Экстерналии политики санкционного давления и ее последствия для развития российского малого и среднего бизнеса

Objective: to analyze the impact of the externalities of the policy of sanctions pressure on small and medium-sized enterprises and develop specific proposals that allow them to adapt to the conditions of uncertainty. Methods: general scientific methods of systemic, structural and comparative analysis, as well as specific scientific methods (static and graphical analysis, expert assessments). Results: Analysis of the externalities of the policy of sanctions pressure, which significantly affected the activities of Russian small and medium-sized enterprises has been made. The special role of this sector in eliminating disproportions in the country's economy in the face of a difficult geopolitical situation and economic instability has been indicated. It is proposed to study the tools for adapting small businesses to the above conditions, taking into account the systemic classification of enterprises in the SME sector, which consists in dividing firms into three categories (“children”, “genetic dwarfs”, “transformers”) and three subgroups (“travelers”, “reorganizers”, "imago"); their key functions are defined and adaptation tools for each category of enterprises are identified. Forecast trends in the development of small and medium-sized firms for the near future are formulated. Based on the analysis of externalities, the author proposes measures to increase the adaptability of enterprises in the studied segment of the economy, which can be used both by representatives of the business community and government agencies. Scientific novelty: it is proposed to explore ways of adapting small and medium-sized businesses to the externalities of the policy of sanctions restrictions, taking into account the systemic classification of enterprises in the SME sector, which made it possible to develop recommendations for improving the adaptability of small and medium-sized enterprises, taking into account their characteristics. Practical significance: the main provisions and conclusions of the article can be used in the educational process of educational institutions; in scientific activities for the development of academic competencies on the functioning of small and medium-sized enterprises; in the work of organizations that make up the infrastructure for the development and support of SMEs; and contributes to the study of ways and strategies for adapting entrepreneurship in the face of exogenous shocks

Unicorn Companies —How Does the Country's Environment Drive Its Emergence?

Driven by innovative solutions and business models, the Unicorn companies have developed widely. Nevertheless, the existing research is fragmented and limited mainly by descriptive approaches to examing the rise of these companies. We examine the association between the country-specific factors and the emergence of Unicorn companies in certain countries. Cross-sectional linear and logistic regression models are used on the dataset of 100 countries, 51 of which have a minimum of 1 Unicorn, and the rest have not anyone. The results allow us to conclude that the probability of Unicorn emergence depends on the entrepreneurial culture, human capital, and regulatory environment of the country. In other words, entrepreneurial spirit, education, and a favorable legal environment can lead to the appearance of a Unicorn in the country. The further development and appearance of more Unicorn companies are ensured by the availability of financing and the development of IT- infrastructure. Key characteristics include the growth of venture financing and the openness of firms to new technologies in the country. The study contributes to the existing research in part of focusing on the quantitative analysis of the association between the country-specific factors and the Unicorns’ activity

МСП в условиях санкционной политики: анализ состояния и меры финансовой поддержки

The authors analyzed the activities of Russian small and medium-sized businesses for 2015-2022. The article identified the main problems faced by entrepreneurs as a result of the imposition of sanctions by Western countries. The measures of state support for small businesses currently being implemented have been systematized. The authors formulated recommendations that can be useful to entrepreneurs operating in the context of the sanctions policy of unfriendly countries and an unstable economic environment

Higher Education and Digitalization of the Economy: The Case of Russian Regions

Building on the resource-based theory, we examine the association between the digitalization of the economy and the quality of higher education in Russian regions. We use the regression model to analyze data collected in Russian regions from 2011 to 2018. The quality of higher education is measured by the education potential in the regions. Regional factors of economic digitalization are categorized by mobile and Internet activities, technological background, and innovation activities. The information database contains official dates drawn from federal and regional statistical sources. The results showed that regions that had higher levels of innovation activities had a higher quality of higher education. On the contrary, mobile and Internet activities had a weakly negative influence on the quality of higher education. Our results are controversial with respect to the technological background of the region and its influence on the quality of higher education. Nonetheless, the study provides insights into the resource-based theory, demonstrating that the factors of economic digitalization increase the competitive advantage of the region regarding education, and they play an important role in regional sustainable development.&nbsp

MASS SURVEILLANCE AND DATA PROTECTION IN THE DIGITAL AGE

Abstract. The article considers the legitimacy of mass surveillance in the context of international human rights law and the existing mechanisms of protection of the right to respect for private life. The author notes that the problems concerning the protection of personal data of millions of people from mass surveillance should be solved both at the national and international levels. In this regard, covert surveillance is even more important in the context of the development of the Internet, as it is based on the creation of programmes and methods for monitoring the transmission of information online. Special attention is paid to data protection in global social networks, which are vulnerable and store personal data of billions of people. The article provides examples of case-law of the court of justice of the EU andthe ECtHR on the protection of personal data. Further, based on the examples of some countries, the prospects for the creation of a new international instrument for the regulation of surveillance are outlined and an attempt is made to identify the role of European countries and Russia in this process..Keywords: data protection; mass surveillance; human rights; Internet

Competitiveness in the FinTech Sector: Case of Russia

The application of innovation decisions in the financial sector led to the appearance of FinTechs, tech-driven companies that disrupt or contribute to traditional financial services. The appearance of new actors has changed the relationships between incumbents, regulators, consumers, and other actors and intensified competition in the financial sector. Building on the modified Panzar-Rosse model, we examine the competitiveness among FinTechs on the dataset of 75 FinTechs from Russia. The results show monopolistic competition, close to a monopoly among FinTechs in Russia. The revealed situation is explained by high barriers to the entry to sector and also by country features, as imperfect legislation, lack of financing of FinTechs' activity. The results of the research highlight the necessity to attract attention from policymakers to improve the competitiveness environment in the financial sector in Russia

Company Performance: Are Environmental, Social, and Governance Factors Important?

        Building on the resource-based view of entrepreneurship, we examine the association between environmental, social, and governance (ESG) factors and company performance, measured by return on assets, return on equity, and return on invested capital. We use regression models on a dataset of 60 observations of Russian companies including RAEX agency ESG ratings from 2018 to 2019. The results show that, in line with expectations, companies that comply with ESG principles demonstrate significantly better financial performance than other companies. This result holds true irrespective of the performance indicator used. Moreover, the governance factor is strongly related to company performance, providing implications for companies' policymakers in terms of the utility of adopting ESG information. The study provides insights into the resource-based view of entrepreneurship, demonstrating that ESG factors, and mainly the governance factor, create a competitive advantage for companies and allow superior performance

The permittivity – thickness relationship of a PMN (111) single crystal

In this work, the permittivity measurements of lead magnoniobate PMN (111) single crystals with thicknesses of 400 µm, 25 µm and 10 µm have been carried out at a frequency of 0.1 Hz. The samples in the form of plane-parallel plates were prepared by hand grinding and then their sides were coated with 80 nm Cr-Au electrodes. The topography of the sample surfaces was controlled by AFM. The temperature dependences of the complex permittivity were obtained in the range from 150 to 350 K. The changes in the temperature dependences of ε with varying the thickness of the single crystals were analyzed. The peak on the temperature curve of ε' was shown to shift to a higher temperature with a decrease in the sample’s thickness, and its width increasing significantly. A phenomenological expression was proposed to describe the permittivity ‒ thickness relationship of a single crystal

Clinical evaluation of different treatment strategies for motor recovery in poststroke rehabilitation during the first 90 days

Background: Motor recovery after stroke is based on neuronal plasticity and the structural reorganization of the brain. Questions are debated about the proper moment to start rehabilitation in the acute period of stroke, the significance of rehabilitation interventions during the so-called “plastic window”, and the advantages of modern and traditional programs. The aims of this study were to evaluate the role of different rehabilitation strategies and their combinations for motor recovery and the impact on functional disability by way of neurological and functional outcomes 3 months after ischemic stroke. Methods: We used three rehabilitation approaches: early rehabilitation from the first day of stroke (Phase I), traditional exercise programs (Phase II), and an author’s new method of biofeedback rehabilitation using motion sensors and augmented reality (AR) rehabilitation (Phase III). Clinical and functional outcomes were measured on the 90th day after stroke. We developed algorithms for quantifying the quality of movements during the execution of tasks in the motor domains of the AR rehabilitation program. Results: Phase I of rehabilitation led to an improvement in functional independence, and the recovery of motor functions of the extremities with an absence of mortality and clinical deterioration. AR rehabilitation led to significant improvement both with respect to clinical and functional scores on scales and to variables reflecting the quality of movements. Patients who were actively treated during Phases II and III achieved the same final level of motor recovery and functional outcomes as that of participants who had only received AR rehabilitation during Phase III. Patients who underwent outpatient observation after Phase I showed a deficit of spontaneous motor recovery on the 90th day after stroke. Conclusions: Early rehabilitation was successful but was not enough; rehabilitation programs should be carried out throughout the entire “sensitive period” of poststroke plasticity. The newly developed AR biofeedback motion training is effective and safe as a separate rehabilitation method in the early recovery period of moderately severe, hemiparalytic, and ischemic stroke. These two rehabilitation approaches must be applied together or after each other, not instead of each other, as shown in clinical practice

Serum BDNF's Role as a Biomarker for Motor Training in the Context of AR-Based Rehabilitation after Ischemic Stroke

BACKGROUND: brain-derived neurotrophic factor (BDNF) may play a role during neurorehabilitation following ischemic stroke. This study aimed to elucidate the possible role of BDNF during early recovery from ischemic stroke assisted by motor training. METHODS: fifty patients were included after acute recovery from ischemic stroke: 21 first received classical rehabilitation followed by 'motor rehabilitation using motion sensors and augmented reality' (AR-rehabilitation), 14 only received AR-rehabilitation, and 15 were only observed. Serum BDNF levels were measured on the first day of stroke, on the 14th day, before AR-based rehabilitation (median, 45th day), and after the AR-based rehabilitation (median, 82nd day). Motor impairment was quantified clinically using the Fugl-Meyer scale (FMA); functional disability and activities of daily living (ADL) were measured using the Modified Rankin Scale (mRS). For comparison, serum BDNF was measured in 50 healthy individuals. RESULTS: BDNF levels were found to significantly increase during the phase with AR-based rehabilitation. The pattern of the sequentially measured BDNF levels was similar in the treated patients. Untreated patients had significantly lower BDNF levels at the endpoint. CONCLUSIONS: the fluctuations of BDNF levels are not consistently related to motor improvement but seem to react to active treatment. Without active rehabilitation treatment, BDNF tends to decrease