The realism of the scenario indicators used in the formation of the federal budget of the Russian Federation in the context of the special significance of the budgetary mechanism for the adaptation of the national economy to global challenges becomes of particular importance while maintaining internal and external sanctions risks. The purpose of this study is to assess the validity of the forecast values of scenario macroeconomic indicators that determine the key characteristics of the Russian federal budget in the current budget cycle, and to develop proposals for clarifying the composition and concretizing approaches to their forecasting for the medium term in conditions of increased uncertainty. The study is based on an abstract-logical method, including a critical analysis of the predictive values of macro-indicators adopted as the basis for the parameters of the federal budget of the Russian Federation in 2023 and the planned period of 2024 and 2025 (using the level of consumer prices and the exchange rate of the ruble as an example), establishing causal relationships between the reliability of projected budget parameters at the federal level and the state of the Russian economy, identifying possible directions for the development of approaches to forecasting initial indicators for the preparation of the federal budget. In particular, the article suggests that in the forecasting of basic scenario parameters to detail the accounting for the dynamics of world prices, the real effective exchange rate of the ruble, to optimize the selection of exchange rate factors, and to take into account the variability of exchange rate volatility. The author’s developments presented in the article contribute to the efficiency of the execution of the federal budget in terms of the use of its resources, and therefore can be used in the activities of state authorities in the development of budget policy. 

The subject of the study is the problems of institutional and methodological-legal regulation of the contract system of public procurement.

The relevance of the problem is due to the fact that there have been changes in the structure and composition of forms of contract activity as a result of the 2017 adoption of amendments to Law No. 44 in the dynamics of the distribution of order placement procedures.

The purpose of the study is to develop a scientific methodology for calculating the effectiveness of procurement activities on the basis of a comprehensive assessment of the effectiveness of public procurement on a contractual basis, plan-fact analysis, and the implementation of the principles of compliance control in public procurement management.

The paper uses methods of statistical and comparative analysis, generalization, classification and valuation. The paper shows that the present disadvantages of institutional regulation of procurement processes have a negative effect on their effectiveness, requiring improved oversight of public procurements as well as analytical and methodological support. The authors suggested that the principles of compliance-control of public procurement management be applied on a contractual basis in order to increase the level of credibility and legality of activities conducted in procurement. The author’s vision of the content of the methods of calculating the performance of procurement activities on the basis of a comprehensive evaluation of the effectiveness of public procurements on a contract basis is presented. For the collection of data for plan-fact analysis, their systematization for further calculation of performance indicators of public procurement on a contractual basis, a specialized form “Data Summary for Plan-Fact Analysis of Procurement” is proposed. If the procurement proposals presented in the study are implemented, they will increase the efficiency of the Russian public procurement contract system, the responsibility of participants in it, and the professional competence of officials.

The relevance of this study is determined by the need to develop the domestic semiconductors industry in Russia, taking into account the negative effects both internal and external.

The purpose of this paper is to test the hypothesis of the positive impact of the methods used by the state of financial support of domestic companies to acquire advanced technologies in a specific area in the context of a lack of funding and the significant lag of the national semiconductor industry in the world’s leading countries.

The target of this study is the analysis of possible tools of state support, including subsidies and grants, and methods of their application for the creation of competitive industry of domestic semiconductor production.

The key methods used in this study include the collection and processing of statistical data, their comparative analysis, as well as the elaboration of the regulatory framework on tax regulation in this sector of the economy.

The main methods applied in this study are data collection and processing, comparative analysis, and the development of a regulatory framework for tax regulation in this sector of the economy. The authors analyzed the semiconductors industry in the world, including the production of microprocessors and other semiconductor components. The situation in countries such as China, USA, Japan, Europe, Taiwan, India and Russia is discussed in more detail. The main problems with semiconductor industry development in Russia have been revealed. Additionally, researchers have evaluated and outlined fields of federal budget spendings in the industry in the period of years 2022 and 2025.

The scientific novelty of this paper is to identify the relationship between the measures of state tax incentives provided to the radio-electronic industry and macroeconomic indicators. Based on that authors have developed evaluation criteria of the relevance and efficiency of fiscal preferences for the analyzed industry which is considered as the result of research.

It concluded that the state’s initiatives to promote the radio-electronics industry might provide Russia a chance to catch up to the world’s leading countries in this industry.

The subject of research is economic interactions related to the implementation of an investment project within the framework of an agreement on the protection and promotion of investments (hereinafter referred to as the APCI).

Purpose: methodological substantiation of the expediency of providing state support measures to ensure the minimum profitability of an investment project implemented within the framework of the APCI.

Objectives: to propose an indicator that reflects the minimum profitability of an investment project, the mechanism for its usage to determine state support measures, additional state support measures in cases where they are not sufficiently established in the legislation.

Methods: analysis of approaches to determining the discount rate; statistical (observation, grouping, method of indicators) for calculating industry-specific ROIC values; content analysis to select state support measures.

Results: it is proposed to use the ROIC indicator as the minimum profitability of a commercial investment project. The indicator was calculated according to the data of all organizations that are not subjects of medium and small enterprises operating in the period 2012–2021. The sample included 133 organizations that make up eight subclasses of Russian classifier of types of economic activity (pulp and paper production; production of fertilizers and nitrogen compounds; production of pesticides, etc.; production of paints, varnishes, etc.; production of pharmaceutical substances; production of medicines; activities in the field of telecommunications; development of computer software). Based on the data from 1011 observations, the median value of ROIC for each subclass was calculated, the reliability of which is confirmed by the approved minimum rates of return on invested capital for calculating the tariffs of regulated organizations. A mechanism is proposed for using ROIC to determine state support measures within the framework of the APCI, including: determining the median value of ROIC for foreign economic activity, calculating ROIC for an investment project, and determining state support measures by their ratio. As additional measures of state support within the framework of the APCI, it is proposed to establish tax preferences (lower tax rates, tax benefits, tax deductions), as well as accelerated depreciation of fixed assets. The proposed developments create a methodological basis for substantiating the provision of various state support measures within the framework of the APCI.

The purpose of this study is to develop tools for assessing the state of regional banks and to justify decisions on the allocation of resources between their business areas by adapting existing methods of banking management to the new economic environment.

The authors apply both general scientific methods (induction, deduction, analysis, synthesis) and special methods: systematic and retrospective analysis of existing developments in bank decisions.

The results of the application of these methods are the mathematical models describing the functioning of the credit-deposit and transaction of commercial banks of Tatarstan in the past three years from the point of elasticity of actives and liabilities’ substitution. In the paper, we systematized the indicators of actives and liabilities of the five largest commercial banks in Tatarstan in 2019–2022, we approved the equations that characterize these actives and liabilities’ substitution elasticity in MS Excel.

The conclusion is that in most cases, there is a unitary elasticity of their mutual substitution, which leads to the conclusion that the Tatarstan banking system is currently in the growth stage of a new life cycle, which began in 2014, after the Russian economy entered new realities due to sanctions pressure. The recommendations were formulated for the banks of Tatarstan in terms of improving the quality of loan portfolios in new conditions: they should improve the methods of making decisions about the loans for companies’ business activities which are first created.

The subject of the study is the historical experience of creating the Central Credit Institution of urban public banks of the Russian Empire and the possibility of its application in modern conditions.

The purpose of the study is to develop practical measures to create a special banking association of local banks on the terms formulated by the Bank of Russia for the purpose of discussion with financial market participants, representatives of the expert and scientific community’s.

The relevance of the study is due to the request of the Bank of Russia, the Association of Banks of Russia in the search for new approaches to expanding the development potential of local banks through the creation of special banking associations. The United State Archives of the Orenburg Region served as the research location. The research methodology is based on the use of historical and logical analysis methods. The development of the Central Credit Institution of urban public banks at the beginning of the last century was studied in relation to its historical context and various stages of preparation. The surviving justifications, draft constituent documents, draft charter may be of interest when developing specific practical proposals for the creation of a special banking association of modern local banks with them accepting joint liability for each other’s obligations, maintaining partial operational independence and delegating a number of functions to the parent bank. It is concluded that the results of the study can be applied by the Bank of Russia, the Association of Banks of Russia and proactive local banks to develop practical measures for the creation of a special banking association of local banks declared by the Bank of Russia.

Inventory management is a fundamental supply chain management phase that affects the country’s economy.

The purpose of the study is to determine the effectiveness of inventory management and its impact on the financial performance in the factoring industry, as it has become one of the leading sectors in boosting the development of the national economy.

Descriptive and quantitative methods were used, which mainly relied on financial data for 2013–2017 on the selected publicly listed manufacturing companies in Indonesia and Germany based on the LQ45 and DAX stock index, respectively. Several software programs (Microsoft Excel, SPSS, and AMOS) were used for solving the inventory-financial performance and value analysis based on Structural Equation Modeling.

The results of the study confirm that inventory performance significantly influences financial performance, as the p-value is below 5%. Inventory performance has an explanatory power of 30.6% for financial performance. An increase in inventory performance will increase financial performance as well. Each indicator has an explanatory power of DSI (101.2%), INVTO (96.4%), FGI (63.3%), WIP (58.3%), and RMI (51.7%) towards inventory performance, which will increase performance as well. For financial performance, each indicator has an explanatory power of ROIC (97.0%); ROE (85.1%); ROA (76.9%); GR (46.7%); PM (5.6%), and OM (5.3%) towards financial performance, which will also contribute to improved efficiency.

The purpose of the paper is to develop recommendations for Russian football clubs aimed at strengthening their financial stability.

The subject of the study is the UEFA financial fair play rules and their impact on the financial stability of football clubs.

The relevance of the paper is confirmed by the changes taking place in financial regulation of football clubs by the UEFA and the Football Union of Russia (FUR), which are caused by the global crisis and have not yet been studied in the scientific literature, which confirms the novelty of the study. The authors’ method is an analysis of the editions of the UEFA financial fair play rules and RFC licensing rules that have been in effect since 2011, along with any violations and subsequent sanctions. The annual reports of European public football clubs, studies of consulting companies, and academic publications in this field were also considered. This paper helped identify the chronology of financial rules in football and directions for their improvement. The authors conducted a detailed analysis of financial performance of club football in Europe and Russia, taking into account the impact of the pandemic, revealed the main problems and ways to solve them based on best practices.

The results of the research included recommendations for conforming to the financial requirements of international federations and FUR as well as ensuring the long-term sustainability of the Russian football industry.

The purpose of this study —  is to determine the relationship between market maker competition and stock price efficiency in TSE (Tunisian Stock Exchange) market. The proxy for competition was determined as the number of market makers and the parameters investigated were transaction costs, information asymmetry and profit. The high positive correlation between competition and stock price efficiency is demonstrated by the negative impact of competition on all the variables studied. In addition, the price efficiency increased considerably after the introduction of new market makers by using the difference-in-difference (DID) model. Also, the competition between market makers has a significant negative impact on price efficiency through transaction costs, asymmetry information and level of experience. Thus, it can be concluded that the stock price efficiency can be improved by increasing the competition of market makers in Tunisia. 

Over the last five decades, business academics have identified over 300 determinants that potentially influence stock returns. However, we still do not know whether all return determinants are equally important, or whether there is a smaller set of determinants that has a disproportionately larger influence on stock returns. Can mining historical data help us find this smaller set of return determinants that has a disproportionately higher influence on stock returns? Using historical data from the Indian market, we build a large database of investments with more than 74,000 investments spread over a period of 132 months. From this database, using “association rule mining” method, we are able to mine a strong set of “association rules” that point to a smaller set of “return determinants” that are seen more frequently in investments that beat index returns. From a pool of thirty-seven return determinants, using “association rule mining”, we were able to find out a small set of key return determinants that are seen most frequently in investments that beat index returns in India. Portfolios created from these “association rules” have a portfolio risk lower than the market risk and provide index-beating returns. “Out-of-sample” portfolios created using these association rules have portfolio “Beta” less than one and provide returns that beat the market returns by a significant margin for all holding periods in the Indian market. Through this paper, we demonstrate how portfolio managers can mine “association rules” and build portfolios without any limits on the number of factors that can be included in the screening process. 

The outbreak of the pandemic has dealt a tangible blow to the global economy, in particular by causing the collapse of stock markets. Most countries have taken measures to contain the coronavirus related to the restriction of human mobility. One of the main victims of such actions were airlines. In order to examine the direct and indirect effects of the pandemic, we investigated the long- and short-term effects on airline stock price volatility of the spread of coronavirus, social media attention to it, the vaccines against coronavirus and restrictive measures in relation to the pandemic. The ARDL model with MG and PMG estimates was applied after the preliminary stability tests for airlines in developed and developing countries. We analyzed the period of the greatest anti-COVID restrictions from 23 March 2020 to 23 March 2021. We reached the following conclusions. Firstly, the increase in the number of cases and deaths from COVID-19 was accompanied by a short-term increase in the volatility of airline stock prices. Secondly, Twitter’s increased focus on COVID-19-related restrictive measures and vaccines against it was accompanied by a short-term increase in airline stock price volatility. Thirdly, the increasing attention at Google on airline restrictions has been accompanied by the long-term effects of rising stock volatility. Our results demonstrate that with the spread of the Internet and social media, the impact of the pandemic on stock markets occurs not only through direct effects on the determinants of Solow’s economic growth model, but also through indirect effects of social media and the Internet on investor behavior through the formation of fear and hysteria in them.

The issues of choosing between proportional and progressive taxation of personal income and assessment of the principle of fair taxation in relation to these methods accompany the centuries-old history of world tax policy, which is the relevance of the research, being the subject of discussions of Russian and foreign scientists. The purpose of the study is to develop the idea of taxation of income of the population in Russia, taking into account the principle of fair taxation. The theoretical objectives of the study include an analysis of the validity of the method of taxation chosen, as well as an analysis of the progressive method of taxation, which allows for a fair redistribution of income through the progression of rates and an adequate system of tax deductions. The practical objectives of the study are to study the influence of income taxation methods on the formation of budget revenues and incomes of the population, to assess the “shadow” fiscal potential of income, to determine the level of demand and significance of tax deductions. As a result of the research, it has been scientifically proven that proportional taxation and weak progression discredit the principle of vertical equity, lead to a hidden progression in the withdrawal of income, have no obvious positive effect on capital outflow and, in combination with insurance premiums, affect the size of the potential tax base. The practical significance of the study is to develop concrete proposals for the methodological development of personal income tax through differentiated tax deductions, tax mechanisms for strengthening the institution of family and marriage, and the expansion of the tax base.

The relevance of the study is determined by the need to improve the tax policy of Vietnam.

The scientific novelty of the study lies in the application of a regression model for analysing GDP dynamics to determine the optimal tax policy.

The purpose of this study is to study the relationship between the tax-to-GDP ratio and economic growth, the optimal threshold for the tax-toGDP ratio, and to compare empirical results with actual tax-to-GDP ratios as a basis for improving tax policy and government micromanagement.

The methodology of this study includes a threshold regression model, a unit root test, and a cointegration test to examine the impact of the ratio of tax revenues to GDP-on-GDP growth. The author used actual data on the dynamics of tax revenues and GDP over a 25-year period: from 1994 to 2020, reflected the development of economic growth studies.

It is shown that the ratio of tax revenues to GDP and GDP growth are closely related at the level of 86%. The relationship between Vietnam’s tax policy and economic growth is long-term, and the optimal threshold for the ratio of tax revenue to GDP is 19%, which leads to economic growth. It is concluded that the government should make more efforts to improve fiscal policy and macro management to stimulate economic growth and reduce the budget deficit. Fiscal policy has a significant impact on business entities, that is, economic organizations that create wealth for society and high employment, which leads to a decrease in unemployment. The results of the study can be used to form the tax policy of Vietnam. 

The implementation of the sustainable development strategy and the formation of a “green” economy model provide for the reorientation of financial resources, accounting by economic entities and public authorities and management of ESG-principles and the development of “green” financing tools.

The purpose of the paper is to develop theoretical provisions and modeling of the impact of “green” financing on the socio-economic development of the subjects of the Russian Federation.

Methods of data mining were used with temporary delays and corresponding lags responses of endogenous indicators, as well as cluster and correlation analysis. The result of the study was the specification of the economic content of the definition of “green” financing, as well as the construction of econometric models of the degree of interrelationship between “green” financing and the socio-economic development of the regions of Russia. The authors described the economic content of the definition of “green” financing, developed econometric models of the degree of interdependence of “green” financing and socioeconomic growth of Russia’s regions, calculated an integral indicator of sustainable socio-economic development of the regions of the Russian Federation taking into account ESGfactors (social risks, environmental risks, quality of management). Clustering of Russian regions according to the level of influence of “green” financing on their socio-economic development has also been carried out.

The article concludes that the relationship between the level of socio-economic development of the regions of the Russian Federation and the volume of “green” financing is direct, strong, and can be expressed by increasing linear regression. The prospects for further research may be related to the assessment of the real needs of the volumes of “green” financing in the context of ensuring sustainable economic growth.

Taking into account the need for transition to sustainable development of the economy, it seems relevant to consider whether the holding is an effective structure to minimize the negative impact on the environment: is there a convergence of the environmental performance of the holding’s enterprises with a general increase in its responsibility?

The purpose of the research is to assess the degree of homogeneity and convergence of the environmental performance of Russian enterprises within the same holding, as well as to determine the relationship between the current level of homogeneity of the holding and the rate of its convergence and overall environmental responsibility. The environmental performance of 11 Russian holdings and 105 constituent enterprises for 2017–2021 was examined.

The methodology involved the calculation of entropy and descriptive statistics; the evaluation of the homogeneity of holdings and its convergence, phase transition periods, and the relationship between homogeneity and other characteristics using analysis of variance and regression.

The results of the study showed that Russian holdings correspond to the ascending line of the entropic criterion of social development, but at present the phase transition from a heterogeneous to a homogeneous state is incomplete, and homogeneous holdings are unstable. The influence of the type of corporate environmental policy on the homogeneity of the holding, the degree of its convergence and environmental responsibility was revealed.

The scientific novelty of the work lies in the consideration of homogeneity and convergence of environmental characteristics of systematically unstudied objects — t he enterprises of one holding; the inappropriateness of the perception of holdings as homogeneous objects is confirmed. Theoretical significance has shown the possibility of using the entropic criterion of the theory of social development and dialectical logic to study the homogeneity and convergence of the indicators of holdings, as well as the developed methodology of their assessment.

Recommendations for the authorities and managers of companies, the implementation of which will increase the sustainability of the economy, are of practical value.

The subject of this research is systemic risk transmission between financial sectors in the international financial market.

The purpose of our paper is to determine topology characteristics for the network connecting banking systems in the Asia-Pacific region (APR) and Russia. Given the growing role of this region in the global financial market, its susceptibility to crises can be dangerous for other countries.

This determines the relevance of our study. To build the network, we used the SRISK indicators, which reflect capital losses in the financial institutions’ capital losses in case of a large-scale crisis. The networks were built with the use of the NETS algorithm, proposed by Barigozzi, M., & Brownlees, C. (2019).

This method is based on sparse vector autoregressions estimated by LASSO. As a result of the application the algorithm, we get two networks —simultaneous interconnections and using the values of the lagged variables. The networks were constructed for the 2005–2020 time period and separately for sub-periods including the global financial crisis (2005– 2013) and the COVID-19 pandemic period (2014–2020).

Based on the results obtained, the networks over the entire time period seem to be quite susceptible to external risks. China, Japan, Singapore and Taiwan are the largest shock donors in this region. Russia mainly accepts risks, generated by other countries, in the period 2014–2020. Strengthened/weakened cooperation with the largest risk exporters in this region will increase/decrease the likelihood of systemic risk transfer to the Russian financial sector.

The subject of the study is to use an extensive literature review to evaluate how academic research on corporate social responsibility (CSR) is developing. The journals and papers in the ISI Web of Science, SCOPUS, and Taylor&Francis databases served as the foundation for this literature review.

The purpose of the study is to highlight essential papers, referenced journals’ importance, and potential future study directions. Determinants that impact the CSR performance of an organization are governance, profitability, firm characteristics, and minimum expenditure. The impact of CSR has been measured using accounting-based market value, risk, excess return on a stock, and moral capital. All the variables are discussed with strongly supported literature and then concluded by giving a framework.

The novelty of our study is that it analyses new research trends while concentrating on the CSR research frontiers.

The conclusion identifies possible areas for scientists to further develop their expertise, including sustainable and responsible financing and ESG strategy.

Along with the rapid growth of technology, payment instruments are also changing. Electronic money is slowly but surely replacing the role of paper money and coins. The emergence of electronic money can provide convenience for consumers, it can lead to an increase in the demand for goods and services that ultimately leads to demand-pull inflation.

The purpose of this study is to determine the impact of electronic money transactions (both in natural and in value terms) on inflation growth. By using the Chow Breakpoint Test, Difference-in-Differences and Propensity Score Matching shows that the inflation trend has tended to decline since the Bank of Indonesia launched its national non-cash campaign.

By using the ordinary least squares (OLS) method was revealed that an increase in the volume of electronic money transactions in the long-term may affect a decrease in inflation, but not in the short-term. The rate of interest of the Bank of Indonesia, the growth of lending and GDP led to the decline in inflation.

It was concluded that the Bank of Indonesia could expand the use of electronic money to manipulate inflation levels in the long-term. The policy that can be implemented by Bank Indonesia is to distribute electronic money infrastructure services more evenly and increase the socialization of the use of electronic money, especially in remote areas.