Management

Firm Performance and CEO Influence

Introduction. The evolution of the corporate governance system determines the transition from external to internal development vector. The current research agenda is the search for new mechanisms of Russian corporations’ organizational effectiveness. In this regard, the effectiveness of company management is of particular importance. Theoretical analysis. The article identifies key factors affecting management performance. The central objective of the study is to assess the impact of the CEO turnover on the firm performance. The article clarifies the concept of “firm performance”. Based on the analysis of existing studies, factors affecting management performance, mainly the role of the CEO, are systematized. Empirical analysis. Fixed-effect panel regression is used as the research method. The information base is the data of Russian joint-stock companies for the period from 2006 to 2017. Results. Various specifications of the base model revealed a statistically negative short term connection between the change of revenue and the CEO turnover in Russian joint-stock companies. On the whole, the CEO turnover indirectly influences the effectiveness of management.

Methodological Foundations Forming a Corporate System for Managing High-Tech Projects in the Field of R&D

Introduction. Given the globalization of the economy and innovative challenges, economic growth and competitiveness of Russian industrial companies can only be achieved through their innovative development. High-tech companies in Russia are faced with problems of improving the efficiency of project management in the field of R&D, due to the need to review management tools and introduce project and portfolio management technologies, as well as the formation of a full-fledged corporate project management system and a portfolio of R&D projects taking into account the specifics of this sphere. Theoretical analysis. The theoretical and methodological basis of the study was the works of Russian and foreign researchers in the field of management theory, project and portfolio management, innovative and strategic management. The features of a high-tech project are identified, the types of projects in the field of R&D and their characteristics that affect the requirements for the project management system are considered. An analysis of existing approaches to the formation of a corporate system for managing high-tech projects showed a low level of elaboration of the issue under study. Empirical analysis. The main research method was the analysis of differences in the formation of classical project management systems and high-tech project management systems in the field of R&D. The requirements for a corporate project management system for various types of R&D projects are presented. Results. An algorithm has been developed for the formation of a corporate R&D project management system taking into account the identified specifics of projects. The results of the study can be used in the practical activities of high-tech companies in order to increase the effectiveness of project management in the field of R&D.

Regional Innovative Agricultural Systems’ Investment Policy Improvement Directions

Introduction. In solving the problems of creating a highly productive export-oriented agricultural sector of the Russian economy, the most important role belongs to the development of investment activity. Theoretical analysis. The article discusses the theoretical and methodological aspects of the regional innovative agricultural systems’ investment policy formation. The need for a balanced investment policy in terms of resource provision at all stages of the innovation chain is scientifically justified. Empirical analysis. The analysis and evaluation of the agricultural production dynamics by industry, the food exports and imports dynamics, the analysis of the agricultural machinery market development and trends in agricultural production investment support are given. According to the results of empirical calculations, the disproportions in the investment support of production processes and the contribution of the agricultural industry to the gross value added are revealed. Results. The organizational and economic conditions for the regional innovative agricultural systems’ investment policy formation, methodological approaches to the advanced scientific and technological achievements’ market development on the basis of stimulating demand have been developed. The practical implementation of these proposals will be aimed at increasing the investment attractiveness of agriculture, increasing the investment activity of agro-industrial enterprises, attracting investment in priority areas of the agricultural economy development in accordance with the needs of the regions in the transition to the model of export-oriented agricultural economy.

Current Problems of the Russian Companies’ Boards of Directors and Directions for Their Solution

Introduction. Being a corporate governance body, the board of directors underwent quite a long transformation in the framework of its functions in connection with the development of corporate regulators in Russia and the desire of domestic companies to implement the best international corporate governance practices. In the 90s and in the early 2000s, the board of directors was at the stage of formal functioning, starting in 2014 - at the standardization stage, implementing the agent concept. Today, despite compliance with Russian and international corporate governance standards, boards of directors have problems of a global nature that cannot be solved within the framework of agent theory. The development of boards of directors in domestic companies within the framework of resource theory is relevant. Theoretical analysis. The article analyzes the transformation of the external and internal characteristics of boards of directors since their appearance in Russian companies. The authors distinguish the stages of boards of directors’ development, prove the formal nature of the first stage, the development of the board in the framework of agent theory and the emergence of the third stage of development, which should correspond to the resource model of boards of directors. Results. In the process of the study, the board of directors’ problems were identified regarding interaction with managers, internal relationships, passivity and indifference of members, imbalance. As a direction for solving problems, it is proposed to build a council within the framework of a balanced council model in which balance is formed in a dynamic aspect.

Modern Condition and Prospects of Development of Remote Service in the Banking Industry

Introduction. The purpose of this article is to assess and identify prospects for the development of remote services in the banking industry, using the criteria for evaluating banking activities. Theoretical analysis. In the process of analyzing the remote banking services’ level of development, methods of logical and statistical analysis were used. Using these methods, the authors rank the activities of commercial banks. Empirical analysis. For a more detailed analysis of the bank’s activities, criteria for evaluating remote services are needed, which reflect all aspects of its work. The logic of its application is reflected in the developed algorithm for applying the mechanism for assessing quantitative and qualitative indicators of the bank. In the context of global digital transformation, the transition to Internet technology, one cannot but consider the level of remote servicing of the banking industry. An analysis of existing methods for assessing the banking sector revealed the problem of the lack of indicators to identify the level of distance services, their quality and quantity. Taking the existing methods as a basis, and eliminating the common disadvantages, the author created a number of factors with which you can evaluate the distance services of commercial banks. Results. Based on the results obtained, a methodology was developed to assess the effectiveness of the remote banking services’ level by qualitative and quantitative indicators. The quality indicators include convenience, accessibility, profitability, diversity and productivity of electronic services. The quantitative indicators include the number of customers of remote banking services, the number of self-service devices and the turnover of funds from the provided remote services. The methodology also takes into account the environmental analysis of the bank and the assessment of remote systems. 

Modelling of Innovation Process on Urban Public Transport by System Dynamics

Introduction. The authors analyzed the existing approaches to the study of innovative systems. It was shown that a deep and comprehensive study of their formation and functioning mechanisms can be performed by using simulation technologies. In the process of model development, the existing links between the participants of the innovation system must be systematized, and then quantitatively and qualitatively evaluated and verified. Theoretical analysis. Building pure mathematical models of innovation processes is quite difficult, so in world research practice much attention is paid to the development of simulation models, which allow to describe different scenarios of innovative technologies promotion. The authors compared these scenarios and chose the best option, then they systematized the basic approaches to innovative systems modeling. Empirical analysis. In practice, the development of the systemdynamic model is carried out sequentially. In the first step, the system or process under study is precisely identified to determine the potential boundaries of the modelled process. The model is presented as objects connected to each other within the established boundaries and existing behavior of the system. The final step is to build an influence graph, which allows to show the connections between all elements and determine the degree of their influence on each other. Results. The concept of the system-dynamic model developed by the authors is focused on the study of the innovation transfer process in the transport sector. The model considers the state influence, the size and nature of investments from various sources and mechanisms of information links formation between the participants of the transport process. Practical realization of the model will improve the investment mechanisms and study the involvement of universities into the innovational transport system. 

Indicators of the Regional Systems of Higher Education Efficiency Evaluation

Introduction. The search for effective models of higher education development necessitates the development of approaches and indicators for assessing the activities of regional higher education systems. The aim of the study is to develop methodological foundations and approaches to assessing the effectiveness of regional higher education systems by identifying indicators for a comprehensive assessment of current trends in their development, their implementation of their functions and their socio-economic effectiveness in order to develop recommendations for improving the effectiveness of the higher education system in Russia. Theoretical analysis. The effectiveness of the regional higher education system is evaluated on the basis of its functioning results, which are expressed in the implementation of educational, research and social functions. An urgent vector for the development of this problem is the development of a list of indicators that should, on the one hand, be accessible from available sources and quantitatively measurable, and on the other hand should reflect the contribution of regional higher education systems to regional development and evaluate their effectiveness in the context of involvement in regional development. Empirical analysis. Performance indicators should, accordingly, provide an opportunity to evaluate such results. The system of indicators for assessing the effectiveness of regional higher education systems is presented from the perspective of the functional aspect in terms of input and output resources. Results. The development of methods for assessing the effectiveness of the regional innovation system and the contribution of universities to regional development on the basis of the indicators considered will allow us to study various aspects of regional universities’ activities, creating tools for assessing their potential in promoting regional economic development.

Methodological Tools Formation for Regional Innovative Agrosystems Research

Introduction. In the context of the transition to an export-oriented economy, the innovative development of the agricultural sector is a non-alternative tool for ensuring the state national security. Theoretical analysis. The article discusses the theoretical and methodological aspects of the regional innovative agricultural systems’ formation in the context of the national innovation system concept. The economy’s modern agricultural sector transformation into an innovative agricultural system within the framework of the NIS requires the development of a methodology and tools for researching the regional agricultural systems innovative development. Empirical analysis. Based on the analysis and assessment of the agro-industrial complex innovative development dynamics, a connection was revealed between the intensification of the integration institutional interaction of the innovation process’ subjects and the growth of agribusiness’ innovative activity. Results. Methodological approaches to assessing the effectiveness of regional agricultural systems based on the principles of balanced integration between the state, science and education, agribusiness, taking into account regional needs and spatial heterogeneity, have been developed. A list of key indicators for assessing the innovative potential of regional agricultural systems is proposed. The construction of integrated development indices for regional innovative agricultural systems will allow a typology of regions to be leading and catching up and develop targeted mechanisms to stimulate innovative activity in the agro-industrial complex in the context of a transition to a model of export-oriented agricultural economy.

The Analysis of the Excise Taxes’ Use Concerning Goods Importation into the Territory of the Russian Federation in Terms of the EAEU Membership

Introduction. Excise tax is one of the most important taxes in the Russian tax system, which performs fiscal and regulatory functions. Its features include a limited list of excisable goods for which there is stable demand and consumption that the government is trying to regulate. A special group of goods consists of marked excisable goods: alcohol and tobacco products. Concerning them, disputes most often arise in connection with the peculiarities of their customs clearance. The importance of labeling is determined by the need to control the quality of these types of goods and the legality of their production. Theoretical analysis. The article analyzes the excise taxes levied on the state tax system for certain types of excisable goods imported into the Russian Federation, as well as tax rates on certain types of excisable goods in the Russian Federation and EAEU members. Similar features and differences in the system of excise taxation of the Russian Federation and Kazakhstan, Belarus, Armenia and Kyrgyzstan are revealed. Discussion of results. The study concluded that differences in excise taxation of EAEU member countries lead to imbalances in the development of a common customs and economic space and increase the influence of smuggled products on the excisable goods market. The absence of uniform excise rates in the EAEU member countries complicates the control in the field of taxation of foreign economic activity and negatively affects the integration process.

Integral Methodology for Assessing the Stability of Electrical Networks Companies

Introduction. The article presents the results of the integrated methodology for assessing stability developed by the author, tested at the branches of the Interregional Distribution Network Company of the Center and Volga Region, which differs from the already known methods in terms of characteristics, coefficients and structure. The main indicators of the electric grid company branches’ stability are identified, taking into account the industry priorities. An assessment of 9 branches’ stability was carried out, weaknesses and strengths of their activities were identified. Theoretical analysis. The main approaches to the concept of “company sustainability” are analyzed. Despite the abundance of definitions, common features that characterize a “sustainable enterprise” can be distinguished: positive performance, long-term solvency, successful opposition to external and internal influences, integrity of the enterprise as a system and the strength of internal and external relations, and all this in the long term prospects. Empirical analysis. The methodology for assessing the stability of an electric grid company branch involves the selection of the branch stability main indicators. As a result of evaluating the company’s performance using these indicators, it is advisable to propose an integrated indicator of assessing the stability of IDNCs. Results. As a result of evaluating the branches according to the method developed by the author, one can draw a number of conclusions about the situation, strengths and weaknesses of the branches, improve the management system of the electric power industry, thereby optimizing the use of resources necessary for the sustainable development of the company and the industry as a whole.

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