Economic Systems in the New Era: Stable Systems in an Unstable World

This study examines the system of project management in the regions of the Russian Federation in the digital economy. Social and economic development of regions requires the use of modern management trends. Project management is currently one of the most popular areas of state policy implementation in the regions. The purpose of the research is to reveal the project management system in the region within the digital economy. Conducting the research, methods of quantitative and qualitative economic analysis and project management techniques were used. As a result of the study, it was revealed that the project management in the regions of the Russian Federation was formed in order to effectively implement national projects of country’ strategic development to achieve national goals. Digital systems of planning, implementation, and monitoring are actively used in project management at both the federal and regional levels. One of the most effective tools for project management is the creation of regional project offices as the main coordinators of the project management process in the region.

The purpose of the article is to test assumptions about the appropriateness of the human-centric marketing concept in the digital era in terms of consumer perception and risks of social nature. Authors address the problem of distrust towards CSR programs in the digital business from both audience and business partners and identify related social opportunities and risks. The research reveals that the directions of social responsibility implementation in the digital environment are different, programs are inconsistent and implemented within the concepts of the societal marketing, the value marketing and traditional marketing concept. For the most part, the management of Russian IT companies do not perceive social responsibility as a significant part of business activity in the digital environment and do not make haste to assume obligations, including corporate digital responsibility. Success in human-centric marketing in the digital era depends on the awareness of the strategic value and threats of the digital transformation for business and society, systematization of CSR programs, and revision and a new interpretation of the marketing mix.

The aim of this work is to study the issue of consideration of applications for participation in procurement during construction, reconstruction, renewal of buildings. The task set in this study is to consider a problematic issue related to the confirmation of experience in this field and the lack of a unified point of view as to which contract (agreement) confirms this experience. In the process of research, the authors of the article used the method of analysis, study, generalization. As a result of the analysis, the authors made conclusions and expressed an opinion on the contract (agreement), which confirms the experience of the procurement participant.

The creation of the effective environmental safety system, increasing the level of national and regional environmental performance are the most important factors in maintaining competitiveness and ensuring sustainable development of many countries. The research problem is that despite the large number of scientific works are devoted to environmental safety and environmental efficiency, there is no single methodological basis that would allow us to assess the environmental performance at the global, national, regional levels. Thus, an objective comparison of the environmental performance of different countries and regions becomes impossible. The purpose of the study is to assess environmental safety of the Russian Federation based on indicators of the Global Environmental Performance Index. The study identified problems that impede the formation of the effective environmental and economic security system of the country.

Entrepreneurship is one of the key directions of the state development, which forms its competitiveness, security and welfare. The state is interested in developing the institute of entrepreneurship as one of the sources of job creation, production of goods and services. The research purpose is to analyze the regional business environment using the method of correlation and regression analysis, and nonparametric statistical methods. The key hypothesis of this research was the thesis that a positive business environment is typical for regions with a high level of socio-economic development. The authors analyzed indicators of the development state of small and medium-sized businesses in Russia, conducted a multidimensional assessment of business environment in the Russian regions, and made a conclusion about the key role of socio-demographic, general economic and innovative infrastructure conditions of regions in the development of their business environment.

This research is devoted to the formulation of proposals for improving the legal regulation of the artificial intelligence’ use in banking activities. The main objectives of the research are: to analyze the possibility of creating a flexible system of legal regulation aimed at stimulation of the development of artificial intelligence as a technology and concept; to suggest reasonable proposals for creating the necessary legal conditions for the effective use of artificial intelligence in the banking sector. A wide range of methods was used to solve the tasks set in the study: formal-legal, system analysis, generalization and analogy. The main results of the research include conclusions about the structure of the regulatory platform for the use of artificial intelligence and the need to introduce special regulation in relation to its subjects and participants, provisions about the tools of “soft” regulation in order to prevent violations as well as the most problematic aspects of the engagement of artificial intelligence in the banking sector, including the need to implement measures aimed at reducing costs and losses, and applied directly in the process of a provision of banking and other financial services by lending institutions.

The purpose and study objectives. Understanding the institutional problems of innovation implementation for sustainable development is relevant. The purpose of this study is to substantiate the institutional conditions and motivational factors for implementing the sustainable development goals (SDG) in the activities of Russian companies. The objectives of the study are to study the implementation of SDG in the strategy of Russian business; compare the motives for the implementation of SDG by large companies with SME (small and medium-sized enterprises); compare Russian practices with foreign ones, identify problems and develop basic measures for the institutionalization of innovations. To identify the integration of SDG in the business models of companies, a study was conducted using a sociological survey of Russian business representatives. It is proved that the factors that stimulate the integration of SDG in the activities of large companies and SME are “transformation of the existing business model”, “increasing environmental and climate responsibility” and “responsible production and consumption”.

The article analyzes the possibilities of creating a favorable working environment and managing effective well-being in the process of transition to information technologies and digital platforms that have a positive impact on the development of the economy. This goal can be achieved with the close interaction of a favorable working climate, the development of Informatization, and digital algorithms. The tools of the digital platform, based on information technologies, are of great importance in this aspect. They allow to change the development trajectory to the effective improvement of a favorable working environment, increasing the importance of human resources and intellectual potential.

This article discusses the current situation in the engineering industry in Russia. The analysis of scientific- technical, economic problems in the field of modernization of mechanical engineering. The causes of the problems are identified and ways to solve them are considered. A list of promising areas for effective restructuring of the industry has been compiled. The advantages of investment in engineering are identified. Volume indicators of industrial production are given to assess the key impact of engineering in the country’s economy. Indicators are named for the objective accounting of the industry without re-calculation of indicators. The state investment policy in the framework of participation in the engineering industry is described.

The article discusses the issue of climate changes and corporate responsibility. Corporate sustainable development imposes attention to environmental problems, that makes companies to switch to environmentally friendly technologies, reducing carbon emission, cutting natural sources’ deployment. It was researched that decarbonization of corporations may give not only social contribution, but also financial benefits. The most vulnerable for the “green economy demand” companies of energy industry were put to the sample and the economic effect of decarbonization was computed. The calculation allows to continue discussion about sustainable development of corporations alongside their environmental responsibility.

During the years of import substitution, Russia has significantly increased food self-sufficiency. The implementation of the import substitution policy in agribusiness allowed to create export potential in the industry. On the other hand, a number of challenges related to the dependence on imports of equipment, seeds, and breeding animals remain. World experience proves that import substitution should be timely transformed into export expansion of competitive products and the development of export-oriented production. The authors studied the main stages of Samara agribusiness development in recent years from the introduction of import substitution to the building of export orientation. The purpose of the study is to analyze the role of the import substitution policy and the consequences of its implementation in Samara region agribusiness, and assess the export orientation of the regional agrifood industry. The authors analyzed the implementation of the import substitution policy in the agricultural sector in Samara region, identified ways to build export potential, and assessed the main trends in the development of export orientation in the regional agribusiness. General scientific and special methods and techniques of the economic research, such as theoretical analysis and economic and statistical methods, were used in the study.

The article explores the problems of pricing and tariffs for electric energy. Particular attention is paid to state policy in the field of tariff regulation in the context of a serious transformation of the global economy. The state continues to consistently pursue a policy of containing tariffs, expanding the range and improving the quality of services of regulated companies, including services in the field of energy efficiency and energy conservation, development of distributed generation. The authors focus on problems of non-transparency of regulation, cases of unjustified understatement and overstatement of tariffs, high spread of tariffs, and imperfection of the regulatory framework in the field of tariff formation. To solve the above problems, a full-scale modernization of electric power facilities is required, the replacement of economically inefficient obsolete equipment with innovative equipment that supports the principle of smart energy systems.

The purpose of this study is to effectively manage joint-stock property in state-owned companies in conditions of crisis uncertainty. The tasks are to study the issues of optimizing the management of joint-stock property, improving corporate governance mechanisms, including the use of automated systems in state-owned companies. The study uses both theoretical (analysis, synthesis, modeling) and empirical research methods (the use of existing experience in managing joint-stock property in state-owned companies embodied in reference sources; experience in managing specific enterprises). The main result of the study is the conclusion on the necessity to optimize and automate the joint-stock property management in state-owned companies, in which directive management methods are replaced by corporate ones, and the process of making managerial decisions is simplified through digitalization.

The article analyzes the possibilities of commercialization of scientific research results of the human genome and its positive impact on research activities, provided that the information is properly protected. As shown by the legal regulation of scientific research of the human genome in certain states, the secret of private life (privacy) is the main content of the contract practiced in the field of medical services. Genetic information, although similar to medical secrecy when entering into a contract for the provision of medical services, differs in a public element in connection with the use of digital technologies in scientific research. The requirement to protect genome privacy is a mutual obligation of the parties in the contract. This parties do not always give proper attention to such issue. Legal regulation of genomic research will help to formulate a pragmatic attitude to the problem and find a balance between the risk and benefits of human knowledge.

Foreign economic activity is carried out by performing actions by its participants aimed at the emergence and fulfillment of obligations. The purpose of the study is to establish the moment of conclusion of a foreign economic transaction by determining the competent legal order and establishing the content of the norms of Russian and foreign law applicable to disputed relations. During the research, such methods as analysis, synthesis, comparison, and generalization were used. The result of the conducted research is the establishment of the applicable law to relations concerning the conclusion of a foreign economic contract, the grounds and conditions for recognizing the contract as concluded, and the consequences of not recognizing the fact of concluding an international commercial contract. The conclusions and results of the conducted research can be used for further research and as educational material, in legislative work and in law enforcement practice.

In the conditions of sufficient openness of the Russian market, factors such as a decrease in demand and in investment activity, exchange rate fluctuations, economic sanctions against companies and other unstable conditions lead to a slowdown (sometimes to a decrease) in the growth rate of the turnover of Russian companies, and a deterioration in their financial situation and decrease in the degree of financial stability. Therefore, it seems necessary to study the conditions and opportunities for achieving sustainable growth carried out on the example of Russian airlines using econometric modeling methods. Solving this problem requires studying the system of financial and non-financial factors for achieving sustainable growth and also identifying key financial indicators of growth based on an analysis of industry-specific features of the airline passenger transportation market.

An effective cost management system at industrial enterprises determines the level of their competitiveness, contributes to the formation and development of new markets for innovative products, which is relevant in the context of modern economic instability. At present, when the whole world faces the limitations of business activity caused by COVID19, not only small and medium-sized, but also large enterprises are experiencing problems associated with the organization and implementation of production and marketing of products, works, services. Gaps in many production chains lead primarily to increased production and marketing costs. Therefore, the formation of the algorithm for their estimation will allow the manufacturer to identify and evaluate possible changes in production costs and develop measures to optimize them. The starting point of cost management is the analysis of financial, production and administrative processes at the enterprise. Performance indicators depend on the level of costs at the enterprise. Features of the production structure of the industrial enterprise, the nature, type and scale of production have a significant impact on the magnitude, structure of costs and the procedure for their accounting.

The year 2020 introduced unexpected critical structural changes into a rather conservative sector of drilling services. In a situation where the confirmed volumes of work are unpredictably transferred, postponed, halted, or re-negotiated, the leaders of high-tech service companies providing technical and technological support for oil and gas drilling, had to make a number of strong-willed decisions in order to continue to support the telemetry equipment fleet and retain a team of engineers by staying in the market. Of course, there are those who are not ready for this. In this article, we will look at the technical side of this reboot through a careful optimization of resources used by drilling service companies.

The article is pointed to draw attention for the stochastic risk factors and how to use those to analyze tendences in business and economy. The method of stochastic risk factors (SRF) is based on separating the company’s cash flows into a basic business project and a growth project, and on applying stochastic discount factors to the company’s basic cash flow based on the current company value. The research was conducted on two samples of companies – the oil and gas sector (presumably with zero growth) and digital economy. It was concluded that prospects of oil and gas sector looks rather poor and the assumed average growth rates are close to zero. On the contrary, growth rates for IT sector may be estimated as higher than average growth rates for economy. It is very likely, that IT sector sustain all crisis events, overcome all the risks and troubles and will play dominant role in the future development.

Several recent political crises represented a setback for the European integration process. In a face of rising Euroscepticism European Commission is looking for ways to foster integration by promoting European identity among citizens in EU regions. In this respect EU Cohesion policy is thought to have potential to be instrumental in achieving this goal. The aim of the paper is to assess the Commission proposals for Cohesion policy within MFF 2021–2027 in this context. The paper analyses new measures introduced by Commission proposal in view if they can deliver to better EU image in the regions. The proposal to change cohesion funds allocation methodology by adding into calculation more social factors can potentially be counterproductive as it leads to funds’ re-allocation compared to the current status. Evaluation of bringing into Cohesion policy smaller social and values oriented programs is more positive. Detailed analysis of the Justice, Rights and Values program shows high potential as a source for experience-based driven identification with Europe and can be instrumental in fostering European integration.

Modern economy conditions are so-called Industry 4.0 affected all the sphere as of humans’ life. One of the main among them is retail. Retail is a last link between manufacturer and consumer which gain profit for all the supply chain. Technological development became a key factor to succeed nowadays but today global economy is slouching through the recession during COVID 19 pandemia and there are many thoughts about the future of retail. As a pioneer of digital transformation, retail already has been adapting to modern clients’ queries and transition to e-commerce or mobile commerce. But not even e-commerce is a key factor to overcome difficulties. The main goal of the study is to analyze innovative models and technologies in retail and an experience of the most efficient implementation models worldwide.

The article is devoted to the development of methodological approaches to the formation of the institutional environment for innovative development of the Russian economy. In this regard it was essential to analyze the current state of technological development of the Russian economy based on the interpretation of economic and static indicators and expert assessments, to identify barriers to the transition of the Russian economy to the way of innovative development as well as to find methods to create favorable conditions for interaction between large businesses and innovators to provide necessary tools and infrastructures for their productive dialogue. The basis of the institutional environment of the innovative economy is such a system of effectively functioning institutions as an innovative cluster, an innovative network, and a digital platform. It is concluded that the development of the institutional environment of the innovative economy of Russia will lead the country to a way of sustainable economic growth and rank it among the technologically advanced development powers.

This article investigates the interaction of the economy and sports. The authors analyze needs and interests, as well as the penetration of market forces in the field of sports, identifying positive changes in the sports life of the country. At its core, business and sports have similarities. There is competition between individuals and groups, which is the basis of business competition. This is also observed in sports. The motivation for activities in both areas is the desire of participants to win, to prove to everyone, not only to themselves, their importance, and to gain respect. The research material was obtained based on the study of special literature sources. The research purpose is to identify the main patterns of interaction between the economy and sports in modern society. The authors used theoretical analysis and generalization of special scientific literature on the topic. The conducted research allows us to conclude: the economy and sport are linked: the development of the sports sector has a positive impact on the economy, not only in the production of sports goods, but also on the economy as a whole, providing more workers, due to the fact that involvement in sports increases the quality of life.

In the context of rapid development of digital technologies, systems that form the knowledge base become an integral part of the infrastructure of organizations. With their help, the efficiency of industrial and commercial enterprises is increased. The article explores the practical aspects of the use of digital technologies in the process of managing organizations that allow optimizing the process of collecting, processing, storing and exchanging information and interact in solving functional tasks. The practical features of the introduction of electronic document management systems are studied, and the assessment of the applicability of EDM in creating a corporate knowledge base is carried out. Considered submitted in the Russian market the EDM of their adaptation to the company’s knowledge, proposed mechanisms to make a decision on expediency of introduction of information systems in the enterprise.

The purpose of the work is to develop a solution to increase the number of companies involved in the digital economy markets formation, to assist in accelerating of new products and services based on virtual and augmented reality technology introduction, to ensure their competitiveness and to overcome technological barriers. The authors analyze the current situation in the Russian digital economy, related to the end-to-end technology of virtual and augmented reality, technological barriers that hinder the economy development. The problems reside in low digital literacy, lack of understanding of VR/AR using possibilities in a professional environment, shortage of developers, lack of VR/AR content in consumer and specialized fields, the long alignment process of pilot projects for implementation in state corporations and industrial enterprises, as well as the lack of Russian industry standards for design systems (CAD) and universal VR/AR devices. To address the identified barriers, the authors describe the concept of digital online platform for creating and distributing VR/AR content and services.

The article analyzes the main internal threats to Russian environmental security, identified in the development strategy. A comparative analysis of the world’s countries on the pollution index and climate index is conducted. The position of the selected countries according to the values of these indexes is shown. The importance of environmental security in the economy of the country is noted. The economic component is considered in terms of the industrial enterprises activities, as well as in terms of the impact on the population as a working economic resource. Conclusions on the current situation and dynamics of key indicators of Russian economic security and the significance of these parameters for the country’s economy are drawn.

Performance assessment of any company is a complex process that includes a comprehensive analysis of its market position, opportunities and threats from the external environment, and weaknesses and strengths within the organization. To make a competent management decision related to the innovative activity of an enterprise, company managers must have appropriate information. There are no universal metrics to measure innovation. The aim of this paper is the formation and adaption of statistical market indicators to assess innovation efficiency. These indicators are benchmarks that help identify key factors and aspects of innovation. The evidence is from consumer goods industry. The proposed metric is applied in IMS Company. Statistics indicate a decline in innovation activity in the industry. That indicates the need for the development of programs to support innovative entrepreneurship.

The purpose of this research is to evaluate the contribution of industrial-type special economic zones (SEZs) to the economy of the home regions and assess the effectiveness of their activities. Despite the fact that special economic zones have proven their effectiveness in many countries of the world, their functioning in Russia is evaluated ambiguously. The article analyzes the development dynamics of nine special economic zones of industrial and production type in Russia on the basis of socio-economic indicators, and identifies leaders and outsiders of the rating. It is shown that the role of special economic zones in the economic development of Russian regions is insignificant: the share of SEZs in the total number of employees in the studied regions does not exceed half a percent, in investment – one percent, in shipment – three percent.

This article is an attempt to consider the application of digital media in education from the perspective of Christensen’s concept of disruptive and sustaining innovations. At the initial research stage, the hypothesis was formed that digital media as one of the main innovations in the educational sphere of recent decades play an auxiliary role in organizing and realizing the educational process. The authors have reviewed over 500 scientific works published in the period 2019–2020 and devoted to the issue of innovations in the educational environment. The analysis of their content was directed to identification of innovation types used in the higher education of various countries and consideration of digital tools and resources used for educational purposes from the standpoint of the concept on disruptive and sustaining innovations. The methods of synthesis and generalization were applied to build a picture of most popular digital solutions in the sphere of higher education and their innovative nature.

The article considers person existence as a main cause of the global problems in the modern civilization development. In this context the person is interpreted as a kind of worldview construction. According to this the human perceives himself as someone equal to the transcendent Absolute. He thinks he can break out of nature bounds. He seems to be an independent creature and opposes himself to his own nature, society, and the world around him. In these conditions, the existence of nature, including the human nature, becomes possible through the prism of human life only. The human gives himself an exclusive right to change and to transform absolutely everything that opposes his life desirers. Thus, human existence becomes the reason of the main problems in the modern civilization development. These problems have got a global character not very long ago. But they form an important part of civilization development in the XXI century.

The problem of efficiency management on the stages of organizational lifecycle, which is actual to any company, was considered in this article. The authors introduced empiric research, based on correlation analysis, to determine factors, which affect organizational efficiency the most on different stages of its lifecycle. The novelty of paper is explained by shortage of empiric researches, based on economic-mathematical methods, in the field of organization lifecycle, especially, in connection with organizational efficiency. As a result, the most important indicators were determined for every stage of organizational lifecycle and the instruments for improvement of efficiency management system were offered.

The market for logistics services in the Russian Federation is not sufficiently developed. Its share of revenue for logistics providers was only 1.2% of GDP in 2017. The growth of the services market is ensured by the development of outsourcing of business processes of incoming logistics. In this regard, the scientific and methodological support of strategic decisions on the choice of service providers is relevant. The aim of the study is to develop a methodological approach to determining the criteria for the selection of logistics service providers, justifying a more affordable method of their choice from a practical point of view. The study used the theory of use value and customer satisfaction, expert ranking methods of logistics service providers, economic and mathematical methods of rank correlation. The main results of the study are to justify that the price/cost of the logistics service is a special criterion for the choice of providers that opposes all other criteria; using the concept of customer satisfaction from interaction with the supplier in the choice of provider; selection of logistics service providers based on the rank correlation method.

The study sheds a light on contribution to the existing literature of entrepreneurial activities related to the social business entrepreneurship by considering the business freedom of the entrepreneurs of the Russian Federation, where how Gross National Income per capita and Industry value added per worker influence the business freedom of the social business entrepreneurship in the short-run and long-run. In the paper is applied model called The Vector Error Correction Model (VECM) and while considering log of business freedom index as the dependent variable in VECM, the results show that in the short run log of Gross National Income per capita and the log of industry value added per worker do not influence business freedom indexes. Also, the paper results show that in the long run, the log of Gross National Income per capita negatively observes the business freedom index. The investigation will additionally support and become an encouragement issue for improving business conditions for the established and new social business entrepreneurs in the Russian Federation and other countries as well.

The subject of this research is the Northern Latitudinal Railway project, including consideration of its priorities and drivers. The relevance of this topic is associated with the implementation of the Transport Strategy of the Russian Federation until 2030 for the transport and logistics development of the Far North and access to the coast of the Arctic Ocean. The main purpose is to study the problems and prospects of the Northern Latitudinal Railway project. Materials and methods: analytical, marketing, design methods. Authors used materials of open access, official sites, own research results. Authors have considered project implementation priorities, drivers, bottlenecks, options for further development. The implementation of the project will not only double the existing capacity of the transport infrastructure of the macroregion, but also involve a wide range of minerals in the economy, ensure a stable presence of Russia in the western and central sectors of the Arctic.

Today the tourism and hospitality industry study is relevant, since it is this economy sector that has suffered the most from the pandemic of the coronavirus infection COVID-19. The purpose of the study is to diagnose the consequences of crisis events in social and economic life in the world and in the Russian Federation on the state of the Samara region tourism sector, which ended up in the crisis zone, and to develop recommendations and measures of state support. The authors identified the following tasks: analysis of the tourism sector current situation in the Samara region, the tourism market participants perception by of state policy in this area, analysis of the development prospects of respondents-tour operators in the region. The basis of the article is a large-scale sociological study. The authors of the article revealed the key problems of the Samara region tourism industry. Respondents’ expectations and the real possibilities of the public sector to overcome the consequences of the coronavirus infection COVID-19 pandemic were studied. The measures to improve the interaction of the business environment and the public sector to accelerate the restoration of the tourism industry in the Samara region were proposed.

In an increasingly competitive environment, companies are interested in corporate governance in attracting a variety of tools that allow them to realize their competitive advantage. Effective use of standardization methods in the form of international standards as tools increases efficiency and contributes to the sustainable development of companies. The paper considers the features of applying international standardization and identifying its impact on the state of the internal environment of enterprises by creating conditions conducive to increasing the value (capitalization) of companies in the framework of corporate governance. The features and forms of influence of various types and categories of standards used in the framework of corporate governance on changes in added value, added value and added utility on the company’s capitalization are revealed. The role of various intangible assets associated with standardization in improving the business reputation and value of the company is shown.

The processes of global digitalization of society have significantly affected the key sector of the economy – retail trade. In the digital economy, the key factor in the production of services, including trade, is a specific form of highly skilled labor. And the result of applying special knowledge and skills is information. The pandemic period confirmed the need to switch to new formats of work and customer service, especially in non-food stores. The research aims to analyze the conditions and prerequisites for the development of the Russian digital economy, the nature of the transformation of the retail sector and the spread of new formats of commerce, the search for new solutions and strategies for development in the new retail space and determination of the necessary competencies. We used general scientific, systematic, structural-analytical and statistical methods that allow us to study the main directions of changes in the quality of organization and management of trade space in the digital economy. This research is based on concepts that more or less reflect the vision of the future of the retail space and the new competencies associated with this process.

In the modern Russian economy, the level of development of the industrial sector continues to be quite low. A wide range of reasons can be identified for this, one of which is the historical background of the formation of industry in 70–80s. But it is important not only to understand that this area requires certain innovations, but also to evaluate the further creation of its development in order to improve the economic growth of the country as a whole. At the same time, the degree of influence of RandD in industry should not be underestimated. As concerns directly the prospects of the RandD sector of the national industry, it is determined by the following trends: insufficient implementation of RandD potential; - reduction of intellectual potential; increased labor intensity; institutional transformation, changing of the forms and specialization of the subjects performing the work. In this context, there is an objective need for modernizing management mechanisms to streamline complex interactions between production and research structures. This study evaluates the development of the RandD sector of industry in Russia.

The article touches upon the consideration of corporate management strategies aimed at maintaining the company in the conditions of the economic crisis. The authors highlight the signs and causes of the recession of 2020 as well as the actions taken to stabilize the economy in Russia. The necessity of finding an adequate response to the high risks of bankruptcy of the enterprise, the destruction of supply chains and sales of products, failure to fulfill payment obligations is noted. To solve the problem, theoretical research methods were used: systematization and generalization, the study of documents and activity results when identifying problems and finding ways to solve them, generalization of experience. The article suggests using scientifically based approaches as a means of making managerial decisions. In order for anti-crisis measures to be balanced and effective, it is proposed to use a variety of possibilities of quantitative analysis, mathematical modeling, strategic choice, econometric forecasting, and solving optimization problems.

The purpose of the study is to substantiate the methodology and develop tools for evaluating the indicators’ dynamics of Russian regions’ industries. Sectoral mesodynamic is considered as open, nonlinear and weakly structured. The synergetic principle of “deterministic chaos” and the econophysics models are implemented for modeling. Approbation by the authors on the exploration mesodynamic data of 12 main sectors over 78 Russian regions during the period from 2005 to 2017. Tre results demonstrate a great adequacy of the applied tools, outlined a set of directions for its development and areas of possible application, including socio-dynamics. The prospects of applying nonlinear trends, mainly logistic ones, are shown. E.Slutsky’s theorem on modeling medium-term business cycles by the sum of three harmonics with non-multiple frequencies is confirmed. The adequacy of trajectories’ modeling is provided by supplementing the known structures of mesodynamic trajectories with additive-multiplicative interactions, and considering the stochastic component as a mixture of distributions with heavy tails. Exploratory results showed heterogeneity of institutional and economic development of regions, which creates imbalances in economic cycles, allowing to make forecasts for the development of regional economies, to form knowledge bases to characterize the cause-and-effect relationships of economic theory.

This article is devoted to the corruption risks arising from the active use of electronic trading platforms, including fraudulent and corruption schemes, as well as modern technologies for their neutralization. In particular, to minimize these risks, it is proposed to use a smart contract, a computer algorithm designed to conclude and maintain commercial contracts using blockchain technology. Using modern methods of scientific analysis, the authors identify the main problems associated with trying digital technologies on trading platforms and consider the problems of legislation in the field of combating corruption.

The solution of environmental problems in territorial development deserves special attention both at the federal and regional levels. The national strategies for socio-economic development of the Russian Federation address the solution of regional and local environmental problems. In the article, the authors analyze the environmental components in the Municipal Development Strategies of Samara Region for 2025–2030. The authors note that out of 13 elements of the environmental component, priority is given to maintaining health and solving environmental engineering problems. The solution of such environmental problems as preservation and increase of biological diversity, improvement of the state and expansion of protected areas is minimized. When developing Strategies, the authors suggest turning more attention to the requirements of environmental regulatory documents, legislative acts and decrees on ensuring environmental safety, as well as take into account foreign experience.

This article explores the problem of the formation of risk-based thinking as an indispensable element of the quality management system using the tools of the lean manufacturing methodology. Such symbiosis allows not only to comply with the formal requirements of ISO 9001: 2015 to ensure standardization of products, but also provides managers with detailed risk information to identify losses and optimize costs at each stage of the production process. The article proposes to evaluate risks based on their division by the cause of risk and the risk event, as well as the ranking of risks by the nature of their belonging to each of the stages: supply, production, and marketing. The interconnection of risks among themselves is established and it is proposed to use the scales of the significance of each risk to establish the potential risk and its consequences for the economic entity in the form of losses, reducing the planned financial result.

There is a long period of decline in investment activity in the Russian economy, despite the modern paradigms of intensive updating of processing and technically complex types of economic activity. Underfinancing of industrial projects occurs along with large volumes of capital exported by their owners abroad, including equipment depreciation funds, and the funds from the accumulation fund at enterprises are not formed in the proper amount. The relevance of the problems under consideration is caused by the need to ensure sustainable competitive positions of industrial enterprises and manufacturing entrepreneurship by attracting investment in technical development, industrial research and development, and implementing a catching up economic development scenario. The purpose of the study is to reveal the modern characteristics of the investment process in the Russian industry, to determine the impact of its unfinished restructuring, to systematize the factors that inhibit investment attractiveness of manufacturing industries. We used the methods of international comparisons, analysis of cause and effect relationships, meaningful economic interpretation of the investment process in the Russian and world economies. The research results are systemized factors determining investment activity in the Russian industry and directions for improving the investment process.

The article defines the conditions and prerequisites for the development and adoption of an innovative GOELRO plan for the Soviet state. Based on the methodological concept of the “big waves”, the results of the planned technical and economic strategy that initiated a technological breakthrough in the national economy are analyzed. The complex nature of the strategy under study, which was based on the electrification of the country, is characterized. The long-term consequences of the implementation of planned measures, both a negative and a positive plan, for the further development of the national economy have been identified.

Based on the research of economic interests between the subjects of investment relations and analysis of dynamically transforming business environment, the authors of the article considered the process of formation and assessment of investment attractiveness of companies. The key indicators affecting the investment attractiveness were analyzed. The authors suppose that investment attractiveness is an integral characteristic reflecting its competitive advantages and acts as the key indicator for raising investments. The emphasis is made on formation of requirements to the complex approach of assessment of investment attractiveness. It is justified that a system of indicators including enterprise value, value of intangible assets and value of intellectual property rights enables to get a trustworthy reasonable evaluation of investment attractiveness of a company.

The article considers Big Data as an effective instrument for socio-economic development. The role of this technology in the modern world is rapidly increasing. The phenomenon of Social Data is specially noted. It has noncommercial character, but it can be used for commercial purposes. Studying of Social Data allows creating complex models of relations, recognizing the target groups for advertising companies. Big Data is qualified as an engine of progress in marketing and sales. Basic methods for predicting consumer behavior with a help of Big Data technology are pointed. There are forecasting, segmentation, association and neural networks among them. It’s concluded that the volume of data processing is constantly growing today, as well as the speed of this process. Development of Big Data technology is relevant to the modern world, rapid and innovative.

This article provides statistics of small business’ share in the Russian economy and its role in the development of the country’s innovative potential. The author concluded the presence of barriers that prevent the normal functioning of small business in the country, as well as in the Samara region. The main factors that slow down the development and effective functioning of small business and all entrepreneurship in Russia are highlighted. Within the framework of this topic, an analysis of the small business structure in the Samara region and a survey of individuals associated with small business were conducted. Based on this analysis, the author identifies a list of problems that stop the optimal functioning of small business. In addition, a significant result of this scientific work is the systematization of the control crisis and entrepreneurship support.

The authors focus on the problem of low level of technologization of management activities of public authorities in the implementation of cluster regional policy, which leads to the adoption of ineffective management decisions in supporting regional cluster initiatives. To solve the problem, the authors propose a developed algorithm for evaluating the economic and organizational factors of the formation of an industrial cluster in the region. As a result of factor analysis, authorities receive information on the objective possibility and subjective readiness of enterprises in a particular industry to cluster formation processes, as well as determine the type of cluster, its most optimal structure and organizational model. Practical testing of the developed algorithm is tested on the example of designing a territorial cluster of building materials in the Samara region, Russian Federation. The developed technology is of practical importance for making decisions on the allocation of state subsidies for the implementation of cluster initiatives in the region, as well as for the inclusion of cluster projects in the strategy of social and economic development of the territory.

The profitability of human capital at the microeconomic level depends on a harmonious combination of meeting the interests of wage labor and business. In other words, the level of wages must be equitably combined with the level of profit. In a formalized form, the profitability of a business appears to be a point on the vector of addition of many forces, including the potential and real effectiveness of human capital. Effective motivation of wage labor requires a comprehensive consideration of all its significant results, which include not only the volume of manufactured products, work performed and services. It is also important to consider the indirect results of labor affecting profits in the form of initial material resources saved.

Nowadays microinsurance is gaining great popularity in Asia, Africa and Latin America. In emerging economies microinsurance products are more common than traditional insurance products. The purpose of this article is to identify the necessary factors for the successful development of microinsurance, including microtakaful, and the possibility of implementing the international experience in the Russian Federation. For this purpose, it is very important to involve state and non-state institutions in social protection, use modern technologies and identify main distribution channels of microinsurance products. A multi-factor economic model was developed to calculate the effectiveness of microinsurance implementation, and the prospects for the development of microinsurance in Russia were determined.

The article is devoted to predictive and analytical studies of possible directions of sustainable socio-economic development of the Samara-Tolyatti agglomeration on the horizon of 2019–2035. The research was carried out in order to design the future of the Samara-Tolyatti agglomeration, balanced in terms of goals and resources, based on a comprehensive analysis of statistical data from previous years and an expert vision of development alternatives, taking into account the unstable external environment. A digital agglomeration model has been created that allows calculating the values of national project targets and performance indicators for senior officials.

The article discusses the formation and management of innovative ecosystems in a digital economy. The approaches to the definition and content of the term “innovative ecosystem” are analyzed, the specifics and conditions of managing innovative ecosystems are investigated. Digital technologies allow using information systems and data exchange to combine enterprises, scientific and research centers of various types of activity, into virtual groups or associations that carry out collective development and implementation of innovations. A specificity of an ecosystem is its strong link with innovation industrial activity. Scientists regard innovative ecosystems as effective mechanisms of cooperation aimed at combining individual offers of various firms into a single offer focused on the client and thereby creating new demand.

The structure of dependence between the level of economic development and investment provision of Russian regions in 2012–2016 is studied. Investment provision and the level of economic development in the regions are described by fixed capital investment (FCI) per capita and gross regional product (GRP) per capita, respectively. The copula method is used to model the dependency structure. It is established that the probabilistic structure of the relationship of the studied indicators can be described by a Gumbel copula in each year of the period 2012–2016, with the exception of 2014. The Gumbel copula in 2012–2013 transformed into Frank copula in 2014. There are no significant changes in the Gumbel copulas parameters in 2012–2013 and 2015–2016. It is concluded that the probabilistic structure describing by the Gumbel copula remains stable during the observed period. It is established that the Gumbel copula describes a sufficiently strong relationship between the studied parameters and has the asymptotic dependence in the upper tail of the distribution.

The relevance of the issues under consideration is due to the lack of certainty in the legal regime for realtor activity in Russia. The aim of the study is to identify current problems of legal regulation of realtors’ activities in the context of the use of digital technologies in the engineering economy and develop recommendations for their solution. Methods of research are analysis and synthesis, elements of comparative law. The article examines the trends in the development of the real estate market under the influence of digital technologies, organizational and legal problems of realtors in their activities, their legal status. This article may be useful for specialists in the field of law, economics, as well as for those who carry out law-making activities.

The presented research provides the ethical examination of the blockchain-driven systems (e.g., Social Credit System) for social engineering with the additional analysis of its impact on the Society (efficiency) and the modifications, which the System brings to it (effectiveness). SCS from the Western perspective is digital dystopia (de Freytas-Tamura 2017). For foreign parties can use SCS as the instrument of the trust gaining and vice versa- China increases its face of the open economy by the SCS. However, behind the scope of the observation of the current research focus is the ethics of the blockchain- enabled platforms for the control of the credibility of the behavior of the parties as the System, which really makes discrimination without any appeal opportunity. Moreover, the System immediately harms the reputation of the evaluated party via blackclisting regardless the potential mistakes in these conclusions. The results appeal via the manipulations, making the errors, is possible only in judiciary procedure with rare reevaluation of the rank- SCS destroys the trust in the Society- these projects were preliminary elaborated for the control of minorities (e.g., the Sinczian and Uighur autonomous regions- largest minorities centers in PRC). Is the Blockchain in these realities blessing or a curse?

The rate of change in the global universe has strengthened the role of innovations in the economic development of enterprises, industries, and states. Today, agriculture is one of the Russian economy drivers, and it has sustainable production growth and strong positions at the world food market. Russia intends to develop export supplies of agricultural products in order to increase contribution to solving the world food problem. The solution of this task is impossible without increasing an innovative activity of agricultural producers. The author identified the factors that contribute to the current development of Russian agriculture and assessed the role of innovations in the process of economic growth in the industry. The methods of theoretical and economic and statistical analysis were used to study special aspects of Russian agriculture and world and national trends in the innovative development. The results allowed to conclude that the agricultural production growth in Russia was provided by an integrated influence of extensive and intensive factors of the economic development, and the contribution of innovations to this process was very small. The analysis of current features of innovation processes in agribusiness allowed the author to work out measures to increase an innovative activity of agricultural producers.

The article analyzes the concept of CVS value from the point of view of ensuring the inclusive development of individual territories. It is assumed that the relationship between social and economic progress can stimulate new waves of global development. The research used such methods as benchmarking, the method of scientific abstractions, and methods of analysis and synthesis. Conclusions are drawn on the possibility of creating economic value through the formation of social value; the criterion for evaluating genuine social entrepreneurship is considered in terms of its ability to create shared values, not only social benefits, and to ensure the inclusiveness of the development of territories where the company is present, value must be created not only for shareholders, but also for society as a whole.

Institutionalization of innovations at all stages of the scientific and technical revolution of the second half of the twentieth century was carried out through the interaction of technological, economic, organizational and social factors. The research goal is to analyze the role of scientists and their interaction in the process of innovations institutionalization. Archival documents studied by the authors, materials of correspondence between Soviet, American, European, and Japanese scientists are of high research value. The article considers interaction directions of Soviet scientists with foreign colleagues to solve the most important problems of world science in the 1950s and 1960s in the field of research on the structure and properties of polymers, physical organic chemistry, electrochemical thermodynamics, creation of scientific bases for selecting catalysts to process oil and natural gases, and transmission of electricity over long distances. The authors studied approaches to solving problems of innovations institutionalization, analyzed factors that contributed to the exchange of technologies and ideas in the most relevant scientific areas. The examined documents reveal a close cooperation of the world scientific community in the first phase of the technological revolution and allow us to draw conclusions about the personal involvement of scientists in institutionalizing innovation.

The article considers the advantages of distance learning as the most effective and least expensive method of training during the economic crisis. The introduction of E-learning (EL) in the educational process provides new opportunities for the growth of the global education market, provides everyone with the necessary knowledge, and develops digital literacy competencies. The authors consider measures taken by the Russian government to apply Internet technologies in the education, as well as targets set for a priority project aimed at the development of online education. The analysis of the degree to which IT technology penetrates the major segments of the education market in Russia is provided. The article summarizes some theoretical issues of LMS Moodle application both on the positive and negative sides, and offers practical suggestions for the qualitative integration of e-learning in the process of teaching and learning in the higher education institute on the basis of effective e-learning management and good management. The system of e-learning management is developed on the modeling method, the main purpose of which is to apply modern electronic technologies in the educational process, to prepare the methodological base of electronic educational resources, and to improve electronic educational technologies in the e-learning format.

This work reveals the international legal framework for countering crimes in the digital sphere. The transnational nature of encroachments in the information sphere, due to technical possibilities, can cause irreparable damage to the economy of several states at once, and open up wide opportunities for the development of shadow business. This trend poses a serious threat to the entire cyberspace, because cyberspace and society are already inseparable for the current day. The research purpose: on the basis of system and comparative analysis, to study the international experience of criminal-legal counteraction to crimes committed using digital technologies, to identify advanced initiatives that can be used to optimize domestic legislation in this field. The study of the provisions of criminal legislation, as well as national plans for counteracting IT crimes in the countries of Western Europe, the United States, the Arabian Peninsula, South-East Asia and the CIS countries allowed to form a unified picture of counteracting digital crimes on the world stage. The study examines the features of criminal law risk assessment associated with the use of digital assets and other digital innovations for criminal purposes at the international and supranational levels.

Subject of the research: historical, institutional and regulatory aspects of monetary policy coordination at the global and regional levels. The purpose of the research is to study the current aspects of international monetary policy coordination paying special attention to the prerequisites, legal and institutional foundations of such coordination. This study is predominantly based on scientific papers and documents issued by International Financial Regulators. The set of theoretical ideas generated on the basis of the analysis of the topical issues of international monetary policy coordination will enable to introduce the positive aspects of such coordination on the level of regional cooperation of Central banks within the framework of Eurasian integration associations, primarily the EAEU. The methodology of the research comprises historical, comparative, formal-legal and functional methods, systemic approach. The paper examines alternative (regional) financial support mechanisms (including bilateral currency swaps) implemented by Central banks. It is concluded that it is necessary to find ways of integration in the monetary sphere, bypassing the IMF, which is especially important in crisis periods of economic development. The conclusions given in the paper can form the ground for further studies of international monetary policy coordination in the context of globalization and regional economic integration.

The issue of creating a new unit of account - central banks digital currencies (CBDC), has been actively discussed in the past two years, both at the level of individual states and the international community. The discussion is based on the legal possibility and economic feasibility of expanding the list of financial instruments by creating a fundamentally new model of digital payments. However, despite the importance of this issue, states and the digital community have not yet come to a common understanding of the starting points on which the concept of a national digital currency (CBDC) should be based. In this regard, the purpose of this study is to identify the legal and economic advantages and disadvantages of two types of CBDC: direct and hybrid. To achieve this goal, the theoretical views on this issue were studied, as well as the conclusions made by experts in the course of a practical study of the CBDC possibilities.

The article is devoted to the analysis of economic and legal issues related to the revolutionary processes taking place in the world economy, including in the field of fuel and energy, and the application of digital technologies in this sphere. The formation of approaches to the definition of non-standard contractual structures is directly dependent on the impact of the energy transition on public relations. In this regard, urgent measures are required to create an effective legal framework for the use of digital technologies for remote energy trading, and to promote the development of distributed energy in general. Of particular importance in this context is the emerging cryptocurrency market, whose legal regulation at the state level has an initial, non-systemic character.

At the present stage of development of the Russian economy, it becomes obvious that any enterprise must skillfully adapt to the requirements of the surrounding reality in order to maintain financial stability and long-term competitiveness. The need to assess the financial condition and forecast its changes is experienced by both the economic entity itself and its counterparties, investors and other interested users of the reporting. As a result, the identification of adverse trends in the development of the enterprise, risk factors leading to bankruptcy and methods for assessing them are of paramount importance. Forecasting the financial insolvency of an economic entity is based on an assessment of its financial condition using methods such as crisis management policy, official bankruptcy forecasting methods and criteria, as well as quantitative and qualitative models for assessing financial condition. The paper assesses the possibility of applying well-known bankruptcy forecasting techniques to large telecommunications companies in the Samara region such as PJSC Megafon, PJSC MTS, PJSC Rostelecom based on observations of their activities during 2017–2019. Using the conducted financial insolvency analysis, it is planned to find out whether these market participants can support the region in the implementation of the national project “Digital Economy”.

The article is devoted to the study of the role of integrated information systems in an unstable external environment characterized by negative development trends in modern conditions. The analysis of the situation on the information technology market allowed us to identify the main advantages of integration of such systems in the organization’s activities, and predict the effect of their implementation. Special attention is paid to the issue of forming relationships with customers, the use of analytics tools that provide an assessment of the quality of work for departments responsible for customer relations, the effectiveness of sales tactics, communication with customers through various channels. An algorithm for implementing integrated information systems is proposed, taking into account specific features of implementing the system in the organization’s activities from the initial stage, and an algorithm for embedding it into an existing system in the organization is also considered. Recommendations have been developed for the implementation of integrated information systems aimed at improving the competitiveness of organizations in modern conditions, allowing them to respond flexibly to changes in the conditions of limited use of labor resources.

The purpose of this study is to assess the importance of carbon raw materials for the economy of the state, in particular - Russia. Governments can rely on oil and gas rents without realizing much more needs to be done. On the other hand, many countries are content with the commodity structure of budget revenues. The authors consider the role and importance of hydrocarbon raw materials for the economy of the country. Russia is currently trying to diversify and modernize its economy, overcoming not only natural obstacles, but also market manipulation and internal resistance. In this study, we will provide facts that should convince a reader interested in finding the truth about Russian impressive achievements over the past decade in the field of recovery, restructuring, diversification and modernization of the oil and gas sector. Knowing that Russia is not economically disabled, as it is constantly portrayed, will help avoid a clash with Russia and move to cooperation. Accurate data will help investors make profits, and politicians will help maintain peace.

The article deals with the peculiarities of investment activities of non-state pension funds (NPFs) as an institutional investor, its social responsibility. Institutional participants in the asset management market, can play as medium-term funding sources. Their interest in infrastructure projects, as revealed by the study, is associated with the fact that such projects have long-term, stable profitability, although not the highest in the investment market. The authors analyzed the experience of investing in infrastructure projects by non-state pension funds. The analyses of institutional investments in infrastructure projects confirmed that institutional investors, NPFs in particular, have enormous resources and are successful investors. Creation and support of non-State pension provision is a form of business social responsibility expression. The system ensures participation of the State, as well as of the employer and the citizen, in the development of a decent standard of living, thus affecting the organization and implementation of effective social protection for pensioners.

The article analyzes the content of warehouse services as a special type of business services that have specific characteristics and common types of services. Individual components of warehouse services are described: logistics, marketing, information, credit and financial, and production. The content of the activities of service organizations, operators of warehouse services, is released. The study highlights the growth of the market, changes in the structure of demand, insufficient development of warehouse outsourcing and complex warehouse services as the main trends in the warehouse services market. The evaluation of the current condition of the warehouse property market that determines the quantity and quality of storage services, the focus is on the development of new warehouses formats (wholesale distribution centers, self-storage warehouses and warehouses of “last mile”), a significant part of “custom” warehouses marked as a trend.

Deviant economic behavior is considered as a variant of deviation from generally accepted norms of behavior in the economic sphere. The paper describes the results of an empirical study. The total sample was 1158 respondents, aged 18 to 82, with different experience in loans and debts. Inventories used: Author’s questionnaire for socio-demographic data and subjective economic well-being, Debt Behavior Questionnaire, Debt and Credit Tolerance/Frustration Questionnaire. Cluster analysis (k-means method) revealed four main types of debt behavior: Non-optimal blaming, Non-optimal benevolent, Optimal blaming, Optimal benevolent types. It was found that different types of debt behavior have differences in the experience of borrowing and repaying debts as well as in credit and debt tolerance and frustration. Based on the study, a forecast on the possibility of deviant debt behavior for different types is given. The most unfavorable in debt repayment is the Non-optimal blaming type. Statistics: descriptive statistics, cluster analysis, one-way ANOVA in SPSS 22.0.

The success of the enterprise is achieved due to the quality of financial management at the enterprise and its financial services in general. Issues of rational management of financial flows at the enterprise are of particular relevance. In the course of the study such methods as analysis, direct counting method, the horizontal and vertical analysis have been used. It was concluded that measures to improve financial flow management in logistic systems would be the most preferable for the research object. The enterprise has the potential to develop and improve the management of financial flows in logistic systems, this can be achieved by implementing the proposed measures.

The article analyzes phenomenon of globalization in the modern world, touches its aim and essence, positive and negative aspects. The authors pay special attention to the new model of «digital globalization». The main idea of the research is that the recent events in the modern world are changing much the process of globalization. And Coronavirus pandemic can be interpreted as a real instrument for the global world transforming. The authors try to find out whether the post-coronavirus world will become de-globalist or it’ll be totally globalized, on the contrast. The authors are sure the coronavirus pandemic will have two main social consequences: it’ll cause an increasing growth of globalization by total digitalizing and social distancing practices. But the growth of de-globalist tendencies in the modern world is also obvious. Coronavirus can be considered as a symbol of de-globalization. It turns out that confrontation between globalism and de-globalist tendencies in the modern world will be continued. The coronavirus pandemic has highlighted and intensified the most essential contradictions between them.

The development of globalization processes in the world economy and the increasing interdependence of business entities in different countries contribute to the growth of international trade scale, which, in turn, leads to an increase in the number of intermediary operations. The purpose of this article is to identify conclusion and execution features of intermediary agreements in international trade under conditions of the globalized world economy. The main method used in the study is complex analysis, since the legal regulation of intermediary agreements in international trade cannot be considered in isolation from the economic content of these relations. The wide use of intermediary agreements in international trade is determined by a number of undeniable advantages. And their regulatory design makes them a tool for expanding the scope of activities of many economic entities by attracting the intermediaries’ services. The materials of this research work may be of interest to both practicing lawyers and economists, and can also be used for further theoretical research on the problems of legal regulation of intermediary contracts.

This article investigates issues of assessing effectiveness of the monetary policy in terms of the impact on the country’s economic growth and the welfare of the population. The authors carried out comparative analysis of the relationship between money supply in the country and level of well-being of the population on the example of Russia, the USA and Germany. Special attention is paid to the search for criteria of assessing effectiveness of measures in the field of monetary policy and state programs aimed at economic growth and growth in the level of real disposable income of the population.

The study has analyzed the representatives of the Russian automotive manufacturing that are a part of global value chains. They are JSC “AvtoVAZ” and JSC “Sollers”. It has been noted that enterprises taking part in the global value chain have chosen different forms of integration. The main general-theoretical methods of analysis, synthesis and comparison were used. As a result, it has been concluded that an important role is assigned to the compliance of “Strategies of scientific and technological development of the Russian Federation” companies’ interests in matters of import substitution, inclusion in global value chains and increasing the level of localization. At the same time, there are also differences regarding the forms of cooperation, goals, and involvement. Nevertheless, the effectiveness of this cooperation remains undeniable and is confirmed by the entry of Russian enterprises into new links in the value chain and increasing the level of production localization.

The goal of the research was studying of the experience of the concept of cooperation marketing in the activities of the transnational corporation. The following tasks were set: to estimate the quality of the planned marketing events and the expected effect from motivating measures as well as to characterize the peculiarities of partners relationships formation on the Russian market. The study of the factors of the external and internal environment of Nestle Samara LLC on the basis of SWOT analysis was carried out; key competencies and main threats were identified. PEST analysis allowed us to establish the most important factors for the growth of the company revenues. Particular attention was paid to the study of the nature of interaction of a manufacturing company with retail chains and intermediaries within the framework of the implementation of the concept of marketing cooperation. The study of the organization of internal processes of sales management and sales promotion with the participation of retail chains was conducted. The positive experience of the implementation of the marketing concept of cooperation of the company under research was revealed and the key elements for its use were identified.

The article discusses the main directions of financial support for business by the Government of the Russian Federation in the conditions of economic imbalances caused by the COVID-19 pandemic. The purpose of the article is the analysis of state financial support as a single model, formed taking into account national specifics. The objectives of the study include the analysis of forms and tools, the objectivity of such support, its feasibility and scope. The authors analyze as common elements that make up the financial support of the governments of many countries, and the specifics of its organization in the Russian Federation are highlighted. As a result of the study, the authors concluded that in Russia a national model of state financial support for business has been formed, it is aimed at providing business with funds for uninterrupted economic activity. In this model, the state does not undertake to fully finance the activities of commercial organizations. The government provides businesses with the opportunity to survive temporary difficulties, but at the same time maintains market competition. The article substantiates the proposals for providing state financial support to certain types and areas of business in the post-crisis period, its tools.

The current issues of procurement activities and their development trends in the RF are analyzed in this paper. Today, the financial vehicle of procurement is being transformed in our country. That is caused overwhelmingly by the increased financial risks and technical sophistication of procurement procedures, as well as by the amplification of organizational and economic interactions among procurement system actors. All these factors have initiated further development of procurement regulatory and legal framework together with the Unified Procurement Information System (UPIS). The system to regulate financial risks has also notably evolved. Therefore, the increased efficiency at all stages of procurement, from planning to controlling and contract auditing, has become the ultimate task nowadays.

The authors of the study consider the key factors affecting investment attractiveness of subsoil use companies and calculate the true and potential value of shares of Russian oil and gas companies. The determination of investment attractiveness requires the integrated use of both technical and fundamental analysis. It is a combination of two types of analysis that made it possible to trace the dynamics of companies and the growth in the market value of their shares. When forecasting the value of PJSC Rosneft Oil Company and PJSC LUKOIL Oil Company for the period up to 2023, the methods of discounting cash flow, the method of comparison with peers, and the calculation of the value of the company using the method of the fair price corridor were used. The study revealed that both companies are attractive for investment, especially the shares of PJSC LUKOIL Oil Company.

The aim of this research is to study digitalization process impact on the traditional culture values of Russian society. To achieve this goal, such documents as the “Strategy for the Development of the Information Society in the Russian Federation for 2017–2030” and “Digital Economy of the Russian Federation” were considered, the likely consequences of their implementation were analyzed. The relevance of the article lies in the tendency of the world development towards the digitalization of all spheres of public life. During the study, the following interrelated research methods were used: induction and deduction, theoretical and comparative analysis. The problem lies in the complexity of the process of introducing digital technology into an established system of population values. The results showed that the development of new information values in the context of the Russian traditional culture values is possible with the formation of a tolerant information environment and increased public confidence by ensuring a high level of digital security.

The process of capital structure formation is one of the main issues of corporate finance, since the optimal proportion of equity capital and debt capital will allow a company to use its resources in the most efficient way. The main objective of this article is to test the hypothesis of the existence of determinants that may affect capital structure of Russian companies in the period from 2014 to 2018. This paper uses a systematic approach, including methods of statistical analysis. The work includes review of empirical researches on the subject. The article represents proposed hypotheses and carries out the results of the correlation analysis of selected factors for Russian companies. The results showed no relations between the selected variables (company age, company size, EBIT, ROE, ROA, MOEX index Russia, key rate, GDP, inflation, taxes) and the capital structure of Russian companies in the period from 2014 to 2018.

The relevance of the problem under study is due to the importance of having a visionary, competent fiscal government policy, in particular, the tax - one of the main methods to ensure stable socio-economic development of the state. The present work is aimed at understanding that the main tool of fiscal policy is progressive taxation. The leading method of research of this problem is the general scientific one, which allowed to substantiate the thesis that the progressive taxation is aimed at the maximum collection of taxes, at the creation of obstacles to evasion from their payment, at the formation and mobilization of financial resources of the state. The article substantiates the thesis that in a modern state, intending to become a developed social and economic state, the question should be not about the presence or absence of a progressive scale of taxation, but about the rates of this taxation, at what levels of income and expenses they should apply, etc. This scientific article is of practical value for law makers, politicians, researchers interested in natural, objective improvement of the institutions of the state and the law.

Corporate social responsibility (CSR) is a concept that attracts the attention of scientists, specialists, owners and executives of companies around the world and at the same time takes a new resonance in world practice. This type of conduct goes beyond economic and legal obligations to meet the expectations of stakeholders. The article discusses the concept of corporate charity as a component of corporate social responsibility of business. The role of corporate funds in the implementation of corporate charity programs is formulated. The main motives for the charity activities of companies have been determined. On the example of practices, the main forms and approaches of the implementation of corporate charity were identified. The relationship between the goals of sustainable development and charitable projects is considered. Steps have been proposed to stimulate charity activities among Russian businesses.

As part of the research, a method for assessing the cost of call and put options for innovative projects is suggested based on the stochastic model of Bass innovation. The resulting expressions can be used by investors to assess the value of the risk of funds loss associated with innovations. Based on the model innovation project, the assessment of project indicators is analyzed depending on various assumptions about the nature of changes and the possibility of their accounting using stochastic methods, interval mathematics and fuzzy sets. It shows possible approaches and methods for assessing the impact of changes in project data, related to both statistical properties of project revenue, and fuzzy information or uncertainty about their actual values.

The banking business is transforming under current economic realities. This is not about increasing the role of financial technology or the Fintech industry in banking practice. The essence of modern transformation of the banking sector is its expansion, the capture of new market segments. A modern bank is an independent ecosystem with its own production potential, characterized both by production assets of pledging clients and by its own IT centers developing new digital financial assets. However, banking expansion also occurs in an extensive way. Banks begin to expand the range of their potential customers abroad, becoming transnational financial institutions, the task of which is to provide their new customers with a full range of investment services. The purpose of this study is to analyze the features of the investment banking development in Russia. For this, the following tasks are solved: a list of operations performed by domestic banks is determined, and the investment position of the domestic economy is analyzed to identify the development potential of investment banking in our country. Key research methods include synthesis, analysis, and expert judgment. The results of the study are reflected in a table representing the international investment position of the Russian Federation.

The study of the financial aspects of small business development in the context of economic modernization is associated with virtual space due to the fact that information networks connect electronic exchange markets, in which contacts are made between various economic entities. The financial conditions for the development of small organizations have a number of features in comparison with other business entities. The financial conditions for the functioning of small organizations are influenced by positive and negative factors. It is proposed to isolate significant factors of using modern financial technologies using SWOT analysis. A systematic approach is proposed to determine the influence of the identified factors of financial technology on an important result of the activity of a small organization - economic added value. It is noted that modern financial technologies include, by types and scales, a variety of financial services provided to small organizations. In view of the fact that at present the importance of digital capabilities of companies is increasing compared to the availability of financial and production resources, it is concluded that modern financial technologies are key factors in ensuring the effective development of economic processes in small businesses.

Today, one of the tasks of the financial market is to ensure the accelerated economic development of the country through a qualitative increase in the competitiveness of the Russian financial market and the formation of the independent financial center on its basis. At the same time, it is necessary to introduce tools to ensure the participation of numerous individual investors in the securities market and protect them. Such tools in the modern financial market of Russia are an integral factor in its development. The main problem when choosing the financial instrument by the individual investor is the desire to receive the largest possible income with minimal risk. When developing financial markets, stock instruments are constantly being improved; new ways of investing free funds are appearing, which are actively being discussed. This determines the relevance and significance of this study, in which the authors analyze the problems and prospects of individual investors in the Russian securities market.

In the context of digitalization of the world and Russian economy, the digitalization of tax and customs control processes for export and import operations becomes an urgent issue. The article analyzes modern approaches to FTS (Federal Tax Service) and FCS (Federal Customs Service) to electronic products and services using that allow companies involved in foreign trade transactions, to implement electronic document management with regulatory authorities. Digitalization of tax and customs control processes allows the state to increase the transparency of customs operations, track and identify goods in real time, increase the collection of customs payments, and simplify the collection of statistical data. For Russian organizations, this is a way to minimize the time and material costs of abandoning paper document management in favor of electronic, as well as increasing confidence in employees of regulatory authorities by automating processes, reducing technical errors in documentation and calculations.

The article is based on the results of the scientific research within the framework of the university-wide comprehensive theme “A new paradigm of social development in the digital economy” carried by the Financial University under the Government of the Russian Federation. The purpose of this study was to analyze the trends in the development of innovative activities of Russian companies and identify the features of attracting venture capital as the main source of financing innovation. The problems of enhancing innovation in both state corporate structures and private business were examined in the course of research. The main directions of the venture market development in Russia and the peculiarities of financing innovation in the context of the Russian economy transition to innovative development have been evaluated.

Among the paramount drivers of globalization and the world economy, global oil prices are traditionally named. Most significantly they influence the economy of the countries with export oriented for raw materials. The Russian Federation is among those ones. This study aims at analyzing the impact of global oil prices on the RF’s foreign trade statistical indicators. General scientific methodology and statistical and econometric methods are applied in this research. Statistical data demonstrate the coincident changes in global oil prices, foreign trade turnover and the volume of the Russian commodities export. Herein, oil is not affected by the law of demand, since it belongs to the strategical goods with an inert demand. Thus, the indicator of Russian foreign trade turnover, that was forecasted adjusted for oil prices dynamics, demonstrates a further downturn.

The modern market of financial services can be characterized as a combination of classic credit and non-credit products with the latest innovative achievements of Fintech companies. Improving the range of financial products is due to the current circumstances in which consumers of financial products must resort to financial institutions as intermediaries in financial transactions between counterparties. The latter circumstance is due to the development of mobile gadgets that can provide access to online banking to customers without a personal visit to the bank’s office. The purpose of the study is to identify trends in the Russian market of electronic and banking services and tools, with the help of which the desired transformations occur. For this, the following tasks are posed and solved using methods of comparison, analysis, and synthesis: the key stages of development of electronic payment systems, and the structure of payments in the market of financial services are determined, the main tools for their implementation are identified. The results obtained may well be useful to financial institutions to develop the market of electronic payment services.

The article covers the analysis of the problems of budget managing processes in municipalities. Noting the complexity and importance of this process, the author notes that one of the directions for its improvement is the use of intelligent information systems. Currently, these information systems are successfully implemented in various areas of business and management, and therefore it is short-sighted to ignore their capabilities in managing local finances. It is quite obvious that at present, by using artificial intelligence and other information technologies, local authorities can easily and efficiently solve many problems in the field of budget process management, problems that would have previously required significant human resources and significant amount of time to solve.

The research responds to calls in the literature for a more systematic study of the problem of entrepreneurs’ access to the most effective types of financing. The purpose of the study is to evaluate indicators describing the financing of business creation and start-up at the expense of entrepreneurs’ own funds and informal investments. We used empirical data obtained from surveys conducted during the implementation of the Global Entrepreneurship Monitoring Project for 2019–2020 for 50 countries. In the course of the work we assessed the indicators describing the existing levels of informal investments in small businesses; investigated the level of participation of the population in investments; proved that the number of early entrepreneurs self-financing the creation of their new business significantly exceeds the number of those using informal investments; set the values of the average amounts of informal investments; demonstrated the differentiation of the indicators by country; identified countries with high and low levels of the considered indicators.

Internal control has become particularly relevant in the management activities of any enterprise in a competitive environment in order to ensure the efficient operation of the enterprise. The internal control system is aimed at productive and efficient operation of the enterprise. Along with internal control, the concept of “internal auditing” is found in practice as well as in various sources. In some sources these concepts may be identical, in some - it is possible to see their similarities and differences. In the scientific works, there is a lack of consensus on understanding the content of internal control and internal auditing. The article attempts to define the definitions of these concepts, highlights their distinctive features from other management techniques and from each other. The terms analysis, the classification of principles of internal control organization and internal auditing are given in the article and it allows to systematize the system as a whole and to determine the significant difference between the concepts of “internal control” and “internal auditing.”

The article examines the impact of digital technologies on the insurance market in the conditions of internetization, digitalization and individualization of the insurance business. The purpose of the study was to analyze the concept of digital insurance and the process of digitalization of the insurance market based on the practice of Russian and foreign insurers in promoting digital technologies, using general scientific approaches and research methods. Among the results of this research, the problems and prospects of further use of digital technologies in the insurance market were formulated. The authors conclude that the application of new technologies in the digital economy affects the insurance technology without changing its economic essence. In addition, the digitalization of insurance activities is followed by significant innovations that increase the efficiency of the former and the development of a new insurance programs.

Limited capacity in usage of the borrowed funding sources, high loan pressure, macroeconomical and geopolitical instability and current reorganization of all banking system – these are the reasons why the development of financial leasing in Russia is now discussed at a practice level, and that is why scientific researches in this field are relevant. Currently, as productive state-owned and private capital stocks are being formed or renewed, the organizations experience an extreme lack of financial resources. Financial leasing in this situation seems an adequate and relevant investment tool with high effectiveness rates, financial difficulties aid and possibilities of raising a capital. The goal of the article is to justify the benefits of financial leasing in comparison to other funding tools, and to review current trends in development of leasing services. To achieve the goal mentioned, the authors used a systematic approach in order to analyze the problem in complex and to propose concrete steps for the solution.

The purpose of this article is to develop a concept of company reform based on outsourcing. The authors consider the problem of implementing the outsourcing process in the activities of modern enterprises. For successful integration of outsourcers into the system of economic relations with customers, it is necessary to ensure a level of organizational and technical development of the enterprise at which the organizational structure, business processes and relationships between departments can be described in detail. The problem also lies in the discrepancy between the customer’s expectations and the supplier’s capabilities. An additional problem is the lack of a standard scheme for switching to outsourcing. Both the supplier and the customer of outsourcing services must be in constant interaction with each other. In order to find the best way to use outsourcing, the authors developed a step-by-step algorithm for company reform based on outsourcing.

The increase in the volume of information used, the speed of its processing and decision making, external control of the financial and economic activities of organizations, including in the automotive industry, loses its effectiveness. There comes an understanding that effective control of various business processes in automotive companies can be ensured as quickly and efficiently as possible only through in-house administration. This will ensure an adequate level of economic security of the organization, in which it not only consistently carries out its financial and economic activities, but also improves its financial condition. The organization of management control assumes the presence of many objects of control. However, the current conditions of activity of business entities dictate the need for uniform coverage of the absolute majority of objects of control. One of the most important objects, attention to which, in our opinion, in the theory and practice of organizing management control is not enough paid, are the tax liabilities of commercial organizations, including with the automotive industry. One of the current areas of economic security is tax security, which is ensured, first of all, by the effective organization and functioning of the system of management control of tax obligations.

The article highlights the issues of assessing and forecasting the financial stability of an organization that are relevant for all business entities in an economy prone to crises. The features of the formation and reflection in the reporting of performance indicators of organizations with a long discontinuous production cycle, as well as their impact on the methodology of analyzing liquidity and financial stability, are examined. The calculations of the financial and operating cycle indicators, which have a significant impact on the capital structure and the level of liquidity and financial stability, have been clarified. A method is proposed for calculating the net assets and equity of the organization, taking into account the specifics of the above organizations and the stage of the project, which involves the clarification of balance sheet indicators and the adjustment of liabilities based on the profit margin. This will give a more objective assessment of the financial condition of the organization according to the financial statements and predict the stability of the company at the stage of completion of the project (order).

The article discusses interrelationship between government support measures to multi-family housing construction industry (MFC) implemented by the government of Russian Federation during the crisis and potential socio-economic effects of such support as well as the prospects of reaching the goals of the National project “Housing and urban environment”. Our hypothesis regarding the levels of support measures for housing sector for different regions is that it needs to be synchronized with the size of the clusters (defined as Russian regions or subjects of Russian Federation) and their respective forecast of economic development. Based on our analysis, we conclude that this requirement is not fulfilled, which results in skewed support for housing construction companies (and their projects) in only a handful of Russian regions thereby posing risks of reaching goals of National project “Housing and urban environment”. We also expect that the government will continue expanding the measures of housing construction support with a potential of an increased housing sector centralization.

The article is devoted to the problems of evaluating the companies growth. The authors study the theory and methodology of approaches to the concept of sustainable growth and variations of factorological dependencies that form the value of decision-making indicators to ensure the necessary growth depending on the companies financial results. The authors justify the choice of indicators and growth models based on criteria, the main of which is the rate of profit reinvestment as the basis of companies financial stability. The level of profit reinvestment primarily depends on the life cycle of companies, and the choice of the optimal growth rate, determined by the growth model, is the basis for sustainable development of companies. The universality of the models is confirmed by the possibility of their application regardless of the availability of companies shares, dividend payments and organization forms, which allowed the authors to reduce the restrictions on the sample. The models were tested on the example of the largest mining companies. The dynamics of average values of growth indicators reflected changes in general market trends, which confirms that the growth of large system-forming companies is the main factor in the growth of the state’s economy as a whole.

The paper deals with the issues of international trade as the main indicator of the state open economy. The authors proved that international trade is an integral part of the country in the age of economic globalization and affects the global economy development. International trade characterizes the country’s foreign economic activity. The research on international trade is based on the comparison and statistical methods, and mathematical analysis. The main indicators of international trade, such as trade exports and imports, as well as changes in the country’s external turnover, were analyzed. The structure of trade exports was studied. Promising areas of Russia’s foreign economic activity were identified. The authors of the paper considered the GDP dynamics at purchasing power parity and analyzed the volume of net exports in relation to GDP.

The article is devoted to the problems of changing fiscal policy in modern society. The reasons for rejecting the liberal concept of fiscal policy in the modern state are to be considered. The article analyzes the main characteristics of fiscal policy in the conditions of crises at the beginning of the century, including the features of the federal center's fiscal policy in relation to public entities forming the state. The conclusion on the dependence of the economic development of Russian regions on the effective fiscal policy of the federal center is substantiated. It is shown that the deformation basis of the fiscal policy center based on the institutions of the constitutional structure of the country, which include: the status of Federation Council members, the order of differentiation of powers in subjects of joint conducting, especially the mechanism for establishing the jurisdiction of the federation. The methodological basis of the research is formed by the research principles developed within the framework of the so-called “New institutional economics” school.

In the current crisis situation for the economy, the issue of supporting the real sector of the economy with new forms of cooperation from the state is extremely relevant. To maintain the interests of the state and taxpayers, a form of interaction and tax monitoring has been developed and introduced, which is aimed at cooperation and realization of the interests of all participants. The purpose of this work is to study the role of tax monitoring in the system of measures to support business in the Russian Federation, to give its assessment, to make proposals for bringing together the interests of the state and taxpayers. The subject of the article was to study the current form of state control-tax monitoring, and the result will be a conclusion on its improvement and the spread of its implementation. The author, on the basis of the study of the current practice of applying the state tax control form of tax monitoring, identifies the positive and negative sides of this form, conducts a comparative analysis with the current practice in other forms, assesses the prospects and makes assumptions to expand the current practice. Author makes proposals for optimizing the mechanism of tax monitoring.

Modern understanding of the legal category of “electronic money” still does not eliminate discussion on the issues of its difference from non-cash funds and the possibility of considering it as money. The concept of electronic money is given in the article, its main advantages and disadvantages are considered. The article is devoted to the study of electronic money from the point of legal regulation. Due attention is drawn to the possibility of adapting the economic and legal structure of electronic money in the matrix of existing legal structures. Russian and international experience is studied. The difference between the legal nature of electronic money and the legal nature of non-cash funds is studied. The prospects for further legal regulation of the financial instrument presented are outlined.

The article investigates problems of evaluating the economic effect of ICO (initial coin offering) process as an alternative financing instrument in the field of corporate innovation for all stakeholders taking into account their interests and potential benefits. To create an index for ICO’s assessment, the correlation and regression analyses were held. A sample of 234 projects was formed, which presented groups of successful and unsuccessful ICO projects. This index allows to evaluate the project by the criteria which are vital for investors and could be implemented in the practice of the companies within financial planning of their innovation activities. Also, the article pays attention to the overview of the ICO’s perspectives in Russia and worldwide: modifications of the classic ICO scheme, ways of legislation and technical development in the sphere of cryptocurrency.

The article analyzes the problem of improving the safety of transport processes on Russian Railways by introducing methods of automated assessment of personnel risk behavior. To provide a high-quality transport service, the company must organize a risk management system and comply with the guaranteed safety of the transportation process, namely, perform such tasks as: identifying potential risk areas and assessing the possibility of preventing or minimizing the occurrence of risks, preventing the occurrence of risks based on their systematic forecasting and assessment, creating management tools and mechanisms to ensure effective risk management. We analyze the regulatory framework for the development of software that provides automated testing using certain methods, systematization and storage of results, as well as the formation of recommendations to minimize the probability of risky behavior. The creation of such a system will improve the safety of transportation, improve the quality of risk management and assessment by creating an environment for the analysis of dangerous risk factors, that is, dangerous sources that affect the safety of the transportation process.

The article analyzes the effects of digital technologies on the socio-economic development of Russian society. As a part of the study, we analyzed the degree of development of information infrastructure in the Russian Federation regions, as well as general economic indicators of regional development. The influence of educational development indicators on socio-economic development is studied. As indicators of the development of regional higher education, the following indicators were analyzed: the number of universities, the number of teachers and the number of students per 10,000 people of the population. The obtained results of the regression model indicate the need to invest in higher education and attract highly qualified personnel to higher education institutions, since these indicators have an impact on the accumulation of intellectual capital in the region and, as a result, on the potential of its future development.

The issue of enterprise value assessment ranks among fairly new economic disciplines. The aim of the article is to evaluate the potential for a small enterprise value assessment using the method of discounted FCFF on the basis of a case study. In the theoretical part, the paper is concerned with the justification and description of the process continuity of the chosen calculation procedures and, moreover, it specifies the way of identifying the quantities primarily influencing the discount rate. The practical application of the research method is demonstrated on a case study concentrating on a particular but randomly chosen enterprise. In order to maintain a complete objectivity, the financial data was gained exclusively from sources open the general public, or alternatively from audited sources. The potential of the method for the value assessment of a small enterprise was eventually proven and the aim of the paper was therefore fulfilled. On top of that, the study managed to thoroughly map and characterize the impact of factors influencing the accuracy of the method worthy of taking into account by the assessor in pursuance of the decision-making process.

The aim of this paper is to express the enterprise value for the purpose of a future comparison of the investment revenue in form of a business merger. To fulfil this aim, the model of discounted cash flow (DCF) is employed that is, according to reference literature, considered to be the key method of enterprise valuation, namely in the form of free cash flow to firm (FCFF). The predicted values of free cash flow to creditors and shareholders are discounted using the weighted average cost of capital to their current value for the respective years in the time period from 2018 to 2032 and for the period of perpetuity. Apart from the final enterprise value, it was pointed to not only the limits of the future cash flow prediction but also to vast opportunities for using the predicted values for financial planning of the company in the future.

This paper discusses the essential aspects of the methodology of creating a risk premium. It is expressed by the level of systematic risk in the economy and part of the expected return on investment. It only exists because it is impossible to estimate the future values of a selected investment and it expresses a certain degree of uncertainty. The aim of the paper is to compare the calculation methods used for the risk premium of the Czech Republic. The methodology provides an analysis of calculation methods, in particular the basic CAPM method and modified Tax-CAPM, or the relative standard deviation method, government bond default spreads and the risk-adjusted discount rates according to Damodaran. The modified concept of the CAPM model according to Damodaran seems to be most appropriate for the Czech Republic. The model includes a country risk premium. However, the size of a company must be taken into account and the recommended market volatility coefficient of 1.5 may have to be adjusted to a higher value. However, no exact rules of procedure are available to clearly determine which models would be most appropriate for use. These are only speculations and approximate estimates in the calculation.

The goal is to analyse the dividend policy of a particular company (ČEZ a. s.), determine a dividend payout ratio and evaluate how far it is impacted by chosen factors. As a basis for the analysis, data from the company’s final accounts were used. Furthermore, correlation tools, the proportional indicators of ROA, ROCE and liquidity, the Lintner Model and the Gordon Growth Model were employed. Based on the results of correlation, it can be stated that retained earnings increase the value for shareholders, the given company makes rational decisions and the payout ratio is reasonable from the viewpoint of its management. Results of the Lintner Model and Gordon Growth Model show that the company does not employ any of these two models. According to the result of the payout ratio, it was determined that retained earnings generated benefits for the shareholders. The impact of the proportional indicators of ROA and ROCE on the payout ratio is negative. It is to be recommended to make more dividend models a subject for further research, namely across different types and sizes of enterprises, and provide a comprehensive overview of recommendations for enterprises in the field of dividend policy.