The issues of spatial differences in the level of socio-economic development of Russian macroregions, are discusses in the article. Authors analyze the causes and trends of changes in the spatial structure  of macroeconomic indicators by federal districts and evaluate the main factors of regional growth and the potential for further development of the federal districts of the Russian Federation. The object of the study is the spatial economy of Russia in the period 2016–2019, both in the context of federal districts and in the context of the European and Asian parts. The European part of the Russian Federation includes the Central Federal District, the Northwestern Federal District, the Southern Federal District, the Northwestern Federal District, the Volga Federal District and the Ural Federal District without  the Tyumen Region. The Asian part of the Russian Federation consists of the Tyumen region, the Siberian Federal District and the Far Eastern Federal District. The main goal of this work is to analyze the growth factors of Russian regions in the period 2016–2019. The research tools include methods for factorial decomposition of increments into quantitative and qualitative features, methods for analyzing structural changes. The paper shows the impact of price and volume changes on GRP growth, the impact of changes in the number of employees and total labor productivity on volume growth, the impact of changes in sectoral labor productivity and the structure of employees on the growth of total labor productivity. The paper also reflects the reasons for the uneven spatial development of the country and presents the contributions of industries to regional growth. 

This article aims at the impact of changes in the economic environment on China’s property insurance industry, using comprehensive literature analysis and empirical analysis, selecting variables, and using 

the National Bureau of Statistics of China and Wind database 2013–2019 data to conduct a principal factor analysis. It proves the role of such factors as promoting the development of China’s property insurance, economic system reform, demographic changes, and technological progress. The research was funded by the CSC Committee. The article provides a theoretical reference for the analysis of China’s property insurance development policies and measures, and explains the role of selected variables in the development of the property insurance industry. The specific role of external economic factors in the development of China’s property insurance is the future Research direction. The research results can provide references for developing countries and regions to formulate property insurance industry policies.

Suppose that a developer initiates an investment project to build and operate a commercial real estate object, invests his own funds and, because they are insufficient, attracts an investor. The operation of the object will presumably generate a profit stream to be shared between the project participants. Suppose that each project participant specifies his requirements for the cost recovery, namely, the discount rate of income stream (the minimum acceptable return on investment) and the maximum acceptable payback period. The use of the investor’s funds imposes an obligation on the developer to fulfill the investor’s requirements on investment return. Developer would like to get rid of this obligation as early as possible. In addition, each project participant has an interest in reducing his payback period. Therefore, minimizing the maximum of the investor’s and the developer’s cost-recovery times (if their costrecovery requirements are met) ensures that the interests of the project participants were aligned. The project can only be realized if there exists a profit-sharing scheme meeting both participants’ cost recovery requirements. In typical profit-sharing schemes, participants’ shares are constant over time and either proportional to participants’ contributions or provide simultaneous cost recovery. We propose to consider a participant’s profit share as a step function of time, with jumps at the moment of his cost recovery and at the moment of his partner’s cost recovery. Such problem statement has not, to our knowledge, been considered before. The problem reduces to the conditional maximization of two nonlinear differentiable functions of one variable. The article justifies an algorithm that either solves the problem or reveals its insolvability. The proposed approach broadens the range of situations in which an acceptable to both participants profit sharing scheme can be found, thus broadening the set of implementable projects.

In the past few years, retail trade in Russia has undergone quite a few changes. The transformation of retail occurs primarily due to the widespread introduction of digital technologies, which inevitably affects the management processes existing among retailers. Thus, possessing big data and applying advanced statistical methods to it, the management of retail chains can significantly speed up the decisionmaking process and, moreover, make these decisions more substantiated.

Updating of approaches specifically to assortment management in DIY retail (Do It Yourself) is an extremely important issue for Russian business in the coming years, due to increased competition in the online segment of the DIY market. In an effort to increase their sales, retailers are adapting the assortment matrix of each store in accordance with the demand presented in its coverage area. This is where the need arises for the use of special tools for assortment analysis.

The aim of the study is to develop recommendations in the field of managing a large assortment portfolio for DIY retailers.

The objects of the study were several Leroy Merlin hypermarkets located in Novosibirsk. One of the  authors of the study has experience working in a company as a head of the trade sector, which indicates a deeper understanding of the specifics of the work of both the company and the industry as a whole. As a result, in managing the assortment portfolio at the level of goods, an adapted method of the modified BCG matrix is proposed. Consideration of changes in the position of goods on the matrix in dynamics made it possible to formally determine the boundaries between its quadrants. A clearer understanding of the boundaries of the matrix simplifies its regular construction and understanding the distribution of goods by groups allows build dashboards that are updated in real time.

The paper discusses development of the investments block in an agent-based interregional multisector model of the Russian economy. The ability of the model to reproduce stationary states of the economy and economic growth under various regimes of intra-company fixed capital investment is considered.  A given steady state can be achieved by choosing the shares of profits assigned to investment. Output growth was insured by reducing labor intensity by 2 % per year in the Leontief-type production functions of firms with a fixed level of labor resources. When investments are financed from the profits  of firms under fixed share regime, the model economy demonstrate a balanced growth. 

Inequality is an inherent property of spatial development, but too high spatial inequality can have  a number of serious consequences, from increased fiscal spending aimed at smoothing fiscal space to slowing national economic development and increasing separatist sentiment. The problem of heterogeneity in spatial development is therefore relevant, especially for countries with a large spatial extent, where such inequalities are naturally higher. In Russia the spatial inequality started to grow since the end of the 20^th century and is still considered to be high. The aim of the work was to identify the features of the process of polarization of Russia’s spatial development by analyzing the dynamics of 

economic activity in Russian regions in the 21^st century and obtaining extrapolation forecast of interregional distribution of economic activity.

The study was carried out with the help of distribution dynamics analysis methods, using the theory of Markov process with discrete time and continuous state space. The above methods have allowed us to: assess the actual distribution of economic activity indicators of the regions and to conclude about its changes in the first two decades of the 21^st century; to obtain extrapolation forecast of the distribution of regional economic activity indicators in the long-run, i.e. to forecast long-run spatial equilibrium; to identify and characterize groups of regions forming “convergence groups” in the long-run. The obtained results led to a conclusion about the increasing polarization of Russia’s regions by the level of economic activity both in the study period and in the long run, while maintaining the current trends, to substantiate the need to expand the practice of applying tools of place-based regional policy.

The financial independence of the constituent entities of the Russian Federation and municipalities is one of the most important conditions for their full-fledged functioning, as well as for more active involvement in the processes of strategic planning. To ensure the long-term socio-economic development of municipalities, regions and the country as a whole, strategic development and planning is of great importance, while there are problems associated with the implementation of this tool on the ground and in the regions, which determines the relevance of this study. The processes of centralization in the distribution of budget revenues in Russia hinder the effective use of the potential of the regional and local budget system for the development of regions. The main purpose of this research is to study the general and distinctive features of the formation of regional and municipal finance in the Russian Federation. The article examines the regulatory and legal framework for budgetary support for strategic planning of regions and municipalities, studies the current works of Russian and foreign authors on this topic, provides the experience of foreign countries, analyzes the existing principles of the budgetary systems of regions and municipalities, touches on the problems of budgetary provision of regional and municipal strategic planning, as well as proposed solutions to the identified problems, formulated directions for further research. In the course of the work, the authors identified trends in the budgetary reallocation of funds in the regions, proposed ways to improve and optimize it in order to increase the efficiency of regional and municipal strategic planning. The results of the study make it possible to determine the role of the distribution of budgetary funds within the region, as well as interbudgetary transfers in the process of strategizing, as well as to outline ways to improve the existing systems.

Artificial Intelligence (AI) is a term shaped by socio-behavioural rationales of human capabilities. AI is broadly characterized by a suite of technologies and capabilities, which are largely autonomous and predictive. Expectations of AI are derived and often benchmarked against human intelligence. The corollary is understanding that AI may be approached by attempting to understand human intelligence itself. The pace of AI application in industry is clearly accelerating as companies begin to leverage AI to increase profitability and achieve scale. This review is centred around how AI is currently being applied in Financial Institutions providing services by covering key implementation aspects, underpinning new products and services, playing a strategic role in digital transformation. This also covers how financial service providers across the globe are meeting the challenges of AI adoption with its emerging risks and regulatory implications, as well as the impact of AI on the competitive landscape and employment levels. In the findings, it reveals how AI is expected to galvanize a paradigm shift within the Financial Services industry, driven by data and innovative algorithms to transform business model transformations. Financial Institutions are beginning to leverage AI to increase profitability and achieve scale, but their success will be highly dependent on the evolving investment into use cases, adoption pattern, and regulatory environment.

In a constantly changing business environment, the company’s management faces new challenges, and the complexity of management increases. In this regard, since the end of the 1980^th, after a criticism wave of traditional (financial) methods, performance measurement systems (PMS) have come to the fore, offering ideas and technologies based on a combination of both, financial and non-financial indicators, which are focused on the strategic line of a company.

The purpose of this academic paper is to develop new PMS that combine existing systems’ advantages, as well as eliminating their inherent limitations.

Therefore, in the course of the study, the main limitations of existing performance measurement systems were identified, and a new PMS was proposed, which had a number of advantages over the known ones. This system is focused on maximizing the company’s value, describes contribution to the change in the value of each main business process, product and client, which allows one to get away from aggregation and evaluate performance at each level, as well as turn a set of useful, but somewhat heterogeneous indicators into a system with a clear target.

This PMS is based on the concepts of value-based management (Value Based Management, VBM), strategic management (Strategic Management, SA), process management (Business Process Management, BPM), as well as on the provisions of the performance management concept (Performance Management, PM).

The developed performance measurement system is purposefully based on well-known categories and indicators to increase its practical significance. This PMS will help management to understand what the business is made of, what processes affect the efficiency of its work within the company. After all,  the expediency of an adequate performance measurement for the successful functioning of the company in modern conditions is very significant, since it can help management both, to achieve the desired results and also to see the reserves for improving efficiency.