119049 Moscow, Russia
Shabolovka 26, office 4415а
+7 (495) 916-89-00 *26146
Irina Ivashkovskaya —
Head of the School, Head of Corporate Finance Research Center, Dr., tenured professor
Olga Lukashova —
Valeriya Mechel —
Alexey Yushkin —
The textbook covers such important aspects of financial planning as methodological development of financial planning mechanisms, budgeting, forecasting the growth rate of the company and the company's value. Financial planning mechanisms in organizations should be adapted to the specific focus of the main business processes.When developing the optimal mechanism for planning financial resources and sources of their formation, developers of financial plans should be guided by the principles of scientific news and target orientation, the basic principles of financial planning in organizations. In this regard, the system knowledge gained from the study of this publication allows students to gain theoretical knowledge and practical skills in the competent preparation and implementation of financial plans and effective management of the company.
In this paper we are going to review both theoretical studies in the field of intellectual capital measurement and empirical research, devoted to analyses of intellectual capital influence on companies’ value and financial performance. As a result, potential areas for further investigations in this field were revealed.
Considering groups of intellectual capital measurement methods, we identified that direct intellectual capital methods and scorecard methods are the most appropriate for the purpose of IC components measurement. To obtain objective results of measurement it seems reasonable to develop system of proxy indicators for all intellectual capital components (human, structural and relational capitals) and subcomponents (process and innovation, client and network capitals). Basing on existing literature, we make an attempt to identify and systemize indicators, associated with intellectual capital and reveal that network capital metrics remain under-researched and deserve closer examination. It was also found that investigators should develop the system of intellectual capital indicators, taking into account industry specificity.
As for empirical studies, in order to investigate the influence of intellectual capital on corporate value and financial performance, it seems reasonable to elaborate models, which include factors, associated with all intellectual capital components and subcomponents and, what is just as important, their interrelations. Furthermore, it is vital to investigate the relationships between the values of IC components for companies. The models should be adopted for both developed and developing countries. It is also important to analyze the influence of intellectual capital in various industries separately, taking into consideration phase of economic cycle.
This article evaluates the benefits to merchants resulting from participation in the retail payments market. Using surveys to obtain a representative sample of 800 traditional (offline) Russian merchants, the article finds significant, robust evidence in favor of positive merchant's benefits. This study further separates the benefits into direct and opportunity: finding that the non-welfare improving regulatory initiatives might result from the failure to account for the opportunity benefits to merchants. This article also examines the factors affecting the level of merchants' benefits. Results show that factors affecting the value of benefits and the probability of accepting payment cards differ. Findings imply that unbalanced intervention may be detrimental to the agents' welfare, leading to a suggested mechanism for ex-ante evaluation of the effect of shocks and interventions.
Modern financial technologies, in particular cryptocurrencies, penetrate deeper and deeper into the life of the modern world and the Russian society. The spread of cryptocurrencies in almost all areas is promoted by the following advantages: anonymity of payments, low commissions, and the inability to restrict the owners’ access to their funds. The use of cryptocurrencies is not limited to the banking and medical areas, insurance and services industries. Some experts suggest the creation of cryptocurrency as the single currency of the Eurasian Economic Union. Today this issue is only being discussed, but the advantages and a wide spread of cryptocurrencies prove that they can become one of the possible solutions in the currency agreement of the EEU being developed. To assess the prospects of using cryptocurrencies in the Eurasian Economic Union, it is necessary to analyze the prerequisites of cryptosystems, as well as to study the history of their development. The purpose of this article is to make a comparative analysis of cryptocurrencies on the EEU market in terms of possible use of the cryptocurrency as a supranational means of payment. The article considers the prerequisites of cryptocurrencies. Features of the currently most popular cryptocurrencies are analyzed. Possibilities of using them as EEU supranational payment means are estimated. Directions of the cryptocurrencies development on the EEU market are studied.
Technologies may have significant effects on productivity in the agricultural sector as documented in the related literature. However, those impacts vary from country to country. These differences could partially reflect the distinct scientific landscapes, science technology and innovation (STI) policies and approaches to R&D. In order to explain the cross-country volatility of agricultural productivity, we aim to study issues of STI development in the agricultural sector in each country. Among other characteristics of STI in general and the scientific landscape, in particular, we looked at the diversification of research publication between subfields of agricultural science. We estimated the research diversification parameter and studied its relation to economic performance of an agricultural sector. Our main finding shows that R&D funding, if carefully balanced with the diversification of agricultural science, could improve research performance and eventually productivity in an agricultural sector.
We study the relationship between economic policy uncertainty and sys-
temic risk for nine European countries in January 2010–September 2016 by apply-
ing conventional Granger causality tests and advanced techniques (wavelet analy-
sis and Bayesian VARs). The country-level analyses show that the lead-lag patterns
vary considerably in the short and longer run as well as at diﬀerent frequencies.
Nonetheless, the pivotal role of uncertainty tends to strengthen over longer time
horizons (at lower frequencies) and in the BVAR framework. This is true for ﬁnan-
cially fragile economies such as Ireland, Italy, Russia, Spain. A panel BVAR model
conﬁrms this ﬁnding for the whole sample.