Joint Stock Companies Research Articles

INFORMATION AND DIGITAL TECHNOLOGIES OF LEADING INDUSTRIAL ENTERPRISES OF VOLOGDA REGION

The article is devoted to a theoretical analysis of the development of information and digital technologies in the industrial industry using the example of leading enterprises in the Vologda region - Public Joint Stock Company Severstal and Joint Stock Company Apatit. An analysis was carried out on the composition and effectiveness of the information and digital technologies used. Examples of information and digital technologies used at these enterprises of the Vologda region (PJSC Severstal, JSC Apatit) are given, the technologies used and the economic effect of their use are indicated. The influence of the use of digital technologies on the efficiency of the production process of these enterprises is investigated. According to forecasts, global spending on digital technologies in the chemical industry will reach more than $7 billion by 2031. An analysis was made of the effectiveness of the use of digital technologies in the activities of PJSC Severstal and JSC Apatit, their positive impact on operating and business processes, channels of interaction with consumers. It is emphasized that the digital economy in the Russian Federation is developing at an increasing pace; among the main prerequisites for the formation of the digital economy in the Russian Federation, the following are highlighted: the growth in the number of Internet users, the development of e-commerce, and the expansion of the IT industry. In the metallurgy and chemical industries, the key opportunities for transformation based on digital technologies are: the Internet of things, big data analysis, electronic document flow of companies, augmented reality, robotization, more efficient utilization of production capacity. It is noted that mainly large enterprises in the industry that have the financial capacity for innovative changes are subject to active digital transformation. An important step towards solving the problem will be training relevant specialists in a digital environment and increasing the innovative activity of personnel.

IMPROVING APPROACHES TO ASSESSING THE ECONOMIC EFFICIENCY OF SUBSIDIZING LARGE AGRICULTURAL ENTERPRISES

The relevance of this scientific study is determined by the important role of state support in the effective functioning of large agricultural enterprises of the Russian Federation and the Udmurt Republic. The purpose of this article: to study theoretical approaches and substantiate practical directions for increasing the efficiency of state support for large agribusiness. In the work on the article, the following research methods were used: analysis and synthesis, generalization, comparison, classification. The authors give the concept of subsidy as the main form of financial support for agricultural producers. Based on the analysis of regulatory and legal documents, the existing types of subsidies for animal husbandry, the procedure for their determination and the conditions for their provision were considered. Based on the analysis, the purpose, object and subject of this scientific research are justified. The article analyzed the existing scientific methods for quantifying the effectiveness of state support, which can be conditionally divided into four groups. Given the limited scope of the article, analytical research and practical calculations are limited to one enterprise - Voskhod Joint-Stock Company, which, in our opinion, did not affect the integrity of the article. The production and financial indicators of the company for 2021-2023 are given. The analysis of subsidies received by the enterprise by areas and by budget sources is given. The calculation of subsidy efficiency indicators according to the methods of E. Mukhina and E. Fedotova is presented in detail. It was concluded that it is necessary to further develop the approaches on which the assessment of the effectiveness of state support in general should be based, as well as auxiliary indicators for assessing the effectiveness of state support for agricultural organizations at the regional level are given.

Тенденції розвитку законодавства та доктрини приватного права про підприємницькі юридичні особи

The scientific article raises the question of outlining the direction of development of civil and corporate legislation of Ukraine regarding legal entities in general and business, in particular. The definition of legal forms of legal entities in the light of the recodification of the Civil Code of Ukraine. The author of the article supports the idea laid down in the Concept of updating the Civil Code of Ukraine in the part that the legal regulation of organizational and legal forms should be developed in the direction of a closed list of organizational and legal forms of legal entities– societies and institutions. The need to systematize those legal entities that are part of the legal form of «institution» is emphasized, because institutions, funds, and individual legal entities of public law operating in the legal form of the institution differ in their legal status and are not sufficiently regulated today. It is concluded that it is necessary to strengthen the role of the Civil Code of Ukraine in determining the legal status of legal entities of public law by enshrining in the Code norms that would indicate the fundamental nature of the provisions of private law in regulating the organizational and legal forms of legal entities of public law. It is noted that the basis of understanding the concept of an entrepreneurial legal entity are two criteria: activities for profit and its subsequent distribution between participants; the emergence of the founders of a special type of property and personal rights, which are called corporate rights. It is indicated on the need to distinguish between corporate and membership legal relations arising in entrepreneurial and non-entrepreneurial societies. In the article, due to the application of the criterion of «degree of completeness of rights», it was concluded that there are no grounds for identifying membership and corporate legal relations. The content of membership rights in non-entrepreneurial societies is non-property rights, that is, one of the elements of the corporate rights of participants in entrepreneurial societies. Certain property interests, if any, arise in non-entrepreneurial societies, as a general rule, fit into the design «not to get more than invested». It also emphasized the need to improve Art. 961 of the Civil Code of Ukraine regarding the definition of corporate rights, the need to determine the degree of detail of regulation of entrepreneurial legal entities at the level of the Civil Code of Ukraine, in particular in terms of returning to the structure of the Civil Code of Ukraine the norms on joint-stock companies and limited and additional liability companies.

Визначення ефективності корпоративного контролю в інтеграційних об’єднаннях акціонерних товариств на засадах економічної безпеки

This article aims to analyze and develop organizational and methodological tools to enhance the effectiveness of corporate control in integration associations of joint-stock companies based on ensuring economic security. Research methods include a comprehensive analysis of literary sources, theoretical modeling of corporate control structures, comparative analysis of existing practices, and developing methodological recommendations based on a systemic approach. Critical issues in corporate control of integration associations have been identified, and organizational and methodological support have been developed, which includes organizational, methodical, informational, legal, financial, and control components to enhance the effectiveness of corporate control. The scientific novelty lies in the development of the author’s definition of “organizational and methodological support for the effectiveness of corporate control in integration associations of joint-stock companies based on economic security” as a comprehensive system of managerial and methodological measures aimed at creating, implementing, and supporting an effective corporate control structure in integration associations of joint-stock companies. It also involves building a conceptual scheme for implementing organizational and methodological support for the effectiveness of corporate control in these associations based on economic security, which includes components of organizational and methodological support, methods of implementation, and expected outcomes. The practical significance of the research lies in developing approaches and recommendations that joint-stock companies can use to optimize corporate governance, enhance transparency, and reduce risks within the framework of economic security. Prospects for further research include expanding the study to an international level to analyze integration associations under various legal and cultural conditions, as well as the introduction of innovative technologies in corporate control to enhance its effectiveness. Keywords: corporate control, economic security, integration associations, joint-stock companies, organizational and methodological support, corporate management.

Методологічні засади макроекономічного оцінювання ефективності розвитку аграрної науки

The study’s purpose is to provide a comprehensive methodology for macroeconomic assessment of the efficiency of agricultural science development. Research methods: method of system analysis, synthesis, economic and mathematical modeling. Research results. A comprehensive methodology for macroeconomic assessment of the effectiveness of agricultural science development has been developed. It has been shown that the assessment of the national economic effect of agricultural science should consider the following main factors: the general macroeconomic state of the national economy; direct impact of scientific research; the accumulated impact of scientific research; geo-economic effect of scientific research; social aspects of the organization of scientific research It has been proved that macro-evaluation of the development efficiency of agricultural science and the activities of the National Academy of Agrarian Sciences of Ukraine should be carried out in the following sequence: analysis of the general macroeconomic situation of the national economy, the place and role of science in its development; analysis of the general state of development of the National Academy of Agrarian Sciences of Ukraine; analysis of the national economic importance of agricultural science by intersectoral balances; analysis of the macro-efficiency of the National Academy of Agrarian Sciences of Ukraine Scientific novelty. The methodology of macroeconomic assessment of the development efficiency of agricultural science is not just comprehensive, but it is also based on intersectoral balances and takes into account the activities of the main spending unit in this area – the National Academy of Agrarian Sciences of Ukraine. This comprehensive approach instills confidence in its thoroughness and reliability. Practical significance. The developed methodology is based on the statistical data and is fully applicable in its current form. Macroeconomic assessments of the effectiveness of agricultural science development are suitable for comparisons over time and between other sectors of science in Ukraine and internationally. Prospects for further research are promising. They include analyzing the efficiency of the development of domestic agricultural science and developing strategic directions for improving the efficiency of the National Academy of Agrarian Sciences of Ukraine. These future research prospects should inspire optimism about the potential advancements in the field. Keywords: corporate control, economic security, integration associations, joint-stock companies, organizational and methodological support, corporate management.

The Efficiency of Working Capital Use at Vietnam Payment Solution Joint Stock Company

The Efficiency of Working Capital Use at Vietnam Payment Solution Joint Stock Company

IMPROVING THE CAPITAL MANAGEMENT MECHANISM OF JOINT STOCK COMPANIES

The article focuses on the necessity and urgency of organizing a capital management mechanism in joint-stock companies. The principles of capital management and its main aspects are covered. Specific features of the development of measures to increase the efficiency of capital use in joint-stock companies are described. The content of efficiency indicators on the use of capital and the economic basis of their use are disclosed. Proposals and recommendations on improving the mechanism of capital formation resource management have been developed.

Morphological changes and luminescence of Escherichia coli in contact with Mn2O3 and Co3O4 ultrafine particles as components of a mineral feed additive.

The spread of antibiotic resistance and mineral depletion in soils encourages an intensive search for highly effective and environmentally safe bactericidal agents and sources of macro- and micro-elements. The most profitable solution would combine both the described tasks. Ultrafine particles (UFPs) have this functionality. Thus, this study aimed to analyze the bioluminescence and external morphological changes of Escherichia coli cells after contact with M2O3 and Co3O4 UFPs at effective concentrations (ECs). The antibiotic properties of the studied samples were determined on a multifunctional microplate analyzer TECAN Infinite F200 (Tecan Austria GmbH, Austria) by fixing the luminescence value of the bacterial strain E. coli K12 TG11 (Ecolum, NVO Immunotech Closed Joint Stock Company, Russia). Morphological changes in the cell structure were evaluated using a Certus Standard EG-5000 atomic force microscope equipped with NSPEC software (Nano Scan Technology LLC, Russia). The obtained results indicate high bactericidal properties of Co3O4 and Mn2O3 UFPs (EC50 at 3.1 × 10-5 and 1.9 × 10-3 mol/L, respectively) due to the degradation of the cell wall, pathological increase in size, disruption of septic processes, and loss of cytoplasmic contents. The prospects for the environmentally safe use of ultrafine materials are outlined. The limits of the dosages of Co3O4 and Mn2O3 UFPs recommended for further study in vitro and in vivo in feeding farm animals are established (no more than 4.9 × 10-4 mol/L for Mn2O3 UFPs and 1.5 × 10-5 mol/L for Co3O4 UFPs). The limitation of the work is the lack of experiments to determine the mechanisms of the toxic effect of UFP on bacteria, protein structures, and DNA and oxidative stress, which is planned to be performed in the future together with in situ and in vivo studies on animals.

The Relationship Between Stress and Burnout: A Sample of Automotive Factory Workers

The purpose of this research is to determine the relationship between stress and burnout in employees of an automotive factory. This research was conducted descriptively with 306 participants at Sango Automotive Products Industry and Trade Joint Stock Company in Kocaeli/Türkiye between April and July 2021. Data were collected using the Personal Information Form, Perceived Stress Scale and Burnout Scale-Short Version. The mean Perceived Stress Scale score of participants was 25.11±7.39; The average score of the Burnout Scale were 29.69±12.61. A statistically significant positive relationship was determined between the mean Perceived Stress Scale scores and Burnout Scale scores of participants (r=0.67; p

Establishment of joint stock companies: problems and ways to solve them

Establishment of joint stock companies: problems and ways to solve them

The Role of the Board of Directors of a Public Joint Stock Company in Antitrust Risk Management

The Role of the Board of Directors of a Public Joint Stock Company in Antitrust Risk Management

Digital Platforms in the Focus of National Law

The paper contains an overview of the research workshop Digital platforms: new environment for collaboration at the Institute of Legislation and Comparative Law under the Federal Government (ILCL) on 23 April 2024, and findings of the expert survey Digital platforms in the focus of national law. Presentations by participants were systematized by the authors of the overview around the most relevant subjects related to digital platform operations: general issues of digital platform regulation; digital platforms’ impact on human rights; digital platforms in public administration; digital platforms in private law, criminal law and specific branches. The workshop was attended by researchers representing the Institute of Legislation and Comparative Law, Kutafin Moscow State Law University, National Research University–Higher School of Economics, Moscow State University, Russian Academy of National Economy and Public Administration under the President of Russia, Plekhanov Russian University of Economics, Orenburg State University, Siberian Federal University, Gubkin Russian State University of Oil and Gas, Saint Petersburg University of the Interior Ministry, MTS Joint-Stock Company, etc. Legal themes under discussion included the legal nature of digital platforms; digital platforms’ impact on the economy, public administration, human rights and the underlying changes to their amount and content; associated risks; digital platforms and anti-trust regulation; networking effect of digital platforms; labor relations and platform employment; labor right protection and digital platforms; dangers of discrimination related to digital platforms.

Development of the wastewater treatment technology for the mine ‘Ternivska’ of the Kryvyi Rih iron ore plant

ABSTRACT Wastewater treatment in mining and mineral processing technology is a topical problem worldwide. The purpose of this study is to substantiate and develop the technology of complex wastewater treatment for the mine ‘Ternivska’ of the Public Joint Stock Company ‘Kryvyi Rih Iron Ore Plant’ with the production of highly purified water suitable for secondary use or ecologically safe discharge into surface water bodies. The proposed technology is based on the sequential application of the following stages: preliminary treatment of contaminated mine waters by coagulation and soda-lime softening methods to remove hardness, suspended solids, and colloidal substances; desalination via reverse osmosis; evaporation and crystallization of reverse osmosis concentrate in a vacuum evaporation unit; dehydration of salt sludge in a centrifuge with drying of salt crystals in a dryer. The treatment of mine water with an initial salinity of 80 g/L will give an annual effect of 1357 thousand m3 of desalinated water with a mineralization of up to 100 mg/L and 739.6 tons of mineral salt mixture. The purified water can serve as an additional source of fresh water for technological needs in industry or alternative purposes. The obtained solid salt product can be used as an alternative reagent for water-softening processes. In general, the proposed processing of mineralized mine water can be considered a zero-waste technology with clean water production and by-product utilization.

Impact of tumultuous economic periods on investments made by joint-stock companies included in the WIG-ESG index

The aim of the article is to assess the role of ESG assumptions in dealing with complex crises that are both economic and financial in nature. The research problem is excessive fluctuations in the quotations of the WIG-ESG index, which includes listed companies characterized by adherence to the principles of socially responsible business. An attempt will be made to verify the research hypothesis, which assumes a positive impact of selected stock market indicators on the stabilization of quotations of the analyzed index. The research method will be the estimation of an econometric model built from dependent variable Y describing changes in the quotations of the WIG-ESG index and six independent variables describing selected stock market indicators exerting a greater or lesser influence on the changes in the quotations included in the monthly time interval in the research period January 2014–November 2023. It is concluded that the relationship between stock market capitalization and the value of equity estimated at the end of the last quarter is the basis for stabilizing the quotations of the index.

Foreign investment in Swedish industry on the eve of World War One

ABSTRACT During the half-century before World War One (WWI), Sweden was one of the fastest-growing economies in the world, but also one of the most indebted. While the role of foreign capital for public investments during this period is emphasised in previous research, its importance for the funding of Swedish industry is commonly de-emphasised. The conventional view is that since public investments could be financed by foreign money, this relieved pressure from domestic financial markets and made it possible to fund Swedish industry through domestic savings. Using balance sheet data for a large sample of Swedish industrial joint-stock companies in 1908 we show that, while it is true that only a small percentage of Swedish industrial shares were owned from abroad, foreign investments were much more important for new and dynamic industries (e.g. pulp and paper, electromechanics, and chemicals). Companies with foreign-owned shares were also more profitable, and had a much lower risk of bankruptcy over the ensuing decades. In fact, out of the 230 companies with foreign-owned shares in 1908, 103 (45 percent) were still in business fifty years later. This suggests that foreign capital was considerably more important for Swedish industrial development than what is commonly argued.

Global efficiency and profitability: Cooperatives as social innovation agents vs. Joint stock companies in the agri-food sector

Cooperativism, as an agent of social innovation, significantly contributes to fostering a dynamic economy and plays a fundamental role in rural areas. Analyses of profitability in cooperatives versus Investor-Owned Firms (IOFs) show disparate results depending on the methodology and indicators used. This disparity of results is largely due to the fact that common indicators are used in the business sphere that do not take into account the duality of investor-supplier members in cooperatives. This paper deals with a comparative analysis of the efficiency and profitability of cooperatives and IOFs, which takes into account the cooperative specificity as far as partner-producer duality is concerned. The populations analyzed are the olive oil producing companies in Andalusia and the methodology used is twofold: DEA, in the case of efficiency, and probit regression for the analysis of profitability. For the latter, a cooperative global profitability indicator has been defined. The results point to a superiority of the cooperatives in terms of both efficiency and overall profitability compared to the IOFs, which denotes a greater capacity to better remunerate the producer, especially in smaller companies. However, this superiority disappears as the cooperative gains dimension. Our findings show that the relative performance of cooperatives and IOFs varies by size. This reality warrants the attention of both society and governments, prompting the need for the development and implementation of public policies aimed at their growth and safeguarding. Additionally, it initiates a pathway for further research into other sectors of activity.

Study of the Nature and Dynamics of Processes in Terms of Fractals on the Example of Selected Joint Stock Companies

Study of the Nature and Dynamics of Processes in Terms of Fractals on the Example of Selected Joint Stock Companies

Các nhân tố ảnh hưởng tới hiệu suất bán hàng của nhân viên bán hàng: Nghiên cứu thực tế tại Công ty cổ phần Magenest Việt Nam

This study investigated the factors influencing on the sales performance of the salesperson of Magenest Vietnam Joint Stock Company- a company provides digital transformation solutions and builds e-commerce systems. Based on Churchill et al.'s (1985) model; Pandey's (2019) job demands-resourcesstresses framework and previous research, the authors identified four key factors affecting the sales performance of the salesperson, including: motivation, job satisfaction, compensation, and organisational commitment. Quantitative method was used in the research to test hypotheses and the research model with data collected from 155 sales employees at Magenest Vietnam JSC. The research results showed that all four factors had positive impacts on sales performance. According to these findings, the authors proposed four actionable strategies for Magenest to enhance sales performance and achieve business objectives.

THE PROCESS OF THE ONE-TIER CORPORATE GOVERNANCE STRUCTURE ESTABLISHING IN UKRAINE AND THE HISTORICAL TENDENCIES OF ITS DEVELOPMENT

The article explores the tendencies of the one-tier corporate governance structure emergence in corporations operating within the territory of Ukraine through the study and analysis of legislative acts and relevant academic research. The purpose of the article is to investigate the continuity of the historical process of establishing the one-tier corporate governance structure within the territory of Ukraine. The conclusion formulated in the article is that the emergence of the one-tier corporate governance structure occurred at the moment when two circumstances converged for the first time in the corporation’s management structure: 1) separation of ownership (shareholding) from control; 2) Combining management and control functions in one collegial body (mostly named the «Board of Directors»). The author suggests that the formation of a collegial management body in corporations within the territory of Ukraine is a long-standing tradition, whereas the formation of a collegial management and control body never occurred until the adoption on February 27, 2022, the Law of Ukraine № 2465-IX “On Joint Stock Companies”. There is an analysis of the historical development and revaluation of corporate relations influenced by French law, which was hindered by the reluctance of the Russian Empire government to allow incorporation outside state control, and later by the inconsistent Soviet authorities’ policies in corporate law. The author investigates the historical development of corporate governance norms influenced by German law, which operated in the Austro-Hungarian Empire and later in Poland, extending its legislative influence for a certain period onto the territory of Ukraine. After regaining the independence of Ukraine on August 24, 1991, national corporate law both used to ensure the rights of shareholders to incorporate and to define the boundaries of corporate legal personality. All this formed the basis for accepting the one-tier corporate governance structure in 2022. The author considers the unquestionable acceptance of the one-tier corporate governance structure, which is not inherent to Ukrainian law, in the form it was formalized in several Western European countries, as the key characteristic of national legal norms.

Incorporation of foreign timber concessions in Soviet Russia in the 1920s

The article based on legislative acts of Soviet Russia and unpublished sources of the State Archive of the Arkhangelsk Oblast, describes the features of incorporation of Russangloles, Russhollandoles and Russnorvegoles joint-stock companies, operating in the North of Russia in the 1920s. The article analyzes the Standard Agreement on Timber Concessions (1922), which was used by the Soviet state and foreign entrepreneurs in the process of drafting concession agreements in the timber industry and the Scheme for Constructing a Standard Agreement on Timber Concession. The study of these sources allows reconstructing the principle of forming contracts contributing to Russangloles, Russhollandoles and Russnorvegoles functioning.