Finance: Theory and Practice

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ISSN / EISSN : 2587-5671 / 2587-7089
Total articles ≅ 314
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S. A. Manshilin, A. F. Leshchinskaya
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-74-87

Abstract:
The article presents the key provisions of the developed model of financial incentives for innovation activity for companies in the industrial sector. The subject of the study is economic relations formed in the process of financial incentives for innovation activity of industrial companies. The aim of the study is to present the authors’ model of financial incentives for innovation activity in the industrial sector, as well as to evaluate its effectiveness using forecasting methods. The relevance of the study is due to the existence in modern conditions of significant obstacles to financial incentives for innovation in the industrial sector: the lack of equity capital of companies, sufficiently high costs for the implementation of innovation projects, the existence of financial risk of loss of solvency by the company, as well as a lack of budget financing of innovation and state material support. The novelty of the research consists in the development of a model of financial incentives for innovation, which could be used in practice by companies operating in the industrial sector in order to increase production potential through the implementation of innovation and R&D projects. The authors apply the following methods: statistical analysis, correlation and regression analysis, forecasting, scenario analysis and construction of the trend of the GDP of the Russian Federation. Results: the authors define the structure of the modern model of financial incentives for innovation activity for industrial companies, evaluate its effectiveness using the interdependencies between the GDP of the Russian Federation and key parameters reflecting the increase in innovation activities of Russian entrepreneurship. Statistical data for forecasting the GDP of the Russian Federation were collected for the period 2010–2021. The authors conclude that the most effective scenario for the Russian innovation economy is the practical use of the developed model of financial incentives for innovation activity in highly active and mediumactive companies.
Ju. S. Trifonov, B. S. Potanin
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-204-218

Abstract:
This study examines the problem of modeling the joint dynamics of conditional volatility of several financial assets under an asymmetric relationship between volatility and shocks in returns (leverage effect). We propose a new multivariate asymmetric conditional heteroskedasticity model with a dynamic conditional correlation matrix (DCC-EGARCH). The proposed method allows modelling the joint dynamics of several financial assets taking into account the leverage effect in the financial markets. DCC-EGARCH model has two main advantages over previously proposed multivariate asymmetric specifications. It involves a substantially simpler optimization problem and does away with the assumption of conditional correlation time invariance. These features make the model more suitable for practical applications. To study the properties of the obtained estimators, we conducted a simulated data analysis. As a result, we found statistical evidence in favor of the developed DCC-EGARCH model compared with the symmetric DCC-GARCH process in case of considering data with the presence of the leverage effect. Further, we applied the proposed method to analyze the joint volatility of Rosneft stock returns and Brent oil prices. By estimating the DCC-EGARCH model, we found statistical evidence for both the presence of the leverage effect in the oil price data and the presence of the dynamic correlation structure between the time series, which motivates the practical application of the proposed method.
, , D. S. Khudyakov, A. I. Kanashina, E. A. Timofeev
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-160-174

Abstract:
The scientific study examines the ways and methods of assessing the contribution of the Arctic zone to the level of economic development of the subjects of this zone and the country as a whole through the process of ensuring national security. The relevance of the study is due to the relationship between the indicators of territorial development of the subjects of the Russian Federation belonging to the Arctic zone and the indicator of the gross domestic product as a whole as the main indicator for assessing the level of economic development. The aim of the research is to improve the mechanisms for assessing the contribution of the Arctic zone to the level of economic development. The authors apply dialectical scientific cognitive methods based on a set of recognized private scientific and general scientific methods: formal logic, comparative law, statistics, and cross-sectoral legal analysis. The scientific novelty of the research lies in the identification of major risks that affect the processes of national security assurance in the Arctic zone, as well as their impact on national economic development and private business. The authors conclude about the potential of the Arctic zone for the formation of innovative projects with the growth of spatial risks, considering the peculiarities of the economy of the North. The results of this study may be used in practical activities by the state executive authorities of the Arctic zone in order to adjust existing regulatory documents, as well as to develop new directions of state policy in the field of ensuring national security in this region.
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-190-203

Abstract:
Неолиберальная модель глобализации способствовала опережающему росту финансовых активов над развитием реального сектора. Функционирование мировой валютно-финансовой системы (МВФС), основанной на одной ключевой национальной валюте — долларе США, стало причиной финансиализации мировой экономики и образования глобальных дисбалансов. Целью статьи является обоснование необходимости замещения американоцентричных финансовых институтов новыми институтами на региональном уровне и трансформации МВФС в направлении валютного полицентризма и регионализации. Обсуждается обоюдосторонняя ответственность стран ядра и периферии за образование глобальных дисбалансов. Проведено сопоставление финансово-экономических показателей суверенных государств, транснациональных компаний и транснациональных банков по «шкале» глобализации. Показаны хронические диспропорции между динамикой прироста глобального капитала и темпами экономического роста, ведущие к утрате государством контроля над процессом воспроизводства. Обосновано, что современная трансформация МВФС в направлении валютного полицентризма и регионализации является закономерной реакцией на данные диспропорции. Выявлена негативная взаимосвязь между проведением центральными банками развитых стран проциклической и антикризисной денежно-кредитной политики и конкурентными позициями развивающихся стран на международных финансовых и товарных рынках. Систематизированы факторы использования олигополии Большой тройки кредитных рейтинговых агентств в качестве «мягкой силы» для поддержания мировой гегемонии США и статуса доллара как ключевой резервной валюты. Сделан вывод, что для формирования развивающимися странами собственной международной ликвидности необходимо стимулирование интернационализации их валют путем развития паназиатских финансовых институтов и поощрения конкуренции между ними и действующими институтами МВФС.
I. Zyberi, D. Luzo (Kllapi)
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-104-117

Abstract:
Рост конкуренции заставляет организации постоянно стремиться к повышению производительности и снижению затрат. Быстрое распространение систем, основанных на электронных технологиях, привело к значительным изменениям в сфере банковских услуг. Информационные технологии позволили электронным каналам выполнять многие банковские услуги, которые традиционно осуществлялись через кассу. Албанские банки прилагают усилия для предоставления высококачественных продуктов и услуг для удовлетворения своих клиентов, а также для повышения доверия и лояльности клиентов к банкам. Цель данного исследования — на основе текущего состояния электронного банкинга в Албании определить влияние доверия и лояльности на удовлетворенность клиентов электронного банкинга. Исследование основано на первичных данных, собранных путем заполнения 400 анкет в регионе Гирокастра. Данные были проанализированы с помощью регрессионного анализа и анализа компонентов дисперсии, в результате чего обе переменные, включенные в модель, оказались статистически значимыми, но из двух вышеперечисленных факторов наиболее важным оказалось доверие, поскольку, согласно модели, если доверие повысится на одну степень, то удовлетворенность, как ожидается, увеличится на 0,39 степени. Сделан вывод, что албанским банкам необходимо учитывать это влияние доверия и лояльности на удовлетворенность клиентов дистанционного банковского обслуживания, стремясь к их повышению.
R. G. Ibragimov
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-48-61

Abstract:
The paper explores the excess value created (EVC) metric, which is an aggregated measure of the financial performance of a company over a multi-period measurement interval. The relevance of the study is due to the demand for practical solutions in the field of financial performance monitoring and incentive compensation, which makes it possible to achieve congruence between the interests of shareholders and the decisions of managers. The aim of the study is to build and justify a periodic financial measure that takes into account not only the current result but also the long-term consequences of management decisions. The scientific novelty of the study lies in the determination of the EVC metric via the TEVA indicator and providing the rationale for the new design of the performance measure. The result of the study is the derivation of formulas for calculating the EVC measure on multi-period and one-period intervals, which are free from restrictions on changes in the capital structure and the cost of capital, allow for a time-varying systematic risk of operating activities and possess the advantage of computational simplicity important for practical applications. The study concludes that the measurement of value created using the EVC indicator determined via TEVA makes it possible to achieve close conformity of the metric constructed to the real-world conditions with the unification of calculations in its retrospective and forecast components based on data available from historical and Pro Forma financial statements and information from the capital market.
M. A. Borovskaya, , M. R. Bechvaya, O. A. Chernichenko
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-6-24

Abstract:
The authors substantiate the importance of choosing efficient financing instruments for the successful functioning of economic mechanisms that ensure the implementation of strategic priorities for economic development. The study shows that the spheres of science and education have a direct positive impact on the growth of the economy, being important priorities and drivers of economic development. Accordingly, it is necessary to develop clear strategic guidelines for the development of these areas and define financial instruments embedded in economic mechanisms to ensure their practical implementation. In this regard, the aim of the study is to conduct a retrospective analysis of science and education funding, considering international and domestic experience, to propose the conceptual content of sectoral strategies for the development of science and education at different levels of the economic hierarchy, and to identify financial instruments to ensure appropriate strategies. Based on the use of theoretical, empirical, comparative, institutional, and evolutionary analysis of international and domestic experience in science and education funding, the expediency of implementing an ecosystem approach to the development and funding of these areas is substantiated, which makes it possible to unite all interested participants in socio-economic ecosystems through partnerships and resource flows. The paper substantiates the importance of distinguishing between sectoral strategies for the development of science and education and suggests the content of the corresponding strategies at the macro-, meso-and micro-levels of the economy. The research contains a comprehensive analysis of the financing instruments and economic mechanisms for the development of science and education in Russia from 1992 to the present, taking into account their effectiveness.It also includes the study of new promising instruments for science and education. Based on the results of this analysis, the authors conclude that it is advisable to rely on those financing instruments that have a self-reproducing nature and allow forming the economy of science on the basis of the ecosystem approach and assume a balance of private and public funding.
I. Gupta, T. V. Raman
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-38-47

Abstract:
Цель исследования — определение влияния слияний и поглощений (M&A) сельскохозяйственных компаний Индии на различные параметры их финансовой деятельности. Период исследования — с 2011 по 2019 г. Использована методология знакового ранжирования Вилкоксона. Выдвинута гипотеза, что, как отмечается в индийской литературе, происходит значительный рост слияний и поглощений, а также наблюдается существенная разница в операционных и финансовых показателях и доходах акционеров компаний-покупателей в период до и после слияний и поглощений. Результаты исследования показали, что операционный и финансовый коэффициенты и доходность акционеров также демонстрируют значительное улучшение, в то время как коэффициент расходов, связанный с операционным коэффициентом, не демонстрирует улучшения показателей. Авторы делают вывод, что финансовые показатели деятельности индийских сельскохозяйственных компаний после слияний и поглощений в целом улучшились для фирмпокупателей.
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-118-135

Abstract:
The article examines the financial wealth that affects macroeconomic dynamics from a comparative perspective for some countries. The purpose of the study is to identify changes in financial wealth and determine their impact on macroeconomic dynamics, taking into account the assessment of the impact of the level of social indicators — inequality and poverty, in particular, on changing the goals of economic development — growth rate, human development index. The methodology consists of empirical, structural, comparative analysis, econometric modeling, which is reduced to the construction of multiple regressions based on the Gretl 2020b software module, multiplicative models by the type of production functions. Taking into account these methods, an analysis algorithm has been developed to assess the impact of financial wealth on macroeconomic dynamics. The implementation of this algorithm made it possible to carry out a comparative analysis of the results for Russia, the G7 countries and China in terms of the influence of financial wealth on their development. The main empirical result is that financial wealth has a stronger effect on economic dynamics and social indicators of development than non-financial wealth, and is associated with the growth rate of highly developed countries. For Russia, the growth of financial wealth, albeit small, was associated with high growth rates, however, the econometric analysis revealed that financial wealth did not have a decisive influence on growth rates, reducing the human development index, unlike other countries, this affected the increase in this index. The authors conclude that the Russian economy showed the lowest sensitivity of GDP to financial wealth, but high to the Gini index, with only China and Russia having a higher sensitivity to non-financial rather than financial wealth compared to other reviewed countries. The prospect of using the results is to adjust macroeconomic policy, monetary and financial instruments, taking into account the sensitivity of target macroeconomic parameters to financial wealth, including the differentiation of policy instruments for each country.
V. V. Kuznetsova,
Finance: Theory and Practice, Volume 26; https://doi.org/10.26794/2587-5671-2022-26-2-62-73

Abstract:
The article is devoted to the study of modern trends in the development of functions and instruments of central banks (CB). The article aims to identify new CB approaches to crisis management and the used tools’ analysis and to study the transformation of CB activities and their current role. The authors use general scientific and special research methods, including comparative legal analysis and the method of systematization. The article focuses on the current international discussion on the evolving role of CB, provides an overview of experts’ opinions on issues related to assessing how CB activities influenced the formation and development of the 2007 global financial crisis. The spread of the latest crisis caused by the COVID-19 pandemic was different from the spread of the 2007 crisis when financial markets were first hit and then stress spread to the real economy through reduced confidence and tightening credit conditions for businesses and households. The authors note that the pandemic crisis developed differently: first, the real economy was affected, which was accompanied by a fall in GDP, and then conditions in the financial sector worsened. The authors systematized the CB measures in response to the pandemic and analyzed them by groups of countries: the CB measures of the advanced economies and countries with emerging markets were broadly similar. Based on a comparative analysis of the monetary instruments, the authors conclude that the advanced economies CBs have extremely limited opportunities to use interest rates to manage the crisis, while the emerging markets CBs still have some space for their regulation. The paper also analyses other CB instruments used during the crisis caused by the pandemic. The authors note that the measures implemented by CBs reflect their increased role in modern economic systems and the change in the long-known traditional functions. This research may be useful to state bodies in the implementation and coordination of the policy in the field of regulation of CB activities.
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