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Article
Resilience Index Development for Digital Ecosystems and Its Implementation: The Case of Russian Companies

Grishunin S., Ivashkovskaya I., Brendeleva N. et al.

Journal of Corporate Finance Research. 2025. Vol. 19. No. 1. P. 25-40.

Book chapter
Beyond Claims: CSR Reports, ESG Initiatives, and the Consequences of Impressions Management; Empirical Analysis

Badr I., Rawnaa Ibrahim, Hussainey K.

In bk.: Opportunities and Risks in AI for Business Development. Vol. 2: Opportunities and Risks in AI for Business Development. Prt. 636. Springer, 2025. P. 385-399.

Working paper
A New Approach to Identifying Political Connections: Evidence from the Russian Banking Sector

Kozlov N., Semenova M.

Financial Economics. WP HSE. HSE University, 2025. No. 1/FE/2025.

Preparation of Proposals for Improving the Efficiency of Management of State Property of the Constituent Entities of the Russian Federation

On February 13 at the research seminar "Empirical research of corporate Finance" School of finance were presented the results of the study Galanova A.V. associate Professor, School of finance, HSE faculty of Economics: Preparation of Proposals for Improving the Efficiency of Management of State Property of the Constituent Entities of the Russian Federation

Preparation of Proposals for Improving the Efficiency of Management of State Property of the Constituent Entities of the Russian Federation

Associate professor of School of Finance Alexandra Galanova answered the questions about the content of the study

What measures do you offer to improve the management of state-owned regional property in your work?

In the study, an extensive list of measures is proposed, the general meaning of which is that the size and composition of the state property of the regions must correspond to the goals and objectives of strategic development that they proclaim. It is important for entities of the Russian Federation to constantly monitor which property is available and / or should be at their disposal, and how effectively it is used from the point of view of its intended use.

At the same time, it is necessary to raise the general level of information openness when managing the state property of the regions and actively involve the public, for example, in conducting expert examinations of state projects and summarizing the tenders (auctions) for the sale of state regional property in the event of its privatization.

You say that the share of regional budgets' revenues from state property is currently 0.5-2%. How much, in your opinion, should this percentage increase?

Now most of the regional revenues are connected with tax payments, and the share of revenues from state property in the total income is insignificant. As the Russian regions are very different, the dynamics and structure of revenues from the use of state regional property also vary greatly from region to region. In our opinion, in the issues of revenue growth from the objects of state property in each subject of the Russian Federation, an individual approach is needed.

What do you see as the main problem (problems) of the fact that for most of the regions there is a lack and non-obviousness of the correspondence of the development goals with the state property management programs available to them?

On the one hand, the analysis of the consistency of the existing practice of state property management, conducted with respect to the regions selected for the study, showed that often the objectives of their development are formulated in strategic planning documents in the most general form and do not allow to take into account the specifics of state property management in the conditions of a specific subject of the Russian Federation. On the other hand, in accordance with the Federal Program "Management of State Property", it is important for all Russian regions to complete work on inventorying their state property, optimize its composition in accordance with the tasks of their social and economic development and improve the efficiency of state property management, evaluation of this effectiveness.       

What do you think will change if these problems are eliminated?

Effective management of state property is an important measure for increasing the revenues of regional budgets. Regional authorities have a great potential to increase their budget revenues from the use of their state property, since its size is still quite large. At the same time, the measures proposed in the research work would allow strengthening public control over the use of state property.