The financial system of sub-Saharan Africa is heavily dependent on foreign and international capital. The external debt of Sub-Saharan Africa is more than 60% of the total GDP, in some countries, that is about 95%. In the last decades, there has been an expansion of the influence of pan-African financial groups and central/national banks in the monetary policy of African states. Sub-Saharan Africa shows exponential growth in electronic mobile payments and the digital currency of central banks and crypto assets depends on distributed ledger technology. Regional financial centers have emerged, shaping the growth and development of African finance. The structure, specifics and main trends in the development of the financial system of sub-Saharan Africa are described in the context of the challenges facing the global financial system. The need for integration processes for the countries of the continent, the role of central banks and Pan-African financial institutions are substantiated. The possibility of implementing the concept of leapfrogging in the transition of the monetary and credit system of the African continent to national digital currencies and the use of distributed register technology are considered. The author considers the credit and monetary system of Sub-Saharan Africa as a place of financial innovations that can identify the development of the global financial system for decades to come.

The object of the study is the cost of an investment project for the introduction of an industrial robotics complex (hereinafter referred to as the RTС implementation project). The subject of the study is the factors affecting the cost and effectiveness of the RTС implementation project, including measures of state financial support and the risks of its implementation. The relevance of the study is due to the government’s interest in ensuring the competitiveness and technological independence of the Russian industry based on the development of the robotics industry to achieve the goal set by the President of the Russian Federation of Russia’s entry into the top 25 countries in terms of robotics density by 2030, which requires an assessment of the cost and effectiveness of RTС implementation projects, taking into account government financial support measures and specific risks. The purpose of the study is to determine the impact of government financial support measures and risk factors for the implementation of the RTK project on its investment value and effectiveness. The study employs methods of classification, investment management, risk management, and valuation. The measures of financial state support and risk factors for the implementation of the RTK project are analyzed and their impact on the investment value and effectiveness of the project is characterized. The classification of factors influencing the investment cost of the RTK implementation project is considered. The impact of government financial support measures and tax incentives on the cash flows and financial results of the project is described. A model for calculating the discount rate of the RTK implementation project is proposed, taking into account the risk factors of its implementation (technological, personnel, regulatory, environmental). It is concluded that in order to make a decision on the feasibility of introducing RTK into industrial production, the company must determine the investment cost and basic performance indicators of the project, taking into account the factors considered.

In the current conditions of ongoing transformation processes in the economy associated with the reorientation of resources to new priorities, increasing the tax burden of individuals and organizations in various sectors of the economy, developing the institution of state programs and project principles for managing budget expenditures of public-law entities, the importance of managing budget revenues is significantly increasing. High-quality management of the structural elements of the budgets of the budgetary system of the Russian Federation is acquiring a key role in achieving the goals of state financial policy. Insufficient study of the problem of managing non-tax revenues, in contrast to potential sources of tax revenues, the need to search for additional reserves for the growth of revenue sources of budgets at various levels determine the significance of this study. The creation of an integrated system for managing parafiscal revenues of the budgets of public-law entities is particularly relevant, which requires a deep systems approach, taking into account the factors influencing this process, risks, and the specifics of managing these types of income. The objective of the study is to propose a conceptual approach to managing non-tax revenues of public entities’ budgets in the context of implementing modern budget policy, taking into account the impact of macroeconomic challenges, identification and systematization of management risks, and developed indicators for assessing the quality of management of these revenues. The methodological basis of the study was a set of general scientific and specific methods of cognition. The approach to managing non-tax revenues of public entities’ budgets developed by the authors is based on a comprehensive assessment of their specific features and the proposed classification of non-tax revenues taking into account modern trends in public finance management. Defining the structural elements of non-tax payments made it possible to propose tools and procedures for managing revenues from their receipt, systematize the risks associated with managing nontax revenues of public entities’ budgets, and develop a methodology for assessing the quality of their management and carrying out a reasonable rating of entities managing non-tax revenues in order to use reserves for revenue growth and high-quality management within the budget process.

This study investigates the relationship between the underpricing of company stocks in initial public offerings (IPOs) and the key factors associated with two dominant theories: information asymmetry and retention of control. The main objective of the study is to determine which factors considered by the two theories affect stock underpricing in the technology and non-technology sectors. Multiple regression models are used to identify the significant factors of underpricing for each sector, and the adjusted coefficient of determination is used to compare the explanatory power of the models of each theory. The sample includes 321 IPOs launched between 2000 and 2020 on the leading US exchanges NYSE and NASDAQ. The results show that in the technology sector, the significant predictors of underpricing are research and development (R&D) costs, the age of the company at the time of going public, and the Roll-up strategy. In the nontechnology sector, the key underpricing factors are the proportion of publicly traded shares and the age of the company. It is concluded that the theory of information asymmetry demonstrates the greatest explanatory power in the context of the technological sector, which indicates the significant influence of information barriers on the formation of market prices. At the same time, in the non-technology sector, the predictive power of regression models was significantly lower, which indicates the need for further search and analysis of additional factors affecting the undervaluation of shares in this sector. Thus, this study contributes to a deeper understanding of IPO undervaluation mechanisms, emphasizing the importance of taking into account the specifics of different industry segments when analyzing and forecasting market processes.

In the context of a dynamic and highly competitive financial market, understanding the behaviour of various categories of investors becomes a key factor in developing effective investment strategies and forecasting market trends. This study examines the phenomenon of Nifty50 — a group of the 50 most liquid and significant stocks in the Indian stock market, which play an important role in forming the overall index. The purpose of the study is to determine the influence of foreign institutional investors (FIIs) and domestic institutional investors (DIIs) on the dynamics of Nifty50.The authors apply classical research methods: correlation analysis, a statistical model for analysing and forecasting the volatility of time series (GARCH), and artificial neural networks (ANN).The study is based on daily data on investments from the two specified groups of investors and the values of the Nifty50 index of the National Stock Exchange. The study period from 31.12.2019 to 30.11.2023 is divided into two sub-periods: before COVID‑19 and after. In periods of economic shocks, such as the COVID‑19 pandemic, the behaviour of these two types of investors becomes particularly contrasting. The results of the study showed that FIIs and DIIs are opposite to each other: when FIIs invest, DIIs are net sellers, and when FIIs sell, DIIs are net investors. In the context of the pandemic, FIIs often increased their investments in Indian assets, while DIIs, on the contrary, reduced their positions. However, in the post-pandemic period, the situation changed: DIIs began to play a more significant role in the dynamics of Nifty50, while the influence of FIIs decreased. Thus, the analysis of the interaction between FIIs and DIIs allows us to conclude the complex and multifaceted nature of the influence of institutional investors on the Indian stock market. Their strategies and behaviour have a significant impact on market indices and volatility, which requires careful monitoring and analysis for effective management of investment risks and making informed decisions in unstable conditions.

Banking is one of the highly sensitive industries as its most of the revenue is generated from loans. The current study aims to investigate the impact of interest rates, capital sufficiency, asset quality, and liquidity on the lending behaviour of commercial leading banks of United Arab Emirates (UAE). For this purpose, the investigator aimed to use a quantitative research method so that only accurate, authentic, and fully updated data can be obtained from the selected population. This research would help regulators for the development of credit risk management standards for various credit related problems like economic sector funding, lending restrictions and risk weighted assets, etc. which can put an impact on the asset quality. Moreover, the researcher collected plenty of data from secondary sources to analyse the impact more effectively with good arguments. Furthermore, all the obtained data were further analysed by using a regression model and statistical analysis methods to evaluate the effectiveness, efficiency, and reliability of all the obtained data from various sources. The results of the conducted research suggested that there is a strong impact of various numbers of determinants of commercial banks of UAE on the lending behaviours like interest rates, capital sufficiency, asset quality, and liquidity. The current research study also indicated that the banks of UAE are needed to stay more vigilant in the use of multiple factors while following the lending trends to increase their revenues and profits.

Tourism is one of the fastest-growing sector of the world economy, with a significant impact on the socio-economic development of countries. In the context of South Africa, this sector is showing steady growth, generating new employment opportunities and stimulating economic development. The purpose of this study is to analyze the relationship between tourism revenues and employment, as well as to examine the impact of the tourism sector on the creation of new businesses in the country. To achieve this goal, we conducted a detailed analysis of World Bank data from 2001 to 2020, employing the least squares method for analysis. The results of the study indicate that, despite the growth of employment and the creation of new companies in the tourism sector in South Africa, there is no direct correlation between these indicators and the increase in income from tourism. However, new businesses in this area have a positive impact on the level of employment, which is confirmed by empirical evidence. These findings expand our understanding of the complex mechanisms of interaction between tourism and employment in South Africa. The inclusion of new job analysis in the study adds a new dimension to it, deepening our understanding of the economic processes taking place in this industry.

The purpose of the paper is to assess the impact of the region’s economic potential on the standard of living and to develop tools to improve the efficiency of using the financial potential of a constituent entity of the Russian Federation. The object of the study is the regions of the Russian Federation, and the subject is their economic potential and standard of living. At the first stage, we considered the impact of the resource potential of the regions of the Central and Northwestern Federal Districts based on the use of correlation and regression analysis. Modeling has shown that for the regions of the Central and Northwestern Federal Districts, the most significant impact on the standard of living is provided by investment and innovation potentials. In addition, for the Central Federal District, production and labor potentials also have a significant impact, and for the Northwestern Federal District, the general economic potential, represented by the GRP indicator, is significant. In the second stage, we used the k-means method to cluster 85 regions based on the size of their resource potential and standard of living. The analysis showed that most regions have a standard of living that corresponds to and even exceeds the existing economic potential. This situation seems quite natural, since the standard of living in a region is determined not only by the potential of the territory, but also by the potential of the state as a whole. The assessment of the financial reserve available to the regions is based on the concept of fiscal space, which allows assessing the possibilities of mobilizing additional own and borrowed financial resources to address priority issues of the socio-economic development of the territory. The proposed typology of regions by standard of living and by the size of the fiscal space can be used as a tool for assessing the potential of the fiscal space of the region to address the current socio-economic problems of the territory.

The problem of unfair actions in Compulsory Third Party (CTP) has persisted in Siberia for several years and, first of all, is related to fraud. The purpose of the study is to assess the causes and impact of the risks of unfair actions in the field of CTP on the insurance market using the example of the regions of Siberia. The research methodology includes dynamic, spatial and correlation analysis, as well as index and coefficient methods used to assess the total risk. The article analyzes the quantitative indicators of the risk of unfair actions in the field of CTP in the regions of Siberia, identifies the causes of the unfavorable situation, the consequences of a socio-economic nature, and provides proposals aimed at reducing the risk. To improve the efficiency and quality of services in the CTP market, it is necessary to assess the factors constraining its development, regularly conduct communication activities between government authorities and the insurance business, differentiate quantitative indicators when assessing damage taking into account regional specifics, develop an insurance culture and accessibility of CTP services in remote areas. The study will be useful for regulatory authorities and organizations of the insurance market, executive authorities at the federal and regional levels, and individual subjects of the insurance market in the development of regional insurance policy.

This article is devoted to the study of cost indicators in relation to “problematic” land plots which have been built with unauthorized construction, contain emergency buildings, or are polluted by waste. Bringing these plots to the appropriate environmental and sanitary-epidemiological standards will lead to significantly higher costs than the cost of this land plot in a condition suitable for commercial or other use. The purpose of this study is to identify the financial principles behind the negative values of property indicators, and how these negative values can become obligations for the owner. To achieve this goal, the author has identified several key tasks: defining the basic principles behind negative value occurrence, describing the economic indicator “cost of exemption from encumbrances on property”, and exploring how negative values can become obligations for property owners; a financial toolkit for the use of negative values in valuation activities is proposed. In the course of the research, methods of analysis, generalization, synthesis, comparison, as well as the method of regulatory regulation were used. The author shows and justifies the need to improve the tools of valuation activities, raising the question of the ambiguous understanding and interpretation of such an economic phenomenon as the negative value of property. The study provides recommendations for transforming negative property value into corresponding liabilities of the asset owner. It concludes that negative asset value should be transformed into informal liabilities that are not subject to accounting. It is reasonable to determine the amount of such informal obligations in the amount of the cost of exemption from encumbrance of ownership of property, property rights. The conclusions obtained can be used in the course of evaluation activities, in the implementation of financial analytical procedures during the analysis of the company’s activities, in making management decisions, etc.

The relevance of the study is related to the need to monitor the sustainability of business and improve the institutions of its regulation during the period of transformation of the national economic model focused on technological sovereignty. In this regard, the purpose of the study was to develop a methodology for analyzing the sustainability of business models of behavior of companies in the chemical industry using an institutional approach to assess the influence of institutional aspects on the performance of companies belonging to different institutional groups, as well as assessing the transformation in general. The scientific novelty of the study lies in the development of analytical tools for assessing the behavior of companies of various institutional groups, which allows us to identify ongoing trends and acts as a navigator for the structural transformation of the industry. According to the results of the study, the most significant institutional factors of the efficiency and sustainability of business behavior models that influence the effectiveness of transformation are participation in government procurement and the mandatory external audit. The author’s approach to the formation of institutional groups of companies based on criteria for assessing their business behavior model from the perspective of operational efficiency, investment activity, and financial stability is of theoretical significance. The practical value lies in the development of an algorithm for identifying points of promising economic growth and indicators for assessing industry transformation to provide support to companies with the greatest multiplier effect. The results obtained can be used in the implementation of priority projects of technological sovereignty and projects of structural adaptation of the economy, as well as the concept of technological development of the Russian Federation for the period until 2030, as a tool for monitoring their implementation and determining the vector of development of priority sectors of the economy, searching for new potential points of economic growth, attracting public and private investments. The proposed tools may be in demand for selecting effective participating organizations in the system of public procurement and government support for business.

The subject of the study is the influence of monetary policy on the dynamics of the country’s economic development. The purpose of the paper is to establish causal relationships between the key interest rate set by the regulator and the reaction of non-financial companies and banks to it. The methodological basis of the study was the theory of economic growth and economic policy, empirical-statistical and qualitative analysis. As a result of the study, while the regulator successfully solves the problem of ensuring the banking sector’s stability, its actions to support the growth of the Russian economy are not always effective. It is concluded that it is expedient to set the key rate at such a level that it would be aimed at those who are able to solve the problem of inflation, and would not have an indiscriminate impact on all economic actors, including those that ensure the production capacity increase and the labor productivity growth in order to balance product supply with demand.

Different financial resources are used to finance the operational and innovative activities of enterprises, forming the structure of their capital. Many studies have been conducted on the topic of businesses’ access to external financial resources, such as loans. However, the topic of the relationship of financing patterns with the results of innovation activity and the innovative potential of enterprises is still insufficiently studied. The aim of this article is to identify patterns of financing Russian enterprises, as well as the specifics of financing innovative enterprises. As the main research method, we used cluster analysis, which was conducted for two groups of Russian enterprises — large and small and mediumsized (SMEs) businesses. The study is based on data from a survey of Russian companies conducted by the World Bank. The results show that large enterprises use five financial patterns: equity, trading, loans, mixed financing, and government subsidies. SMEs, on the contrary, are limited to the first four patterns. Special attention was paid to innovative companies, among which most large enterprises rely on their own funds as the main source of financing. At the same time, small and medium-sized innovative enterprises demonstrate a more flexible financial strategy, using a wider range of sources to ensure their innovation activities. The data obtained is of great importance for the development of effective tools to support innovation. Taking into account the identified features of the financial structure of companies, it is necessary to develop measures aimed at stimulating innovation, taking into account the specifics of various types of enterprises. This will not only increase the innovative potential of Russian companies, but also strengthen their positions in the domestic and global markets.

Currently, digital technologies are being actively implemented in all sectors of the economy, including the banking industry. This process is influenced by various factors that either stimulate or limit its development. The subject of the research is innovative digital developments that can help banks become more efficient and competitive; protect them from risks, and improve the quality of their banking services. The object of the study is digital banking, a promising form of banking service provision. The relevance of this research is due to the rapid digital transformation and the introduction of innovative technologies, which are radically changing the paradigm of customer service and risk management. The purpose of the work is to identify current trends in the digital banking, to systematize the benefits of digital technologies and to identify key areas of banking practice that are affected by them. The study of the development of digital banking business models is based on the methods of chronological cognition and expert assessments. The scientific article is interdisciplinary in nature, based on the fundamental works of leading domestic and foreign economists, as well as analytical materials from the Bank of Russia. The author concludes that banks are conquering new markets by providing mainly remote services and contactless payment options. The scientific novelty of the paper lies in the author’s interpretation of the process of digitalization in the banking industry, highlighting the various stages of its development and providing a comprehensive analysis of Russian digital banking practices. The practical significance lies in the development of recommendations for optimizing the digital transformation of banks, which is useful for financial professionals and developers of digital solutions. A promising area for further research is a more in-depth study of the factors that hinder digitalization and the methods for minimizing them.

In today’s context of globalization, the trade relationship between China and Russia has become increasingly close, and with the rising global concern for environmental sustainability, green finance, as an emerging financial model, is gradually becoming an important factor in Russia-China trade cooperation. This article explores the role and impact of green financial instruments in trade relations between China and Russia. It empirically analyses the relationship between the volume of exports to Russia from 22 Chinese provinces and variables such as the level of development of green financial instruments (green insurance, green credit, green bonds, green funds), GDP and population in each province. The results show that green credit, bonds and funds have no significant impact on export volume, while green insurance has a damping effect on export growth. China and Russia need to deepen cooperation in green finance, optimise green insurance policy formulation, reduce the burden on enterprises, and strengthen the market promotion and innovation of green financial instruments. It is recommended that both governments strengthen policy coordination, provide tax incentives and financial support, and promote the green transformation of trade structures to achieve synergistic development of the economy and the environment.

The Phillips curve is one of the most widely debated economic patterns. Its practical application, including for adjusting monetary policy, still causes significant disagreement among economists. In this regard, understanding the nature (essence) of the Phillips curve is an urgent task. The purpose of the study is to substantiate the hypothesis that the Phillips curve is based on a different pattern than is currently believed among economists. Methods of analysis and synthesis, system and logical analysis, were used. The empirical basis of the study is based on statistical data of the US economy for the period from 1980 to 2022. The essence of the study: real analysis of economic indicators (real wages, real GDP, etc.) in the vast majority of cases takes precedence over nominal analysis of economic indicators (nominal wages, nominal GDP, etc.). These two analyzes are the same if prices remain constant. It was during this period of Phillips’s study of the British economy (1862–1913) that prices remained virtually unchanged. The rest of the Phillips curve (1914–1957) was heavily influenced by non-economic factors and may therefore be less significant. Since Phillips originally defined his curve as an inverse relationship between nominal wages and unemployment, at constant prices this means that there is an inverse relationship between real wages and unemployment. This dependence is explained by the author by the fact that the UK economy already had a cyclical pattern, when during economic growth real wages rise and unemployment falls, and vice versa. Conclusion: It is quite reasonable to believe that the above curve shows an inverse relationship between fluctuations in unemployment and fluctuations in real wages.

The article considers the impact of changes in the field of information technology on the financial performance of B2C organizations of various sizes. The relevance and practical significance of the study is due to the growth of information accessibility for consumers, as well as the emergence of a large number of new marketing tools that bring opportunities and threats. The aim of the article is to identify, systematize and evaluate the mistakes that B2C organizations make during the formation of customer capital, as well as when interacting with it. The purpose of the article is to analyze the impact of the following factors: the growth of information accessibility; the increasing influence of “word of mouth” and the company’s business reputation; the development of IT as well as software and hardware systems for Big data analysis. The article uses: theoretical, empirical, general logical, special research methods and content analysis. The issue of identifying inefficient spending on marketing activities through the use of the most relevant metrics and KPIs is touched upon. The author concludes that increasing the financial performance of an organization through more efficient use of client capital is possible with the help of: a) savings in the marketing budget by changing approaches to attracting and retaining individual segments of consumers; b) gaining a competitive advantage in the market through rational cooperation with competing enterprises; c) increasing the profitability of sales through the introduction of a system for collecting information about consumers, as well as its interpretation. During the course of this work, the need to maintain the business reputation of the organization by creating a system for encouraging customers to leave positive feedback about the company or reviews of the company’s products on online platforms was identified. The importance of a system of rewarding customers for their active promotion (recommendations) of the company’s products to their acquaintances was also considered.

The economically justified amount of dividends is equal to the equity cost, assuming that investors use a dividend discounting model. The evaluation of the latter is an extremely difficult task. It is possible to do this within modern capital structure theory — Brusov-Filatova-Orekhova (BFO) — or within its perpetual limit — the Modigliani-Miller (MM) theory. After the recent generalization of both theories, taking into account the real conditions of the functioning of the companies, it becomes possible to estimate the cost of equity in these conditions. Dependence of the cost of equity on the level of leverage for different ages of the company, different values of k0 (cost of equity at zero leverage level L) and debt costs, different frequencies of income tax payment, advance payments of income tax and payments at the end of periods, variable income of companies, etc. are being studied. Several very important innovative effects have been discovered, which significantly change the company’s dividend policy. The developed methodology and results will help the company’s management to develop an adequate and effective dividend policy. As well, the approach to dividend theory described here can be applied to business valuation and company value.