MACROECONOMIC ANALYSIS: METHODS AND RESULTS
In the context of intense external and internal economic and social changes, there is a high degree of uncertainty in the financial, commodity, stock and other markets both in individual countries and in the global economy. The consequences of these changes result in increase in the volatility of the exchange rate of domestic currencies of individual countries in relation to the leading world currencies, as well as local investment markets, real estate, business and other assets. The most important task of investors and companies, especially in times of uncertainty, is to make informed management decisions, its purpose is to increase the sustainability of business and investment in business projects. One of the strategies for increasing the sustainability of business and its sustainable development is traditionally compliance with ESG (Environment Social Governance) principles, the advantage of which is the combination and mutual influence in the areas of environmental, social and economic sustainability of activities. Since both enterprises themselves, countries, economies, societies and disclosure of information about them are in constant change, a unified classification system for identifying sustainable economic activity, or “taxonomy”, is important. World experience demonstrates, on the one hand, trends towards uniformity of the methodology and concept of the taxonomy of sustainable finance; on the other hand, the individual characteristics of the national economy of a country require adaptation of general concepts to its unique characteristics. Currently, Russian developments in the field of taxonomy of sustainable finance are actively developing, and in this article, research has been carried out on the steps taken in this direction in Russia and the world, and a simplified scheme for determining the areas that fall within the scope of various taxonomy terms has been proposed, modified taking into account Russian specifics.
The need to ensure sustainable development of territories has led to the emergence of responsible issuers and investors. At the same time such actors’ impact on the stock indices remains understudied, which makes the studies focused on these issues relevant. The goal of this paper was to see into the impact of investors’ ESG focus on the efficiency and fairness of the stock market. The research draws on 2018-2021 data for 232 Russian firms taken from the ESG Ratingby S&P Global Sustainable and https://smart-lab.ru portal. Indicators of particular companies and the market as a whole were estimated using descriptive statistic methods and Cramer’s V-coefficient, and cluster analysis was done. The results showed that any ESG rated assets have higher dividend yield and stock price to revenues ratio (P/S multiplier), which are statistically significant, but the P/S value can be recognized as optimal both for sustainability-rated assets and the unrated ones. It is concluded that the Russian stock exchange is currently lacking any distributive justice and any responsible investors’commitment has no influence on the market efficiency. The theoretical value of the study lies in its confirming Eugene Fama’s efficient market hypothesis being applicable to responsible issuers’ stocks and in defining the indicators of the market’s distributive justice. Its scholarly importance stems from its assessing the current rate of the Russian stock exchange’s efficiency and fairness when ESG commitments are expanding among investors. The identified failures of the financial market, which managers of responsible companies and shareholders should consider in their activities, are of practical value.
To implement the strategic plans for national economic growth, it is necessary to develop the Far Eastern Federal District (FEFD), which is a link between Russia and the Asia-Pacific Region (APR). The aim of the work is to analyze and evaluate the main macroeconomic trends affecting the socio-economic development of the Far Eastern Federal District. The shift-share method and empirical analysis of the main macroeconomic indicators of the region were used as the main research methodology. Due to the fact that the foundation for the development of the region is formed by the factors of influence that formed before the coronavirus pandemic and the start of a special operation in Ukraine, the analysis of the Far Eastern Federal District was carried out for the period from 2014 to 2019. The study showed that, in general, the Far East showed positive dynamics in the analyzed period, due to the fact that the growth rates of the district's industries exceeded the national ones, which was ensured both by high external demand for their products and by the positive results of the program for the accelerated development of the Far Eastern Federal District, which had a favorable effect in the areas of specialization of the region. However, industries with a high share of value added are in a crisis situation, which may neutralize the positive trends in the development of the region in the near future, and there are still no favorable changes in the social sphere, which is primarily characterized by a continuing decline in the region's population.
MICROECONOMIC ANALYSIS: METHODS AND RESULTS
An important part of the analysis of economic growth of regions is the study of the investment distribution within industries and Russian Federation regions. Carefully considered construction of extra value sequences can create positive impulses because of the synergetic effects of investment projects. The purpose of the study is to analyze the synergetic effects of regional investment projects and impulse modeling their effects on Russian economic system. Finding such effects requires complex mathematical models implementation, and usually it cannot describe all existing investment relationships. Cognitive modeling methods can become the solution of stated problem. Cognitive modeling is a combination of mathematical approaches and expert assessments. The following study includes multidimensional factor statistical analysis, which was applied to construct a cognitive map for impulse modeling. Based on investment projects in Russia, there were identified 4 main generalized economic factors. These factors were sets of closely interrelated industries. Complied factors were energy and chemical industry, mining and processing of minerals and mechanical engineering, quality of life, metalworking and woodworking. four main scenarios of investment impulses in the constructed factors were also evaluated. The growth of investment flows in the “quality of life” factor was chosen as the optimality criterion. It was revealed that the development of metal- and wood-processing provides the biggest positive effect. The conducted research shows the importance of investment synergy studying and describes a methodological approach to perform calculations.
MATHEMATICAL METHODS OF ANALYSIS IN ECONOMICS
Within the framework of this study, a small DSGE model of the Russian economy with heterogeneous adaptive learning of economic agents is being developed. Comparing several modifications of the model through various assessments, building retrospective forecasts, calculating error measures, it is concluded that a model with heterogeneous adaptive learning of agents fits the data better than a model with rational expectations or homogeneous adaptive learning. Also, within the framework of the constructed model, the best rule of monetary policy is determined; according to it, the Central Bank should take into account not only inflation and output, but also respond to the exchange rate and the domestic oil price. The model constructed in this paper can potentially be used as a not very cumbersome tool for analyzing and forecasting the dynamics of the Russian economy, and the resulting conclusions about the optimal policy can be used to form the economic policy of the state.
MANAGEMENT
Modern business ecosystems are becoming an integral part of the digital economy and an object of research. The article presents the results of a comparative analysis of major Russian diversified business ecosystems: Yandex, VK, Sber, MTS and Tinkoff based on the case study method. An approach to their positioning in the market based on the share of the main business in the income of the company - leader of ecosystem and the number of ecosystem services is proposed. It is shown that while maintaining the specialization in some market segments there is a process of convergence of ecosystems by types of services offered, which aggravates competition between them, The factors that, along with competition, cause low financial results of the leading ecosystems are identified. These are an unrelated type of diversification that complicates the realization of synergy, development mainly at the expense of own resources without using the potential of partnership, copying of services accompanied by the absence of consumer retention mechanisms.
The obtained results contribute to the discussion of controversial issues about the chances of market dominance of ecosystems and their impact on competition.
In the modern theory and practice of entrepreneurial activity of the country's economy, a sufficiently clear understanding of the issues of digital transformation of food retail is not given. The purpose of the article is to generalize domestic and foreign experience in the formation of conceptual and categorical apparatus in relation to the processes of digitalization of a food retailer. The methodological basis of the research includes theoretical provisions of digitalization of the economy, development of trade and services, technologies of digitalization of business and food retail. The research methodology is based on the application of methods of monographic, comparative analysis, grouping and classification of current sources, modeling. We use domestic and foreign scientific works of the last five years devoted to the processes of digitalization of retail as the information base of the study. The paper presents the results of a comparative analysis of current concepts and processes of digital transformation of retail in Russia. The author's definition of the terms "food retail" and "digital transformation of food retail" for the domestic economy is given. We systematized the stages of digitalization of the Russian food retail by the timing of the introduction of digital technologies. Author compiled classification of food retail depending on the number of digital technologies implemented. The result of the research and its scientific novelty is a conceptual model of digitalization of food retail in Russian practice. The author proposed to evaluate the effectiveness of managing the digitalization process in food retail by the degree of development of the "core" of retail, management system and supply system. According to the proposed model, the development of retail digitalization considered according to the level of use of digital technologies in the elements of the "core". For business development, it is necessary to implement an appropriate "system of providing" digital technologies and maintaining the effectiveness of their use by qualified employees of the departments of the "management system". The theoretical and practical significance of the study lies in the fact that the proposed interpretation of the concepts, stages and classification of digitalization of food retail has not been systematized before. The organizational and management model developed by the author contributes to the implementation of standards for providing food retailers with digital technologies in Russia, aimed at increasing the competitiveness of retail and increasing the quality of service.
The article substantiates the urgency of the active use by the management of domestic enterprises of management concepts that are more adequate to the goals and nature of the mobilization economy.
In particular, the objective nature of the formation of the mobilization economy is noted as a consequence of the presence of real threats to the existence of the country and society as an integral system. One of the key features of the mobilization economy is the new economic policy. It presupposes the return of the state to the role of a full-fledged economic agent and the development of new "rules of the game" aimed at the most effective use of Russian raw materials, labor and intellectual resources to counter external threats.
According to the author, management approaches that correspond to the current goals of the domestic economy include the concept of managing strategic assets of the enterprise (primarily intangible) and the concept of sustainable marketing. The first one aims top management to take into account the importance of intangible assets in achieving the actual goals and objectives of the enterprise. A significant part of intangible assets (for example, the company's reputation, staff loyalty and corporate culture) is more or less related to the human factor. Therefore, increasing the productivity of their management leads, ultimately, to a more efficient use of human potential.
The second concept involves increasing the social responsibility of the business both in relation to all its partners (starting from staff and ending with consumers) and society as a whole. The essence of the concept (as applied to the goals and conditions of the mobilization economy) is the transition from the marketing of unrestrained consumption (bearing negative consequences for both people and nature) to the marketing of rational and, sometimes, safe consumption. This concept also contains the idea of resource-saving technologies.
Digital transformation processes have a strong impact on all areas of the economy and the development of modern society. One of the actively developing industries has become the field of financial products and services, giving rise to a new phenomenon at the intersection of finance and technology - fintech enterprises. Management of this type of organization requires special approaches and ways of interpreting the strategy, as well as accepting the specifics of the financial environment. For enterprise management, the architectural approach is gaining more and more popularity as a tool for describing the principles of functioning of socio-economic systems, which allows systematizing vision, managing the implementation of the strategy and achieving the set goals. This approach was originally characteristic of the information technology departments of the enterprise, but now it is expanding its influence from the IT sphere to the level of the entire company. The objectives of this study are: to substantiate the need for a flexible fintech enterprise architecture that ensures the adaptability of products, services and management decisions; a proposal for an approach to implement a flexible architecture in enterprises of this type. For these purposes, an analysis of literary sources and existing approaches was carried out, practical experience in the work and management of enterprises in the financial sector was interpreted. According to the author, the implementation of flexibility in the process of managing financial companies will require not only special approaches, but also a revision of the roles of architecture owners. Which ultimately will allow to form a competitive advantage in the process of developing and delivering financial products and services, stimulate innovation, and improve the quality of solutions. The introduction of an agile architecture can be one of the stages in achieving the ideas of the Finance 4.0 concept.
METHODOLOGY AND METHODS OF SOCIOLOGICAL RESEARCH
The article is devoted to the study of the construction of the image of the Novosibirsk Academgorodok as a hierarchical structure consisting of certain elements. As an empirical object, young residents of Akademgorodok aged 18 to 35 years, both visitors and locals, were chosen. This study is located at the intersection of such areas of sociology as sociology of a city and visual sociology, the study provides an overview of modern sociological studies of the city and classical theories of sociology. The first chapter presents an overview and analysis of the sociological research devoted to the study of a city and approaches to understanding and identifying the image of urban space, and also formulates the main objectives of the study. Thus, the first chapter is the theoretical and methodological basis of our study. The second chapter is a description of the research methodology and contains a description of the empirical object and information base of the study, as well as data collection methods. Data collection was carried out applying two methods: online survey and interview. For each method, a toolkit has been developed — a questionnaire and an interview guide. The data collected by the online survey method made it possible to describe the context of living conditions in the Novosibirsk Academgorodok through the description of subjective assessments of satisfaction with living conditions, and the online survey also served as a way to recruit informants for interviews. After collecting data through semi-formalized interviews, the main conclusions are made and the results of the study are described. The parameters of the language construction of the image of Academgorodok were described, the types of visual images of Akademgorodok were identified, and the territorial identity was described as an emotional connection with the place.
ISSN 2658-5375 (Online)