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Assessing the cost of capital of a company's innovatively progressing business: Some features

Yashin S.N. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( jashinsn@yandex.ru )

Koshelev E.V. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( ekoshelev@yandex.ru )

Ivanov A.A. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ( alexey.iff@yandex.ru )

Journal: Finance and Credit, #2, 2020

Subject This article deals with the issues of evaluating innovative projects of the firm, which are integrated into the operating enterprise and at the same time unusual for it. Estimating the weighted average capital cost in this case is the most difficult task to be handled in several steps.
Objectives The article aims to create a methodology for assessing the estimated weighted average capital cost in the case of analysis of innovative projects of the firm, which are integrated into the operating enterprise and at the same time unusual for it.
Methods The article proposes to assess not the estimated weighted average capital cost of the project, but the estimated weighted average capital cost of the firm as a whole, as the cost of capital invested in an innovative project will be exorbitant and inflated, if using just the weighted average capital cost of the project. This approach will take into account various systemic financial effects.
Conclusions and Relevance This approach makes it possible to take into account the integration of a new innovative project into the operating enterprise. The results of the study can be useful to financial analysts and top managers of companies to make proper decisions about the effectiveness of innovative projects.


Government measures to attain sustainable economic and social development of rural areas: Evidence from the Volgograd Oblast

Klenova T.V. Volgograd State University (VolSU), Volgograd, Russian Federation ( babichtv@volsu.ru )

Ivanov A.S. Volgograd State University (VolSU), Volgograd, Russian Federation ( ivanov-a78@volsu.ru )

Koneva D.A. Volgograd State University (VolSU), Volgograd, Russian Federation ( dakoneva@volsu.ru )

Journal: Regional Economics: Theory and Practice, #1, 2019

Subject This article discusses the importance of rural areas in the development of the region.
Objectives The article aims to analyze the socio-economic development of rural areas of the Volgograd Oblast.
Conclusions Rural areas are the guarantor of food security, stability and independence of the State. Currently, Russian villages face a whole set of problems. Sustainable rural development is a capital-intensive process that requires significant investment. The regional authorities of the Russian Federation should pay close attention to rural areas and implement a set of measures to ensure their sustainable socio-economic development.


Evaluating the efficiency of health care as a factor of sustainable socio-economic development in the region

Krivenko N.V. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation ( nvkrivenko@yandex.ru )

Ivanov V.M. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation ( vm_ivanov@mail.ru )

Kriventsova L.A. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation ( kriventsova.ran@yandex.ru )

Journal: National Interests: Priorities and Security, #12, 2019

Subject The article examines whether it is possible to improve the operation of the health care system in order to preserve human and labor capabilities, increase the sectoral contribution to sustainable socio-economic development of regions.
Objectives The study designs a comprehensive methodological framework for evaluating the regional health care system so as to determine the attainability of medical and social targets, economic effects, sustainable operations in the sector, considering that neither Russian nor foreign research provides an integral view of health care efficiency.
Methods The methodology is based on concepts of the systems economics, sustainable development. It also includes a multilevel and integrative approach and employs a set of methods, such as multivariate-comparative, deterministic-factorial, structural analyses, econometric modeling.
Results We propose applying a comprehensive set of metrics to evaluate the regional health care system, including medical, social efficiency, indicators of sectoral economic efficiency. We analyzed the performance of regional health care systems in the Volga Federal District and Ural Federal District from 2013 through 2017 and identified respective achievements and challenges. The article sets out a non-linear model for the optimal combination of medical services so as to ensure the relative economic efficiency of the health care system.
Conclusions and Relevance Relying on the study, we infer that the medical and social efficiency has a non-linear dependence on its finance, organizational forms and the regional health care system influence each other. The findings may be used by constituent entities of the Russian Federation to conduct an integral evaluation of the regional health care system, determine whether sectoral resources are effectively used and how the health care system develops.


Introducing indicators of enterprise investment activities in financial stability monitoring

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 )

Abramishvili N.R. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( n.abramishvili@spbu.ru )

Parfenova M.V. Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation ( mvp97@mail.ru )

Journal: Financial Analytics: Science and Experience, #4, 2019

Subject The article addresses methodological approaches to financial stability monitoring. These approaches are mainly focused on the financial services industry. However, in the framework of the research, we consider non-financial companies (enterprises), since in this area of monitoring financial stability there are many urgent tasks that remain understudied.
Objectives The purpose is to prove the relevance of investment activity assessment in monitoring the financial stability of enterprises, identify necessary indicators, and show that the monitoring financial stability of such enterprises should not be limited to debt burden estimation.
Methods We review the best practices in monitoring the financial stability of companies operating in the non-financial sector; suggest recommendations for this area development on the basis of investment activity indicators; analyze the investment activity of Russian enterprises by type of economic activity, emphasizing the importance of industry aspects of monitoring.
Results The paper gives reasons for supplementing the system of indicators of enterprise financial stability by the volume of investment per capita, ratios of renewal and disposal of fixed assets by type of economic activities, return on assets ratios, indicators of the structure of investment financing. It is also important to consider industry trends in investment activity.
Conclusions The stability of financial system functioning is ensured by both the financial and non-financial sector of the economy, and their mutual influence should not be underestimated. Assessment of enterprise investment activities should become an integral part of financial stability monitoring. This determines new directions of fundamental and applied research.


Assessing the factors of investment appeal of municipalities at different stages

Ivanov P.A. Institute of Socio-Economic Research, Ufa Science Centre of RAS, Ufa, Republic of Bashkortostan, Russian Federation ( ivanov-ran@mail.ru )

Journal: Economic Analysis: Theory and Practice, #10, 2019

Subject Insufficient investment activity, which is currently observed in many territorial entities of Russia, is a sticking point for sustainable socio-economic development at all levels, including municipal. In most cases, there is little or no regard for stadial characteristics of territories.
Objectives The aim of this study is to assess dominant factors of investment appeal of municipalities at different stages of their life cycle, using the case of municipalities of the Republic of Bashkortostan.
Methods The study employs methods of systematization, comparative and correlation-regression analysis. I use the Statistical Package for the Social Sciences software to assess the relationship between investment attractiveness and indicators of socio-economic development of municipalities of the Republic of Bashkortostan by their life cycle stage.
Results I analyzed ratings of investment attractiveness of subjects of the Russian Federation, identified challenges of their comparative analysis and made suggestions to smooth them. The paper states that at different stages of any life cycle there is a differentiated set of factors (with two key factors), and they reflect the specifics of stages of territory development. It also reveals a direct relation between investment activity and the level of stadial development of municipalities.
Conclusions It is necessary to stir up the State policy in the field of household savings as a key driver of investment development of territories, to improve the system of inter-budget transfers, taking into account the specifics of investment processes at different stages of life cycle of territories.


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.


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.


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.


Using the project methodology for innovative development works execution

Yashin S.N. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( jashinsn@yandex.ru )

Ivanov A.A. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation ( alexey.iff@yandex.ru )

Ivanova N.D. Nizhny Novgorod State Technical University n.a. R.E. Alekseev, Nizhny Novgorod, Russian Federation ( lavrentievan@yandex.ru )

Journal: Financial Analytics: Science and Experience, #10, 2017

Importance The complexity, international and multidimensional nature of challenges be dealt during the R&D activities necessitate improving the methodological approaches and principles. The article offers a solution based on the project approach.
Objectives The purpose of the study is to underpin the application of advanced tools of the management theory to innovative research and development.
Methods We apply general scientific methods of research, as well as the method of process costing, network modeling, risk assessment, ranking, etc.
Results We reveal the specifics of development projects from the systems approach perspective, and the problems arising in the course of innovation project management. We performed testing on the case of R&D project for innovative electronic equipment manufacturing. The paper substantiates the approach to work planning, a process simulation method and the choice of costing and pricing systems. Special focus is on the planning of project risk component and communications.
Conclusions Efficient R&D require advanced approaches to management, including the project management approach. The latter necessitates consideration of both quantitative and qualitative aspects. Risk management and planning and the simultaneous use of several methods of assessment are of utmost importance.


Political aspects of economic modernization in the Russian Federation

Ivanov V.N. Ural Social and Economic Institute (Branch) Educational Institution of Higher Professional Education Unions Academy of Labor and Social Relations, Chelyabinsk, Russian Federation ( rfkbyf@yandex.ru )

Journal: National Interests: Priorities and Security, #8, 2017

Importance The article discusses some political factors that influence the economic modernization in the Russian Federation.
Objectives The research identifies the key political factors that influence the modernization of the Russian economy and analyzes their effect. I also determine which measures could possibly be undertaken to counter adverse factors.
Methods Political aspects of the economic modernization in Russia were analyzed with systems, comparative and historical methods.
Results In Russia, the economic modernization is influenced with attitudes of the governmental leadership to the modernization strategy and tactics, capabilities of the political system to ensure it, corruption in public administration, non-existent elite for modernization initiatives, ineffective use of development institutions and organizations called to provide the economy with modern technologies, U.S. and EU sanctions against Russia.
Conclusions and Relevance Successful modernization of the economy requires to consider adverse consequences of internal and external political factors. Russia's political system needs to be improved, with raising the political rivalry. The State should curb the corruption, paving the way for the modernization elite aspiring a new economic model. The policy of economic sanctions proves that the modern economy is needed to preserve the national sovereignty of Russia.


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