, the planned innovations in administrating authorities and in the social sphere. The paper substantiates approaches to valuation for each component.
Conclusions The offered methodology is more preferable to indexes that are being used now. It enables better management of innovative development of regions, including justification of areas and volumes of financing, and ultimately, contributes to increasing the return on investment.


Evaluating the efficiency of foreign direct investment: A regional dimension

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

Nikolaev A.E. National Research University – Higher School of Economics (NRU – HSE), Moscow, Russian Federation ( alexed.nik@gmail.ru )

Khomyakov V.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( Khomyakov.v06@gmail.com )

Journal: Regional Economics: Theory and Practice, #11, 2019

Subject This article analyzes the effectiveness of foreign investments and their impact on the economic clusters of the Russian Federation.
Objectives The article aims to identify top regions within the economic clusters concerning the foreign investments attracted and their most effective consumption.
Methods For the study, we used the methods of data envelopment analysis and panel data regression analysis.
Results The article presents the clustering of regions by areas of activity and ratings of the most effective clusters and regions that make them.
Conclusions The involvement of foreign direct investment (FDI) in the supplier-buyer technology chain does not affect the inflow of new technologies. Foreign investment has a positive impact on the industry clusters of the Russian economy and the regions that make them. The effectiveness and level of FDI involvement depend on the region's industry specifics.


The Impact of Foreign Stockholders on the Dividend Policy of Russian Companies

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

Komarova E.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( liza.komarova2011@yandex.ru )

Journal: Digest Finance, #1, 2018

Importance In this article, we consider the dependence of dividend payments of Russian companies on foreign shareholders, and the dividend policy of Russian companies.
Objectives The research determines the correlation of the presence of foreign investors among shareholders and the dividend policy in Russia.
Methods The correlation was studied through the logit model for binary variables and the least squares method. The empirical underpinning consists of data on 122 largest Russian listed companies.
Results The main hypothesis of a direct correlation of dividends and the presence of foreign stockholders has not been confirmed. The study verifies an inverse correlation of dividend payments and the presence of foreign shareholders.
Conclusions and Relevance Nowadays Russia is not an attractive country for foreign investments due to the unstable economic situation and political relations with other countries. The findings can be useful for managers of the Russian companies to study benefits of foreign shareholding, and investors who are interest in Russia to be an actor of the world economy.


A research into the effect of internal and external factors on the capital structure at various stages of the Russian companies' lifecycle

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

Persidskaya E.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( elenamitus4@gmail.com )

Journal: Financial Analytics: Science and Experience, #5, 2017

Importance The article studies micro- and macroeconomic determinants of the structure of the Russian public companies’ capital. We also focus on the effect and significance of regressors on the leverage of companies at various stages of lifecycle.
Objectives The research examines how the capital structure depends on internal variables, which indirectly relate to the company, and external ones, which result from the State policy and other aspects. We show that various regressors influence the capital structure at different stages of corporate lifecycle. Considering multicollinearity, the research is to find as much explained variables as possible that make the model more predictive.
Methods We applied the Anthony–Ramesh coefficient method to split companies into groups by lifecycle stage. The model is based on the multiple regression.
Results The economy and companies were found to be influenced by key macroeconomic indicators, which depended on Gross Domestic Product and supplement it. As for various methods for identifying the corporate lifecycle, only some methods involve reporting data, rather than methods based on estimates and judgments of experts. The article overviews principal micro- and macroeconomic determinants of the capital structure used in the Russian and foreign researches. We also found what aspects were significant for the Russian market at various stages of the lifecycle. The article proposes levers to steer the capital structure through internal factors and the model for forecasting the effect of external factors.


The Impact of Foreign Stockholders on the Dividend Policy of Russian Companies

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

Komarova E.O. Financial University under Government of Russian Federation, Moscow, Russian Federation ( liza.komarova2011@yandex.ru )

Journal: Financial Analytics: Science and Experience, #8, 2017

Importance In this article, we consider the dependence of dividend payments of Russian companies on foreign shareholders, and the dividend policy of Russian companies.
Objectives The research determines the correlation of the presence of foreign investors among shareholders and the dividend policy in Russia.
Methods The correlation was studied through the logit model for binary variables and the least squares method. The empirical underpinning consists of data on 122 largest Russian listed companies.
Results The main hypothesis of a direct correlation of dividends and the presence of foreign stockholders has not been confirmed. The study verifies an inverse correlation of dividend payments and the presence of foreign shareholders.
Conclusions and Relevance Nowadays Russia is not an attractive country for foreign investments due to the unstable economic situation and political relations with other countries. The findings can be useful for managers of the Russian companies to study benefits of foreign shareholding, and investors who are interest in Russia to be an actor of the world economy.


How the sanctions have affected the efficiency of enterprises: The sectoral aspect

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

Nemchaninova D.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( ndn14@mail.ru )

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

Journal: Financial Analytics: Science and Experience, #1, 2018

Importance This paper studies the impact of sanctions on the efficiency of Russian companies.
Objectives The purpose of the study is to analyze the impact of sanctions on the foreign direct investment (FDI) efficiency of domestic companies using the Malmquist Index (MI) and economic and mathematical modeling.
Methods The paper examines the FDI performance of 2,166 companies in order to investigate the impact of the sanctions imposed. The Malmquist Productivity Index, combined with the DEA analysis, is taken as the basis for the comparison.
Results The hypothesis that sanctions from countries with a high level of development have a greater impact on the activities of companies with foreign direct investment than those ones from developing countries, is not refuted in the Russian market. The work tests the hypothesis about the impact of sanctions on the industry. The oil and trade sectors have suffered the most, while the productivity of the banking (financial) sector remains practically unchanged.
Conclusions and Relevance The conducted analysis is relevant for the Russian reality, as it shows which way the Russian economic realities are changing. The conducted research can be applied to study the influence of the sanction package, evaluate political decisions from the economic point of view. In addition, the analysis can be used to investigate foreign direct investment in Russian conditions.


An impact of social entrepreneurship on the financial security of the nation and economic growth

Davydova L.V. Orel State University named after I.S. Turgenev, Orel, Russian Federation ( 1946@orel.ru )

Fedorova O.A. Orel State University named after I.S. Turgenev, Orel, Russian Federation ( foaorel@mail.ru )

Skorlupina Yu.O. Orel State University named after I.S. Turgenev, Orel, Russian Federation ( yu_nauka@mail.ru )

Journal: National Interests: Priorities and Security, #10, 2017

Importance The development and financial resources of socially-oriented businesses is a cornerstone for stabilizing the national economy and addressing relevant issues. Social business and its development aim to resolve multiple issues and create a socially-oriented State. Activities of socially-oriented entities ensure social security of the population, raise the financial literacy of people and businesses and develop the entrepreneurship nationwide. Social business becomes even more important under contemporary circumstances in the national economy, with the maintenance of employment and social stability being especially acute.
Objectives The research examines the role and purpose of social business in ensuring the national security and the way it can influence an economic growth in the unstable economy of Russia.
Methods Based on statistical and graphic methods, I explore the state and trends in social business in Russia in line with an analysis of its development in certain federal districts.
Results As the main outcome, I devise an improved mechanism for financing socially-oriented entities. Financial sources proceed from the banking sector and regional agencies for labor and employment.
Conclusions and Relevance Having analyzed the development trends of social business and its impact on the national security and economic growth, I substantiate the need to transform the financial mechanism for activities of social businesses.


Assessment of the quality of health in the Russian Federation regions

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

Chernikova L.I. Financial University under Government of Russian Federation, Moscow, Russian Federation ( tariff2004@mail.ru )

Rogov O.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( fintech@gmx.ch )

Journal: Regional Economics: Theory and Practice, #11, 2017

Subject The article deals with the study of the quality of health at the regional level, identifying the relationship between budget costs and the quantitative and qualitative indicators of the healthcare industry in the Russian Federation.
Objectives The article aims to assess the quality of health in the regions through a cluster approach.
Methods For the study, as the source data, we used data from the Federal State Statistics Service compendiums for each region of Russia. The analysis covers an array of data for 2006–2015. As well, we used the method of index numbers. To select clusters, we applied a variance test.
Results In the course of the study, three cluster groups were identified for consideration. The analysis found no unequivocal correlation between qualitative and quantitative health indicators and health costs.
Relevance The proposed clustering of the Russian Federation regions will make it possible to identify problems that impede quality improvement in healthcare.


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.


Evaluating the applicability of modified beta coefficient in the Russian stock market

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

Guzovskii Ya.E. Financial University under Government of Russian Federation, Moscow, Russian Federation ( Jackov_mu77@mail.ru )

Lukashenko I.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( IVLukashenko@fa.ru )

Journal: Economic Analysis: Theory and Practice, #11, 2017

Importance The article addresses the applicability of modified beta coefficient in the Russian stock market. A modified Capital Asset Pricing Model is a tool enabling to obtain reliable data for investment appraisal. The beta coefficient in the model considers the effect of non-traded risk on the asset.
Objectives We aim to identify the modified beta coefficient for domestic companies, compare the modified and traditional beta coefficients, conduct an empirical study to determine the applicability of modified beta coefficient in the Russian stock market.
Methods The survey sample includes data on 260 Russian companies listed on the Moscow Exchange for the period from 2010 to 2016. Based on the Amihud illiquidity measure, the companies' shares were divided into 5 quantiles to calculate the model parameters. The shares in the upper quantile served as a benchmark for non-traded assets, and the shares in all other quantiles as a benchmark for traded assets in the market.
Results We found that the more imperfect the financial market is, the bigger is the gap between the modified and traditional beta, especially, when the traditional beta value is greater than unity. In addition, the graph of beta coefficients distribution showed that the distribution of modified betas differed noticeably from the distribution of traditional betas which tends to unity.
Conclusions The use of traditional beta coefficient is limited in practice, moreover, when creating a portfolio, investors should use a modified beta to obtain more accurate and reliable data, especially for imperfect financial markets.


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