Factors affecting the company's capitalization

The article considers the essence of the company's market value, clarifies the concept of enterprise capitalization. The author analyses Russian and foreign studies devoted to the identification of quantitative factors that affect the market value of companies. In the analysis of domestic research, the author pays special attention to the oil and gas and electric power industries of the economy. The analysis of foreign studies includes companies from Italy, Indonesia and Jordan. The paper analysed the structure and dynamics of the Russian stock market, the influence of revenue, net profit, the level of dividend payments, return on assets, the ratio of borrowed and own funds, as well as the return on sales by the amount of the market value of electric power companies whose shares are traded on the Russian stock market. The study identifies the main quantitative factors affecting the capitalization of companies. The author determines the directions of further research

Performativity in Estonian Political Theatre of the 2010s

The main political theatre of the 2010s in Estonia was Teater NO99 (2005–2019), which created several experimental projects. The performance Tallinn — Our City (2010) was a tour through the Old Town, during which the guide revealed corruption schemes with the real estate in which city government and personally mayor Edgar Savisaar were allegedly involved. The fictitious political movement Unified Estonia with the final performance United Estonia Assembly (2010) existed for 44 days and copied unfair campaigning of parliamentary parties, thereby predicting the rise of hyper-populism in the 2010s. The documentary production Meeting of the Leadership of the Reform Party (2012) was devoted to a real investigation into the suspicious financing of the ruling party. The musical Savisaar (2015), released during the parliamentary elections, foresaw the fall of the chairman of the Estonian Centre Party, Edgar Savisaar, who had held power for too long. At the same time, the performance activated the followers of the politician, which led to the fact that the year of the performance's release marked the highest level of electoral activity. Performances From the Second Glance (2016) and I’d Rather Dance with You (2016) gathered Estonian and Russian-speaking audience in theatre halls to talk about the problems that had accumulated in society. The play Will Be/Won’t Be: Estonia in 100 Years (2018) was based on the surveys of children and students: the younger generation should choose which way of development Estonia would take. By participating in interactive voting, viewers themselves decided what kind of Estonia they wanted to see: multicultural, technological, nationalistic, ecological Estonia. There could be distinguished three strategies of performativity in the political theater of Estonia: 1) role reversal, when the audience becomes participants in the production and realizes themselves as subjects of the political process, and the active political forces (government, party) turn out to be spectators of an unpredictable theatrical action; 2) usage of space outside the theater (city, media, social networks) to signify how public spaces become the stage for real politics; 3) erasing the line between art and reality, when a fictitious process exists along with the real political process and even affects it

THE ROLE OF THE BUDGETING SYSTEM IN MERGERS AND ACQUISITIONS

The article considers the role of the budgeting system in mergers and absorption at all stages of their implementation – the search for the target company and preparation for the transaction, the process of conducting and concluding the transaction, the integration of the initiator company and the target company in the post-transaction period and describes the options for the build budget models during the integration period. The article suggests models of interaction of budgeting systems using project budgets in mergers and absorption in general, as well as in the implementation of vertical integration of companies that are parties to the transaction. It shows the role of project budgets in relationship between budget model of initiation company and target company. The advantages and disadvantages of the considered models have been highlighted

Sustainable development of companies as a driver of capitalisation growth in a smart economy

Digitalisation processes have a signifcant impact on changing forms of interaction between economic entities; they also contribute to the development of the fnancial market. Thus, the study of the capitalisation of companies as one of the defning indicators of the stock market is becoming increasingly relevant, including the identifcation of factors that have a direct and indirect impact on the volatility of the indicator under consideration and their management capabilities. The purpose of this study is to identify the relationship between the sustainable development of the enterprise, as well as its components and the capitalisation of the company. The methodological basis of the study is the balanced growth model, general scientifc methods – analysis and synthesis, as well as statistical – correlation and regression analysis. The empirical base of the study includes 20 companies whose shares are traded on the stock market of the Russian Federation. The authors conducted a correlation and regression analysis and as a result revealed the relationship between the sustainable development of companies and their capitalisation

Effect of exogenous melatonin on the antioxidant defense system in the liver and small intestine of the Syrian hamster (Mesocricetus auratus)

Background. Due to the growing light pollution and the development of new territories, including northern ones, the search for drugs that increase the adaptive capacity of the organism is promising.The aim. We studied the effects of the exogenous melatonin (100 µg/day/animal) on antioxidant status of liver and small intestine in Syrian hamsters (Mesocricetus auratus) in the light conditions of North-West of Russia (Petrozavodsk, northern lighting – NL).Materials and methods. Female hamsters were exposed to a 12/12 light/dark cycle (LD; n = 12) or NL for 3 months. In NL light conditions hamsters were divided into two groups: NL-control (received placebo; n = 12) and NL-mel (received melatonin; n = 12). The study was conducted from the period of the summer solstice – June 25 (NL: 19.36/4.24) to September 25 (NL: 12/12) (autumn equinox).Results. Animals were kept in the NL conditions had decreased the levels of GSH and activities of antioxidant enzymes (superoxide dismutase (SOD) and catalase) at initial stage of experiment as well as increased TBA reactive substances (TBARS) level at the beginning and after a month of the experiment in the liver in comparison to control (LD). It was observed that in the small intestine the activities of SOD and the levels of GSH (initial and intermediate stages) and TBARS (end of the experiment) were significantly higher in NL in comparison to LD. Liver and small intestine TBARS concentrations after one and three months of the experiment were decreased in NL-mel in comparison to NL-control.Conclusion. The results of the study indicate the sensitivity of the antioxidant defense system in the tissues of the liver and small intestine of Syrian hamster to the photoperiod and exogenous melatonin. The present study revealed that exogenous melatonin was able to reduce the level of TBARS and increase the activity of SOD and CAT in the light conditions of North-West of Russia