Transformation of the resource scarcity principle in increasing return economics

This article deals with the peculiarities of functioning of increasing return economics and reasons the necessity to modify the resource scarcity principle as applied to the research of the subject matter of economic processes with increasing return. Modelling the results of reallocation of a common resource among alternative productions in the increasing return economics, the author determines constraints of the law of increasing relative costs. © IDOSI Publications, 2013

Ecological restrictions of modern economic growth

The article analyzes the ecological restrictions of modern economic growth. The conditions and criteria of its transformation into uneconomical (wasteful) growth are determined. The economic damage from human impact on the environment is assessed based on the existing approaches. © 2014 Pleiades Publishing, Ltd

Modeling the long-term trend of accumulation of knowledge

In the given article we've developed and substantiated a model of the long-term trend of the knowledge adding process, based on the method of the production function and algebraic properties of information. We demonstrate that in terms of the increasing returns, networking specifics of production and knowledge proliferation, we face exponential growth of knowledge generation and accumulation. The development of technologies of knowledge accumulation, processing and transmission are viewed in the context of common regularities of phasic technological evolution. The given model offers the analytical kit that enables one to prognosticate the dynamics of knowledge adding effectiveness

Specification of system object of state regulation in the information Russian society

© 2015, Asian Social Science. All rights reserved. The article determined the main problems of designing a system object of state regulation in the information of the Russian society, tentatively called "Concept 7I". Considered phased design of the proposed concept consists of the following elements: "Information", "Intelligence", "Innovation", "Institute", "Infrastructure", "Investments", and "Indicators". Each element of the system identifies the main features installed structural forward and backward linkages, separated objects of state regulation and administration

Theory of constraints in value based cost management

This article highlights the problem of setting value-focused cost management and implementation of Theory of Constraints in enterprise management. To do this, analysis statements of theory of constraints within the concept of relevance is made and pre-requisites for implementation of such statements are formulated. From the perspective of the value-based management, business process optimization mechanism is analyzed and an alternative model for calculating relevant costs is proposed. This study was made on the example of oil fields development process. © IDOSI Publications, 2013

Forecasting the dynamics of an innovative cycle

The article shows and tests on statistical data a model of the dynamics of an innovative style based on using a logistic function. The model developed provides an analytical toolkit for forecasting and managing the development of innovative cycles. It is shown that the general form of trajectory of a life cycle of innovative processes it hard to use to manage their development because it only records the logic and the vector of development of these processes. © IDOSI Publications, 2013

Ensuring the effectiveness of the privatization of state-owned companies in the conditions of instability of the financial markets (under the example of OJSC oil company 'rosneft')

The current state of the world and Russian economy makes it necessary to search for the additional sources of funding by the Government of the Russian Federation in terms of undervaluation of the Russian companies. The privatization strategy is aimed at regulation of the state budget deficit by attracting the maximum possible amount of cash flows at the present stage of development of the Russian economy. However, due to the volatility of financial and commodity markets, and imposed sanctions against the Russian companies, it raises the problem of an adequate assessment of the privatized assets. A potential stabilization of markets and the prospects of lifting of restrictions actualize the temporal aspects of privatization. The paper includes the assessment of the value of cash flows generated by the company and the shareholders' equity. A comparison of the cash flows of the company, attributable to the shareholders' equity, and its capitalization has allowed identifying the undervaluation or overvaluation of the companies. Cost evaluation of the OJSC "Oil Company "Rosneft" shows its undervaluation. This company is overburdened with debts, which indicates the inefficiency of its privatization in the current conditions. The undervaluation of the company by the investors is supported by a comparative analysis of the values of its financial multiples and financial multiples of foreign oil and gas companies. In the long term perspective the value of the company's cost of capital may be reduced, and the values of cash flows may be increased. This will lead to an increase in the value of the company's assets

Network human capital formation in the conditions of digital transformation of economy

The article reveals the pattern of network human capital formation. Network human capital has been proved to be closely connected and conditioned by digital transformation. On this basis, the relationship between network human capital formation and digital human capital has been substantiated. The purpose of the article is to consider a number of basic theoretical, methodological, and empirical foundations in the field of analysis of network human capital formation. Based on the analysis of a number of key studies in the area, it has been concluded that in the modern network economy, network human capital is determined by one of the most important strategic assets of organizations. It has been proposed to use the methodology of the Network Readiness Index to quantify network human capital. The theoretical and practical value of the proposed approach lies in the application of a methodology that gives priority to the human factor of network readiness and reflects the impact of individuals’ choices regarding technologies and management methods on innovative networks creation in the process of innovative technologies development and implementation. The emerging concept of network human capital is aimed at overcoming the digital inequality and using the Internet to implement positive social changes. This concept considers digital education in the context of the formation of an active socio-political position of human influence on society development

ЭМПИРИЧЕСКИЙ АНАЛИЗ ДЕТЕРМИНАНТ СТРУКТУРЫ КАПИТАЛА ФИРМЫ

According to the theory of corporate finance, optimal structuring of the company’s capital is a strategic priority having an important applied value while making decision on financial management. The study deals with an empirical analysis of the significance and degree of influence of a number of traditional determinants of financial leverage on the capital structure of domestic companies. To achieve this goal, an econometric linear model of multiple regression was built using the Gretl package; its specification was defined, and the adequacy of the model as well as the significance of parameters were tested. To obtain estimates of the linear regression model, the least squares method was used and the model was empirically tested. The selected data included panel data representing the financial parameters of eight companies of the oil and gas chemical complex of the Republic of Tatarstan over 6-year period from 2010 to 2015. Six variables were used as regressors of the model: the company’s size, the profitability of assets, the possibility of increasing the value of fixed assets and equipment, the growth of total assets, the non-debt tax shield and tangible assets. As a result of empirical testing, the hypothesis of a positive link between the level of financial leverage and the size of the firm as well as the hypothesis of inverse dependence between profitability, the possibility of growth of basic production assets and the equipment, nondebt tax shield and level of financial leverage were confirmed.The paper reveals that the non-debt tax shield has the greatest influence on the company’s capital structure. The obtained results reflecting a specific connection between the company size, possibility of growth of the main production facilities and the equipment, non-debt tax shield and level of financial leverage well agree with the provisions of compromise theory. On the other hand, the relationship between profitability and financial leverage corresponds to the theory of order.Формирование оптимальной структуры капитала фирмы выступает стратегическим приоритетом теории корпоративных финансов и имеет важное прикладное значение в решениях по финансовому менеджменту. Целью данного исследования является эмпирический анализ значимости и степени влияния ряда традиционных детерминант финансового левериджа на формирование структуры капитала отечественных компаний. Для достижения поставленной цели была построена эконометрическая линейная модель множественной регрессии средствами пакета Gretl, определена ее спецификация и проверена адекватность построенной модели и значимость параметров. Для получения оценок построенной регрессионной модели применялся метод наименьших квадратов и было проведено эмпирическое тестирование модели. Была сделана выборка панельных данных, представляющих финансовые параметры восьми фирм нефтегазохимического комплекса Республики Татарстан за шесть лет с 2010 по 2015 г. В качестве регрессоров модели использованы шесть переменных - размер фирмы, рентабельность активов, возможности роста стоимости основных производственных средств и оборудования и роста совокупных активов, недолговой налоговый щит и материальные активы. В представленном исследовании определено, что не все традиционные детерминанты финансового левериджа оказываются значимыми при определении структуры капитала отечественных фирм. В результате эмпирического тестирования подтверждены гипотеза положительной связи уровня финансового рычага и размера фирмы и гипотезы обратной зависимости рентабельности, возможности роста основных производственных средств и оборудования, недолгового налогового щита с уровнем финансового левериджа. Выявлено, что наибольшее влияние на структуру капитала фирмы оказывает недолговой налоговый щит. Полученные результаты характера связей размера фирмы, возможности роста основных производственных средств и оборудования, недолгового налогового щита и уровня финансового рычага соответствуют положениям компромиссной теории. В то время как результат характера связи рентабельности и финансового рычага соответствует теории порядка

Comprehensive management of innovative development based on an integrated model of intellectual capital

The article puts forward a position according to which the achievement of effective innovation management is ensured by the balanced development of human, social, reputational and digital capital, leading to the formation of innovative capital. The relevance of the study is due to the global challenge of our time, which consists in the fact that an effective strategy for managing innovation and developing innovative capital is the basis for the formation of competitive advantages of national economies and firms. The aim of the research is to develop an integrated model of intellectual capital, which forms an up-to-date idea of its structure and clarifies the relationship between its components. The developed integrated model of intellectual capital substantiates the need to implement the integrated management of social, reputational, digital and innovative capital for the purpose of innovative development in modern conditions. The article reveals the mutual influence of human, social, reputational and innovative capital, as well as the formation of network human capital on this basis. As the main methodological principles and methods for studying innovative capital and other types of intangible capital as endogenous factors in managing innovative development, it is proposed to use the concepts of intellectual, social and reputational capital, the concepts of digital transformation and the principles of creating a creative environment. The integration of the methods of scientific knowledge used in these theories makes it possible to develop the concept of innovative capital. The subject of the study is the organizational and economic relations that arise in the process of interaction of social, reputational and digital human capital as components of network human capital, leading to the development of innovative capital. The novelty of the research lies in the developed model of connections between intellectual, human, social, reputational, digital capital and innovation capital. The authors substantiate the position according to which the traditional structure of intellectual capital hides the direct impact of human capital on other components of intellectual capital. As a basic element of intellectual capital, human capital not only plays an important role in the development and creation of new ideas and knowledge; it also promotes the development of social capital and the exchange of knowledge and ideas. The main conclusions of the work include: organizations with more developed human capital, participating in social networks and led by innovative leaders, adapt faster to the challenges of the innovative environment; invest in the formation of new skills and competencies of employees, which generates opportunities for the creation and implementation of large-scale innovations, the accelerated promotion of which is facilitated by the use of new network and digital technologies for the innovative development of the economy. The developed integrated model of intellectual capital is aimed at forming an actual representation of its structure and clarifies the relationship between its components. The results obtained are of great importance for practical management in the context of managing the innovative development of an organization