The Way to Antifragility. Scholars from HSE University have Studied Financial Strategies of Russian Corporations under Sanctions

The publishing office of HSE University released the book Russian Corporations in New Economic Reality. Financial Strategies on the Way towards Antifragility under the editorship of Irina Ivashkovskaya, Tenured Professor, Head of the School of Finance of HSE University. The scholars studied the procedures of transformation and adaptation of large Russian companies to the sanctions regime and cancel culture. The book presentation will take place on 7 November on HSE campus in Moscow at Pokrovsky Boulevard.

Interviews with heads of 30 large companies and analysis of financial statements made by over 4 thousand Russian companies underpin the research project. The staff of the School of Finance was engaged in the work on the book together with famous Russian experts, market participants, and representatives of major Russian corporations.

According to Irina Ivashkovskaya, the project of the School of Finance of the Faculty of Economic Sciences of HSE University was launched by the University Academic Supervisor Yaroslav Kuzminov.

She explained: “First, in our project we set the objective to evaluate the comparable levels of resilience of the Russian companies’ which faced supply chains disruption, loss of target markets and dramatic changes in the terms of payment and financing. For this reason, we focused on analysis of resilience patterns in Russian business against the background of sweeping sanctions. Second, we set the task to reconstruct a many-sided view of financial practices developed by Russian corporations as a response to sanctions which prevented business from slipping into fragility and allowed to accumulate opportunities and drivers for resilience improvement”.

Thus, in terms of interpretation of corporate resilience the authoring team pushes the narrow boundaries of focusing on how a company preserves the ability to respond to external shock factors. Resilience as a company state is understood not just as a series of actions intended to hold on and retain its position but also as a totality of steps and decisions which render possible a transfer to growth even under external shocks.

Irina Ivashkovskaya emphasizes: “In the authors’ opinion, the road map to resilience is as follows. It comprises adaptation policies but at the same time covers a wider and more complex range of corporate action. The route to resilience embraces the policies targeted at growth and leadership in decisions. “There is special marking on the road map of this process – the decisions and practices which create competitive advantages at early stages of response to shocks”.

The book presentation will take place on 7 November on HSE campus at Pokrovsky Boulevard 11, classroom F-201 at 6 .m. Register here. Media representatives may obtain accreditation via e-mail of the Public Relations Office of HSE University press@hse.ru.

 The book Russian Corporations in New Economic Reality. Financial Strategies on the Way towards Antifragility was written when implementing the strategic project Social Policy for Sustainable Development and Inclusive Economic Growth according to the program of the university development as a part of participation in the program of the Ministry of Science and Higher Education of the Russian Federation Priority 2030. The Priority 2030 program is accomplished under the national project Science and Universities. The editorial board of the book: Irina Ivashkovskaya (editor in chief), Academic Supervisor of HSE University Yaroslav Kuzminov, first financial vice-president of Public Joint-Stock Financial Corporation Sistema Rovshan Aliyev.