Shareholder Value of the Company and Financial Statements: Econometric Estimation of Value Creation Drivers

In this work to evaluate the relationship between financial reporting indicators and shareholder value on the example of the Russian companies from seven sectors of the economy linear multiple regression model and classical least squares methods has been used. The results depict that it is expected that financial reporting indicators are one of the dominant determinants of evaluating the effectiveness of financial investment decisions. Also, it is shown that the financial drivers-financial leverage, return on assets, dividend payments, and the EVA driver – invested capital-are positively correlated with the company's shareholder value. The results represent that the size of a company has a positive impact on its shareholder value. It was found that the level of disclosure is negatively correlated with the company's shareholder value. Due to the fact that the article uses data from the financial statements of the 85 Russian companies for 2018 to measure the relationship between three groups of drivers and the company's shareholder value is an innovative work that can be used in scientific and practical activities by owners and investors of companies in order to improve the financial reporting of companies and make investment decisions

Current issues of optimal capital structure based on forecasting financial performance of the company

This article describes the ways of improving capital structure, results of cash flows redistribution at the enterprise. The paper proposes a complex procedure for optimizing capital structure based on reducing weighted average cost of capital (WACC) and increasing return on equity (ROE). Forecasting methods can be used for assessing financial state of the company and for planning process with the view to improve the performance of the company in the coming period, taking into account all factors affecting the final result

Actual problems of increased efficiency of use of the region's resource potential

This article defines the current trends and discloses regularities connected with integration management of the competitiveness reserves system for the food complex enterprises. The study presents in detail the main financial indicators relating to economic activity of the leading enterprises of the Republic of Tatarstan territorial production complexes. In the course of the analysis, an unstable dynamics of the domestic enterprises' development was revealed; on results of the study we drew a conclusion and gave recommendations regarding the economic efficiency of the business processes management. At the present development stage of the market relations the enterprise's senior management needs to monitor the current market and to solve constantly the problems associated with increased competitive advantages for organizing sustainable enterprise development. In order to manage effectively the modern business processes now, it is necessary to have a deep knowledge of the market situation and possibility to respond flexibly to the rapidly varying market changes. The competitiveness reserves and factors of the region's food complex were systematized. According to the following classification features, various factors were presented in the work: short-, medium-, long-term, by management and content in projects and programs, by period and content of the problems to be solved

Peculiaridades do comportamento do consumidor e seu impacto na qualidade de vida

The work features the relevance of the consumer behavior in the Russian economy and their impact on the life quality analysis. The research base on the Russia official statistical data and authors calculations. The authors reviewed a significant number of foreign studies on the life level and quality, as well as the study of consumer behavior. The authors conclusions are consistent with the results of international research teams. Factors that have a significant impact on consumer spending in the Russian economy, such as: cities population density, the access to services, the infrastructure development, a reduction (delay) in the salaries payoff – are singled out. Household consumer behavior in the Russian economy trends are shown, such as: the consumption rationalization, the constant expectation of higher food prices, an increased interest in e-commerce. A conclusion was drawn on the creation of favorable conditions for the development of import substitution in Russia.El trabajo presenta la relevancia del comportamiento del consumidor en la economía rusa y su impacto en el análisis de la calidad de vida. La base de investigación son los datos estadísticos oficiales de Rusia y los cálculos de los autores. Los autores revisaron un número significativo de estudios extranjeros sobre el nivel de vida y la calidad, así como el estudio del comportamiento del consumidor. Las conclusiones de los autores son consistentes con los resultados de los equipos internacionales de investigación. Los factores que tienen un impacto significativo en el gasto de los consumidores en la economía rusa, como la densidad de población de las ciudades, el acceso a los servicios, el desarrollo de infraestructura, una reducción (retraso) en el pago de salarios, se destacan. Se muestra el comportamiento de los consumidores domésticos en la economía rusa, como: la racionalización del consumo, la expectativa constante de precios más altos de los alimentos, un mayor interés en el comercio electrónico. Se llegó a una conclusión sobre la creación de condiciones favorables para el desarrollo de la sustitución de importaciones en Rusia.O artigo apresenta a relevância do comportamento do consumidor na economia russa e seu impacto na análise da qualidade de vida. A base de pesquisa é os dados estatísticos oficiais da Rússia e os cálculos dos autores. Os autores revisaram um número significativo de estudos estrangeiros sobre o padrão de vida e qualidade, bem como o estudo do comportamento do consumidor. As conclusões dos autores são consistentes com os resultados das equipes internacionais de pesquisa. Fatores que têm um impacto significativo sobre os gastos do consumidor na economia russa, tais como a densidade populacional das cidades, o acesso aos serviços, o desenvolvimento de infra-estrutura, a redução (atraso) no pagamento de salários, destacam-se Ele mostra o comportamento dos consumidores domésticos na economia russa, tais como: a racionalização do consumo, a expectativa constante de preços mais altos dos alimentos, um interesse maior no comércio eletrônico. Chegou-se a uma conclusão sobre a criação de condições favoráveis para o desenvolvimento da substituição de importações na Rússia

Improving assessment of enterprise economic efficiency in the current market conditions

© 2015, Mediterranean Center of Social and Educational Research. All rights reserved. The article suggests and substantiates the main directions for improving the economic efficiency of domestic enterprises on the basis of complex assessment to achieve additional competitive advantages in the market. The process of enterprise efficiency presented in the scientific literature is largely descriptive and does not reflect methodological problems of establishing the optimal set of criteria and selection methods for determining and assessing the efficiency resulting in the models of improving enterprises efficiency that, in fact, has necessitated this study

Role of interregional cooperative relations of russian constituent entities in strengthening the common economic space

The article considers the role and place of interregional cooperative relations in strengthening the common economic space of the country. The authors give a structural and territorial analysis of the interregional trade and economic relations of one of the most economically developed constituent entities of the Russian Federation - Republic of Tatarstan. Based on this analysis, the trends were identified relating to the change in the interregional cooperative relations and regional specialization industry of Tatarstan; a conclusion is also formulated about formation of three types of interregional cooperation. As a result of the study, the authors conclude that for the modern Russia a threat to collapse of the common economic space of the state remains a very serious problem that requires an immediate solution. According to the authors, a tool to solve this problem is to develop cooperation between the country's regions, preventing the isolation of the constituent entities and promoting the strengthening of the domestic market and formation of the common economic space. Furthermore, for the effective development of interregional cooperative relations such cooperation should be built up through specialization of any constituent entity of the Russian Federation. However, in conditions of economic instability and implementation of the import substitution policy, this form of bilateral cooperation is more promising compared to the foreign economic relations. This is due to the fact that the Republic cooperates with other constituent entities through high-tech products of the automotive, petrochemical and metal processing industries. And its foreign economic relations have a raw-material orientation, because Tatarstan finished (final) products are insufficiently competitive in the foreign markets. In order to analyze the stated problems, the article used the method of scientific abstraction, statistical methods for economic and comparative analysis, and graphic modeling

The intensification of the study of economic disciplines in the context of strengthening the influence of education on the social and economic developmentof the region

The transition to the information society, to the economy based on knowledge, makes new demands for work abilities of the individual, and therefore, issues different challenges in the sphere of education, employment of the rising generation. New specific requirements for the level of knowledge and skills are generated by the educational component. In modern conditions of the development of society characterized by the use of modern information technologies, the introduction of innovations in different sectors of the economy, the quality of human capital is a determining factor of economic growth. For this purpose, it is important for the employee, regardless of specialization and activity profile, to possess certain competencies, knowledge and skills, including ones in the economic sphere. The employers are interested in the specialists who are able within cooperation with market interaction to effectively collaborate, commercialize new technical ideas, creating new standards of consumption. The formation of the education market taking place, the preparation and adoption of adequate market system of economic management of solutions, including the field of higher education, also require the scientific and methodological definition in the context of strengthening the influence of education on the economic and social development. To analyze the problems stated in the article, the method of scientific abstraction, the statistical methods for economic and comparative analysis were used

Current trends of meat market development in the republic of Tatarstan

The article reveals the basic sector-wide problems of meat industry in the Republic of Tatarstan, related to the insufficient productive capacity use as well as to inefficient cost structure in terms of fixed and variable costs ratio. As evidenced by the conducted analysis the operation of most meat-processing enterprises of Tatarstan Republic is instable and the proposed strategic development programs lack sufficient justification. This carries inference that the system of business processes management is inefficient. Sector-wide indicators of prime cost, sales and output profitability prove the consistent decline in efficiency of meat-processing plants in the Tatarstan Republic

Interval forecast of financial indicators of a company value based on a regression on principal components

© 2018 Institute of Physics Publishing. All rights reserved. The article emphasizes the need to forecast financial indicators in order to assess the value of a company in the interests of its owners and investors. This proves the need for using econometric models to measure quantitative economic interrelations of net profit as the main indicator of cash flow and internal factors of growth. The result of the study is an interval forecast estimate of the net profit of the trading company. The authors propose the construction of the forecast of net profit based on regression on the main components in the conditions of collinearity of regressors - indicators of the financial state of the company. Empirical results are obtained in Gretl's software environment in order to reveal the interrelationships of net profit and growth factors on the basis of specific economic data. The study confirmed the existence of a causal relationship between the net profit of the trading company and the turnover of inventory. In future research it is possible to apply the methodological approach presented in the article to obtain prognostic estimates of profit based on regression with non-financial indicators of the company and environmental factors, taking into account qualitative factors and territorial features of business

How the institutional environment affects the banking sector: Evidence from BRICS

© 2018 Institute of Physics Publishing. All rights reserved. The BRICS countries are the largest economic bloc, and in many forecasts it is believed that the prospects for the growth of the world economy are related to their development (World Bank 2015, Randers 2012). On the one hand, the backwardness of the banking systems of the BRICS countries may be a factor in the financial vulnerability of countries in the future; on the other hand, the creation of institutional conditions for the effective functioning of the banking system is a potential source of economic growth in the BRICS countries. In this article the institutional environment of the banking system of the BRICS countries are analyzed. There is exploration of the key statistical characteristics of the banking sector, the main trends in its development. The institutional structure of the banking system is represented by external and internal institutions. The main aspect of the study is to reveal the characteristics of the external institutional environment. The purpose of our study is to test the following hypothesis: factors of the external institutional environment affect the banking system. The subject of the study is the BRICS countries banking system. The period of study: 2004 - 2015. We selected three characteristics: the degree of development of the banking system, the stability and efficiency of the banking system. We used the construction of econometric models to test the hypothesis. The findings of the investigation have distinguished the main characteristics of the external institutional environment that have an impact on the banking sector and determine its effectiveness: the size of the public sector and the degree of state intervention in the economy; tax freedom; freedom of doing business; historical and political characteristics; investment and monetary freedom