The study object is the digital economy. The aim of the article is to identify the risks and chances that accompany the rapidly developing digital technologies and penetrate into almost all spheres of human life and society. The following risks were defined: dependence of economic agents on the Internet; displacement of human labor by machinery; backlog of education system from the needs of the digital economy; digital inequality; oligopolization in the information market; reduction of state control over the digital economy; companies gaining significant advantages over consumers due to the use of modern technologies for big data analysis; supranational nature of the digital economy and formation of network global market for goods and services; reduced scope of protectionist measures for national producers and import substitution; rise in cybercrime. The chances are: emerging new professions affected by digitalization; development of security and risk management technologies; automation of industry and provision of services; development of 3D printing and other additive manufacturing technologies; development of end-to-end virtual environment technologies; virtually endless segmentation and restructuring of the digital economy due to permanent appearing and disappearing of its elements (niches); reducing transaction costs; improving the quality of state electronic services for both business and public.

The study aims to determine the Effect of growth opportunity, corporate tax, and profitability on the value of firm through the capital structure as an intervening variable at manufacturing companies in Indonesia Stock Exchange. The sample consists of 32 manufacturing sector companies listed in Indonesia Stock Exchange within 2013–2017. The study results show that growth opportunity and corporate tax have a positive effect on the structure of capital, in contrast to profitability, which affects negatively. Meanwhile, capital structure and profitability have a positive Effect on firm value. On the other hand, growth opportunity and corporate tax have no bearing on company value. Yet, capital structure does not mediate between growth opportunity and corporate tax to the value of firm. Nevertheless capital structure mediates the Effect of profitability on the value of firm.

Since 2013, Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. Statistics of ICO shows that the ICO market is increasing and demand for funds continues to grow with claims of over $ 15 billion raised in the first half of 2018. The increasing volumes of investment in ICO projects as an alternative method to venture capital or IPO are caused by, for example, the possibility of reselling the received tokens at a higher price after the launch of the project or obtaining the company’s services at lower prices. While the importance of the topic is growing, there is the absence of fundamental works emphasizing the determinants of an ICO’s success. The scientific novelty of the forthcoming research consists in the formation of the model evaluation of ICO success. Using econometric analysis based on data for 1392 projects, we show that the volatility of the main cryptocurrencies has a significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes to existing literature and shows the insignificance e of the sector of the project, almost all location region and fl of infl e of quality of the team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.

The article presents the study results of the world trade stagnation issues associated with the WTO systemic crisis. The aim of the article is to summarize the main reasons for the world trade system disintegration and to identify feasible directions for the world economic order transformation. The G20 trade-restricting measures were analyzed based on the statistical databases of the WTO and the non-governmental organization Global Trade Alert (GTA). The views of leading domestic and foreign experts on the consequences of liberalization of the world trade in goods and services were summarized. The author systematized the reasons for the world trade system disintegration, including: the US anti-globalization policy aimed at containing the PRC; counteracting unipolar globalization by the Southeast Asian nations; developed countries’ rejecting the growing participation of developing countries in redistributing global resources; inefficiency of international organizations in solving problems of global imbalances, inequality and instability of the global financial system. Structuring disintegration processes revealed its main trends: protectionism, regionalism, trans-regionalism. There were shown mechanisms to keep the US in the European Union due to companies providing professional services to European business. The author evaluated Russia and China’s competitive advantages in the production chains of the new technological structure. The areas of cooperation between Russia and the BRICS countries for realizing export potential in agriculture, aviation and nuclear industries were determined. The prospects for trade and economic relations in Eurasia are discussed in terms of changing the economic paradigm and shifting the regulation of the global economy problems to the regional level.

The article is concerned with determining the main predictors of bankruptcy in construction organizations in the Russian Federation. Probabilistic prediction of bankruptcy is relevant for both individual companies and sectors of the national economy. Developed a long time ago, the existing bankruptcy prediction methods do not consider the industry specifics of organizations. The article investigates the mechanism for probabilistic prediction of bankruptcy based on logit models. Criteria affecting the bankruptcy probability were substantiated; a mathematical model was proposed to calculate the probability. The provided model was tested in a real company. Based on the sample of small and medium-sized construction companies, the author proposed a logit model reflecting the main factors affecting the financial state of construction companies in Russia and, therefore, the likelihood of their bankruptcy. Testing the model on the actual data from the construction enterprises showed its high predictive power. The study results allow predicting the bankruptcy in construction organizations by means of logit models.

Based on the methods of quantitative and coefficient analysis of financial indicators, the author assessed the state of the Altai Territory budget and its impact on the financial sustainability of the region’s economy. The problems in the structure of income and expenditure revenues were noted: high growth rates of the budget expenditures, mainly due to social expenses; decreasing budget receipts of own revenues, such as property tax and other tax and non-tax revenues; growing dependence of the regional budget on uncompensated receipts, mainly due to increasing grants allocated by the federal center to equalize budgetary provision. Of note was the imbalance of the regional budget leading to its financial imbalance. The author suggested measures to make the regional budget balanced: ensuring the efficiency and control of the budgetary resources, reducing the growth rate of budget expenditures and increasing tax and non-tax revenue receipts. The scientific novelty of the study consists in using a set of financial indicators to determine the state of the Altai Territory budget for 2016–2018 in order to assess its impact on the financial sustainability of the region’s economy. The results can be used by federal and regional authorities as a fiscal stimulus tool for the financial sustainability of the Altai Territory and other regions of the Russian Federation.

Estimate and search for factors that influence the capitalization of public oil companies are of great interest to researchers. The impact of various external and internal factors on the value of oil companies’ stocks was considered. This includes changes in oil prices, stock market index movements, inflation fluctuations, financial and production indicators. The study includes building models with calculated standard errors by the Driscoll-Kraay method based on quarterly data for the eight biggest public oil companies operating in the upstream and downstream segments, from the first quarter of 2006 to the third quarter of 2017. Such indicators as total oil production by OPEC countries, greenhouse gas emissions by companies, and the sum of shareholder’s funds owned by large institutional investors were used for the first time when building the model to identify factors affecting the market capitalization of oil companies. One of the key results is the conclusion that quarterly production volumes turned out to be the most significant factor having a positive impact on the cost of oil firms. That is, investors are laying the idea of compensating for losses from lowering the cost of oil by increasing its production and selling a larger volume in the value of shares in companies. At the same time, such indicators of production efficiency as profitability in the upstream and downstream segments lose their significance depending on the period under consideration.

Reproducing investment potential of institutional sectors of the economy of any territorial system becomes a challenging issue in the light of recent trends: lack of financial resources for modernization and development of the real sector of economy, failure to successful implementing the planned strategic programs for economic development of territorial systems at macroeconomic, regional and municipal levels. A systematic approach to the formation and reproduction of

these resources is required. In this regard, the main purpose of the work was to develop methodological foundations of designing a balance model for reproducing the investment potential of institutional sectors in the regional system. The analysis of the advantages and disadvantages of the existing approaches showed that a systematic representation of the reproduction processes of the investment potential of institutional sectors in the territorial systems requires a detailed mapping of the movement processes of financial resources between the sectors, as well as spatial features of the movement of their investment resources between the regional systems. Proposed in the work, the theoretical and methodological approach uses the basic principles of the system of national accounts: “double entry”, according to which one sector initiates the movement of financial flows, and the other accepts them; financial account structure of institutional sectors. Moran’s spatial autocorrelation and autoregression method was also applied. Thus, it provides to assess the investment resource endowment of the sectors and their sufficiency to solve the most important development problems, to determine the main uses of these resources by institutional sectors, and the riskiness of their investment activities. Such an approach provides an opportunity for state authorities and a financial regulator to assess the system of investment interconnections between institutional sectors that has developed in the regions, the problems and threats of financial development of these sectors, and to find reserves to solve them.

The article is based on the results of the 7th International Scientific and Practical Conference on Economics “The Market Economy Phenomenon: From the Origins into Our Days” held from March 27 to March 31, 2019 in the cities of Sochi and Sukhumi. The theoretical approaches of domestic and foreign researchers to understanding the market economy phenomenon, the specifics of its financial and credit sphere functioning in the context of the digital economy were generalized. The problems of the monetary economy in terms of the sanction confrontation were outlined. The authors analyzed and evaluated the processes and the phenomena observed in the post-Soviet economic space related to the transplantation of market economy mechanisms into the system of social reproductive relations, including its financial component based on their digitalization. The dialectic approach, system analysis, methods of economic and statistical and interdisciplinary analytical tools were used. The article revealed the key components of the market economy phenomenon appearing in the post-Soviet economic space and having a direct impact on the social reproduction results. The relationship was shown between the transformation of the evolutionary and methodological content of the money economy, its institutional and behavioral paradigm, the digitalization of the financial segment of the economic space with the scale of innovation, the penetration of cognitive psychology and neurophysiology into financial and credit relations, and their technological re-equipment. The results of the influence of instability factors on the budget and monetary sphere were presented. The authors described complex interdependencies of the processes and phenomena within the framework of the market economy phenomenon appearing in the post-Soviet economic space. The triune structure of the modern market doctrine was disclosed including psychological and behavioral, institutional and functional and reproduction and product aspects. The authors showed the transformational dynamics of the financial and credit sphere of modern society. Its specific features are: the increasingly important role of innovation, outsourcing, revising pricing methods, digitalization of business processes, penetration into managing neuromarketing technologies, and virtualization of the financial sector of the economy.

Expert Working Group: Dr. Sci. (Eng.) N.M. Abdikeev, Dr. Sci. (Econ.) M.A. Abramova, Cand. Sci. (Econ.) O.U. Avis, Dr. Sci. (Econ.) O.A. Aleksandrova, Dr. Sci. (Econ.) E.V. Balatskii, Dr. Sci. (Econ.) V.P. Bauer, Dr. Sci. (Phys.-Math.) Yu.S. Bogachev, Leading Researcher O.N. Ekimova, Cand. Sci. (Econ.) V.V. Eremin, Dr. Sci. (Econ.) E.A. Zvonova, Cand. Sci. (Econ.) S.V. Zubkova, Cand. Sci. (Econ.) Yu.P. Kalmykov, Dr. Sci. (Soc.) M.V. Kibakin, Dr. Sci. (Econ.) N.V. Kuznetsov, Dr. Sci. (Econ.) O.I. Lavrushin, Dr. Sci. (Econ.) I.V. Larionova, Cand. Sci. (Econ.) E.I. Meshkova, Cand. Sci. (Econ.) E.L. Moreva, Cand. Sci. (Eng.) L.V. Obolenskaya, Dr. Sci. (Econ.) V. Ya. Pishchik, Cand. Sci. (Econ.) S.A. Pobyvaev, Dr. Sci. (Econ.) O.S. Rudakova, Dr. Sci. (Econ.) A.I. Selivanov, Dr. Sci. (Econ.) S.N. Sil’vestrov, Dr. Sci. (Econ.) V.G. Starovoitov, Dr. Sci. (Econ.) A.A. Tkachenko, Dr. Sci. (Soc.) A.G. Tyurikov, Researcher M.A. Yurevich

Working Group Leaders: Dr. Sci. (Econ.) V.V. Maslennikov, Corresponding Member, RAS, Dr. Sci. (Econ.) D.E. Sorokin