Major Russian Companies Research Articles

서방제재가 러시아 주요기업의 활동에 미친 영향 분석: 25개 상장기업을 중심으로

After the Ukraine crisis in 2014, Russia has been under economic sanctions from the West. Since the outbreak of the Russia-Ukraine war in 2022, Western sanctions are expanding in various sectors, including individuals, organizations, industries, and trade, and are to continued in the long-term. Among various studies on the effectiveness of sanctions, research discussing whether sanctions against specific targets have the intended effect is emerging. Against this background, this study seeks to analyze the impact of Western sanctions on Russian companies, especially those listed on the Russian stock market. Using panel data from 25 major Russian companies from 2012 to 2021, the author examined factors that affected corporate performance, including Western sanctions, with a fixed effects model. As a result, Western sanctions did not have a significant impact on the business activities of major Russian companies. It was found that the macroeconomic and internal company factors were more decisive factors. This study was unable to include data after 2022 due to corporate data accessibility and release period, therefore this needs to be complemented through additional research.

PROBLEMS OF IMPLEMENTING BUILDING INFORMATION MODELING (BIM) TECHNOLOGY IN CONSTRUCTION

The article explores issues related to design problems and the possibility of using building information modeling (BIM) to solve them. The article begins with the definition of information modeling technology and the scope of its application, the relevance of the topic at the legislative level is indicated. The characteristic features of the modeling levels from 3D to 6D are highlighted and described, conclusions are drawn on their use and solving problems related to BIM. The topic of belonging of the modeling level to a certain stage of design is revealed, special attention is paid to the estimate case. The application of information modeling in the construction industry of Russia is considered. Barriers to the introduction of TIM technologies in the construction industry are highlighted and described, major Russian companies that have already implemented this system in their work are highlighted. Special attention is paid to the lack of domestic databases, software, trained personnel and examples are given to address these issues. The topic of families, the scope of their application, the pros and cons of this modeling method are revealed. There is a plus of working with TIM for designers of private houses, the ease of reading drawings for builders. The possibility of automating the design, construction and operation of the building is noted.

Санкции США против Китая и России: сравнительный анализ

The U.S. foreign policy relies on the use of economic sanctions in relations with both China (PRC) and Russia (RF). The National Security Strategy of the United States identifies PRC and RF as significant threats to the U.S. However, the view of China concentrates on long-term trends, while Russia is an immediate challenge, especially after the launch of its Special Military Operation in Ukraine on February 2022. This difference must have a reflection on the level of sanctions policy against these two targets. The substance of such differences in terms of sanctions instruments in use as well as the quality and quantity of their implementation is central for this article. Another question is about the ways the U.S. Congress and Administration approach China and Russia in terms of sanctions. Are they really on the same page or do they compete in their approaches to Beijing and Moscow? In terms of methodology, Russian International Affairs Council (RIAC) databases represent the major source for comparative analysis. Another source is the U.S. legal acts on sanctions against China and Russia and the practice of their implementation. The analysis reveals major differences in sanctions policy of the U.S. vis-à-vis the two adversaries. Washington implements much wider set of sanctions instruments against Russia in comparison with China. Major Russian companies and sectors of economy are the targets of different kinds of sanctions, while Chinese ones are targeted to a much less extent. The intensity of the use of sanctions is again much greater in the Russian case. Partisan differences in Congress on China are more salient than on Russia, however, disagreements are not critical in both cases. Further aggravation of Sino-American relations may mitigate the differences of sanctions against Russia and China in the future.

Влияние введенных во время пандемии поправок в МСФО 16 «Аренда» на финансовые результаты предприятий

This article discusses the amendment to IFRS 16 «Leases» COVID-19-Related Rent Concessions. An analysis of the content of the amendment and an assessment of the IASB's process for introducing are provided. The practical application of the amendment based on a sample of major Russian companies included to the Expert 400 rating is also considered. The ratio of the number of companies that applied and did not apply the amendment is presented. The disclosure of the effect of the amendment on the financial statements is described, and patterns between the eco-nomic effect of the amendment and financial results are identified. The study reveals that of the companies that publish IFRS financial statements, only 3.9% have applied the amendment. The majority of companies that applied the amendment operates in the retail industry. The effect of the amendment was shown through «negative» variable payments and an increase in other comprehensive income. The analysis of the impact of the amendment on financial reporting showed that the amendment was not significantly beneficial to large companies in Russia, but could potentially help medium-sized and smaller companies.

Countercyclical Financing as a Tool for Facilitating Investment Activity in Russia: An Overview of Approaches

Aim. The presented study aims to investigate the use of the project financing mechanism to increase the investment activity of businesses and to identify opportunities for the allocation of cyclical risks and the corresponding development of project financing conditions.Tasks. The authors briefly overview the investment climate and investment activity of large businesses in Russia; provide a general description of the project financing mechanism in the implementation of investment projects and the allocation of risks among participants; consider the factor of price volatility and the proposed structuring of project financing with allowance for potential changes in prices for the project’s products.Methods. This study uses general scientific research methods (analysis, synthesis, induction, deduction), including analysis of public information through the example of major Russian companies, analysis of the key indicators of investment activity, analysis of risk allocation options in the financial flows of projects. Specific methods of financial analysis are also used to examine the results of the implementation of investment projects.Results. The key indicators of investment activity of the major Russian companies are presented. The possibility of using the mechanism of project financing and risk allocation among participants is determined.Conclusions. The investment activity of a considerable part of large Russian businesses is moderate. At the same time, there is a huge potential for growth using either internal funds (profits, accumulated cash balances) or project financing instruments. An example of using the mechanism of accelerated repayment of debt financing is provided.

Industry 4.0. and an upgrade of the business models of large mining companies

With the depletion of easily accessible deposits and the transition of the industry to the Industry 4.0 principles the need for more than just increasing production volumes and applying new technologies including automation and modern digital technologies, but also for solutions to a number of organizational and socio-economic problems faced by this sector. All these problems are in one way or another related to the change in the business model of extractive companies. Under these conditions, studying the features of the business models of the major Russian companies in the extractive sector under the transition to the Industry 4.0 is a relevant research task. The purpose of this article is to characterize the features of business models of large Russian extractive companies operating in the fuel and energy complex and to describe the possible directions of their transformation under the influence of Industry 4.0. Our analysis of the business models of the major Russian mining companies and comparison to their foreign counterparts showed a certain conservatism in Russian companies and the lag in the implementation of digital platforms, despite the interest of companies’ management in using digital technologies. This is largely due to the low willingness of most companies to complicate their business models and to implement digital transformation. Such trends can be explained by the fact that companies tend to choose a vertically integrated model. They are in the early stages of digital transformation and mainly focused on operational aspects. In most Russian mining companies, the level of automation of production and administrative processes is low, and the use of digital technologies is still limited mainly to pilot projects. To achieve a systemic effect from digitalization, it is necessary to combine the efforts of all interested parties – the government, companies, the innovation community, and academic circles.

Anti-Corruption Potential of Prohibiting the Financing of Election Campaigns by Commercial Organizations

The problem of political corruption is particularly relevant for modern criminological science. The processes of formation and functioning of power, due to their high social significance, have long been subject to negative corruption, and therefore they need a special protection mechanism. The subject of the study is the legal regulation of banning the financing of political activities (election campaigns), as well as its reflection in the local regulations of commercial organizations. The article presents a general description of the illegal financing of election campaigns as a form of political corruption, describes the problems of applying measures of retrospective responsibility in relation to its subjects, and also evaluates the effectiveness of banning the financing of political activities (election campaigns) in the system of preventing this form of corruption. To study the practice of regulating the prohibition in question at the level of local regulations of commercial organizations, the authors conducted monitoring of the official websites of 250 major Russian companies based on the methods of statistical analysis of socio-legal phenomena and processes. The results of the study allow us to conclude that it is necessary to take a set of measures aimed at encouraging commercial organizations to adopt anti-corruption compliance programs which will include a ban on financing political activities (election campaigns), as well as aimed at limiting the possibility of committing relevant corruption offenses

“Зеленые” облигации: тенденции на мировом рынке и в России

Environmental finance has a reputation for delivering market-leading content based on honest and unbiased reporting, cutting-edge research and profound attention to detail. All of the above have placed it at the top of the rapidly growing green bond market. The paper argues that the green label earned with the usage of technologies that prevent environmental pollution or contribute to the stabilization of the environmental situation makes it much easier to obtain external financing on global market. The analysis of the global green bond market dynamics has revealed that almost 70% of the total amount of green bonds were issued in between 2017 and 2019. Based on the data systematization of various open sources the new trends in the global green bond market were identified. The primary trends among them include the growth in the number of smaller deals, the use of mixed funding, the extension of the labelled bonds in the market and the new climate bonds Taxonomy. The conducted analysis of green bonds issues in Russia has shown that the first issue took place in May 2019, although several major Russian companies have been making statements about their intentions to issue green bonds since 2015. The paper states the reasons for the «green» potential reduction as well as for Russia’s low involvement in the global green market. Those reasons mainly are products of immature legislative framework – poor development of regulation and legislation – and lack of its own green bond standards along with the required transparency, accuracy and integrity of disclosed information on issues to stakeholders. The creation of a sustainable development sector on Moscow stock exchange in 2019 provides to increase the issue of green bonds. Having analyzed the stated above the paper proves that the establishing of a unified green investment center linked to the Bank of Russia, as well as increasing transparency and openness of business, not only ensures the increase of green bonds issue in Russia but also contributes to overall environmental stability.

Evolution of the activities of states as reflected in legal and political Teachings

Evolution of the activities of states as reflected in legal and political Teachings

Triple bottom line and corporate social responsibility performance indicators for Russian companies

This article analyses the relationship between Triple Bottom Line (TBL) and Corporate Social Responsibility (CSR) performance indicators: EBITDA, Emissions Score, Resource Use Score, Environmental, Social and Governance (ESG) Score, Environmental Innovation Score, Product Responsibility Score, CSR Strategy Score, Management Score, Shareholders Score. The paper develops the 3-overlapping-circles sustainability model in the context of CSR performance indicators. The data in this study represents scores of 34 major Russian companies, which operate domestically and abroad, in particular, in developing regions like Africa. The mathematical methods like regression has approved the link between environmental innovations and ESG level. It is the first empirical research using this approach for analysis of CSR performance indicators in Russia, because the same data was unavailable before. The paper suggests that environmental innovations and ESG level is linked to Russian largest companies. If business is stimulated towards environmental innovations and R&D. It gives more projects and make the ESG level higher. Paper proposes the concept of TBL in Russian companies for increasing level of ESG and business performance (EBITDA). Understanding how 3-overlapping-circles model implementation can improve CSR performance indicators is a significant question. In addition, we analyzed regression of CSR performance indicators in 2018 year for Russian large companies to find the optimal solution.

Уровень доверия в организации как фактор повышения эффективности внедрения новых технологий менеджмента

Improving the competitiveness of Russian enterprises is impossible without the introduction of advanced production and management technologies. The article attempts to study the practice of introducing new management technologies in a number of domestic enterprises, to establish the level of eff ectiveness of this process and to formulate the main problems that prevent companies to implement this process as effi ciently as possible. One of the important problems of eff ective implementation of these technologies is the low level of organizational trust of the company’s employees to its management. This state of aff airs signifi cantly aff ects the eff ectiveness of both implementation procedures and the practice of using new management technologies in the daily activities of domestic enterprises. The early elimination of contradictions between the company’s management and its employees is the way to solve the problem of increasing the level of organizational trust. The article presents the results of a study of the level of trust in one of the major Russian companies. The use of the method of assessing the level of trust allowed to identify the causes of the difficulties encountered in the organization and to develop ways to increase the level of trust in the organization.

Real Estate Sale: The Predominance of Economic Substance over Legal Form in Some Jurisdictions is Problematic

In recent years, when selling real estate objects, Russian organizations use the account “goods shipped” recommended by the national regulator for use in this case, the balance of which in the balance sheet relates to current assets. In connection with the amendments to the Tax code of the Russian Federation, the use of this account is doubtful, as it is necessary to apply the requirement of priority of the economic nature of transactions over their legal form. In practice, most Russian companies are serious about compliance with the requirements of the regulator, as a result of which, actually sold real estate is reflected in the same section of the balance sheet, which reflects the fixed assets only intended for sale. The authors studied the annual financial statements of many major Russian companies, including the provisions of their accounting policies, and the order of reflection in the financial statements of real estate, state registration of a new owner, which occurred in the next reporting period. The study showed that most organizations do not disclose their accounting policies on this issue, which indicates that they follow the recommendations of the regulator, in the minority there are organizations that make the appropriate disclosure of accounting policies, but the position of accounting policies coincides with the opinion of the regulator. In the article the authors suggest ways to solve the situation.

Исследование аксиологических доминант в жанре пресс-релиза на основе методов автоматического извлечения ключевых слов корпуса текстов

The relevance of the work is determined by the interest in the study of discursive practices by corpus linguistics methods. The subject of the analysis is the axiological dominants of a genre that are objectified by key words, extracted from the corpus by statistical methods. The authors aim to show the specificity of the value dominants of the Russian-language genre of press release based on the use of the keyword method of the corpus methodology and an algorithm developed using the programming language Python, based on the measure tf-idf, which allows to objectively identify lexical and semantic dominants that represent value meanings. The study was conducted on the material of a representative specialized corpus, that combine texts of press releases posted on the official websites of major Russian companies between 2017 and 2019. Based on the analysis of lexical choices, it is established that the texts of press releases of the companies are addressed to professional investors, as well as to a wide discursive community. It is shown that the discursive practices of energy sector companies emphasize the prospects of development, care for the environment, the importance of their activities for society in general. Companies in the manufacturing sector emphasize the achievements and highlight quality and domestic origin of products. Retail network companies are focused on utilitarian values of choice, convenience and economy.

Real Estate Sale: The Predominance of Economic Substance over Legal Form in Some Jurisdictions is Problematic.

In recent years, when selling real estate objects, Russian organizations use the account “goods shipped” recommended by the national regulator for use in this case, the balance of which in the balance sheet relates to current assets. In connection with the amendments to the Tax code of the Russian Federation, the use of this account is doubtful, as it is necessary to apply the requirement of priority of the economic nature of transactions over their legal form. In practice, most Russian companies are serious about compliance with the requirements of the regulator, as a result of which, actually sold real estate is reflected in the same section of the balance sheet, which reflects the fixed assets only intended for sale. The authors studied the annual financial statements of many major Russian companies, including the provisions of their accounting policies, and the order of reflection in the financial statements of real estate, state registration of a new owner, which occurred in the next reporting period. The study showed that most organizations do not disclose their accounting policies on this issue, which indicates that they follow the recommendations of the regulator, in the minority there are organizations that make the appropriate disclosure of accounting policies, but the position of accounting policies coincides with the opinion of the regulator. In the article the authors suggest ways to solve the situation.

Coordinating Council for Youth in Science and Education Under the Russian President’s Council for Science and Education

Coordinating Council for Youth in science and education under the Russian President’s Council for Science and Education began its work in 2007. In 2011, the leadership of the country was given the task of creating youth innovation center (YIC) for large companies, which would attract young scientists from universities and research institutes and created them certain conditions for the implementation of their ideas and developments in practice. Company, which responded to the offer of the President of Russia was "IDGC Holding» (http://www.holding-mrsk.ru/) JSC IDGC Holding. As a result, half past year a number of youth innovation centers were created. Such cooperation with the Coordination Council was born and practically embodied the very constructive idea of the first National Youth Competition intensive innovative ideas and projects titled "Future Energetics". This competition was attended by over 180 participants from more than 81 regions of Russia. Now our task to invite all the leaders of the Russian economy. There already exist a preliminary agreement to hold similar competitions industrial grants to other major Russian companies. In the future, we want these competitions, but rather a system of working with young scientists, not only with universities and institutions, but also with some promising innovators and their teams have been stated in the program of innovation development of any company, not necessarily belong entirely to the state. And it's not so distant future, it may seem, but rather an imperative.

СТРУКТУРА КОМПЕНСАЦИОННОГО ПАКЕТА ТОП-МЕНЕДЖЕРОВ: АНАЛИЗ РОССИЙСКОЙ ПРАКТИКИ

The article discusses the structure of the compensation packages of top managers and peculiarities of the rewards of managers in this group. The theory of agents’ relations and the concept of strategic management are used as the methodological basis for the requirements for bonuses and compensation packages of the top managers, which define their characteristics. The analysis of the practice of forming top managers’ compensation packages is based on the data from the major Russian companies sharing the ownership with the State. The analysis shows that in 2014 - 2015, in accordance with the requirements of the transparency of confidential information, the companies approved a new edition of the Corporate Governance Code. The annual reports based on this Code reflect more comprehensive information about the systems, the amount and structure of bonuses of the boards of management and the collective management bodies. The reward systems are built using the key factors of the work performance. Meanwhile, in some companies the rate of bonuses growth outpaces the growth of the net income and revenue. For the management purposes, the authors propose to structure the compensation packages according to the functions of the compensation policy. The compensation packages of the top managers of Russian companies are compiled using the elaborated approach. The requirements for the formation of the compensation packages of top managers are determined in the article. In order to eliminate the discrepancy between the rate of change in the bonuses of top-managers, the revenue and the net profit, it is proposed to establish a coefficient of concordance, which has to be approved by the board of management. The bonuses to members of the Board from the annual net profit should be determined according to the approved coefficient of concordance and the value of bonuses received over the year. The results presented in the article will be used in the future studies on the development of theory and practice of the compensational management.

Organization of the efficient System of Corporate healthcare managementin Russian industrial Companies

Статья посвящена проблемам организации корпоративной медицины в крупных российских компаниях. Роль социальной ответственности бизнеса, в частности в сфере здравоохранения, значительно возросла за последние годы. В связи с этим особую актуальность приобрели вопросы построения системы управления корпоративной медициной, которая сочетала бы высокое качество предоставляемых услуг и экономическую эффективность. Анализ зарубежного опыта продемонстрировал отсутствие такого понятия, как «ведомственная медицина». В то же время многие промышленные компании в России уже имеют исторически сложившуюся систему собственных лечебно-профилактических учреждений. В целях повышения эффективности управления корпоративным здравоохранением руководству необходимо принять решение сохранить собственную медицину либо передать ее на аутсорсинг, как это принято в западных странах. В статье проанализированы преимущества и недостатки применения аутсорсинга в области корпоративной медицины в российских условиях. Авторы приходят к выводу, что с учетом современной ситуации на рынке аутсорсинга в России риски передачи системы здравоохранения в управление сторонним организациям превышают потенциальные выгоды. Далее в статье проводится сравнительный анализ различных форм управления лечебно-профилактическими организациями в рамках модели «инсорсинга», в частности централизованной и децентрализованной системы. Авторы рассматривают лучшие практики организации корпоративной медицины в таких корпорациях, как РЖД, «Газпром», Магнитогорский металлургический комбинат (ММК), Новолипецкий металлургический комбинат (НЛМК), АЛРОСА. Выводы, приведенные в статье, являются основой для трансформации системы управления здравоохранением в крупных промышленных компаниях. Примером такой трансформации является комплексное реформирование корпоративной медицины в компании «Металлоинвест».

ASSESSMENT OF THE RELIABILITY OF FORECASTS RATING AGENCIES

Credit ratings are considered an important forecasting tool at the stock market. This article offers an evaluation technique for ratings’ reliability, based on the comparison of current rating changes with changes in the exchange rate of the corresponding financial instruments in the medium term. In this article, we evaluate the reliability of the sovereign credit ratings of Russia, the USA and Japan. We also evaluate rating forecasts of domestic and foreign agencies regarding several major Russian companies. We conclude that the ratings’ reliability is not very high. Notably, foreign agencies’ evaluations regarding Russia are less reliable than their evaluations of the USA and Japan . The forecasts of international agencies regarding Russian issuers are less precise than the similar forecasts published by Russian agencies.

Integrated roadmaps and corporate foresight as tools of innovation management: The case of Russian companies

The article elaborates an approach of combining Foresight and integrated roadmapping for corporate innovation management. The proposed management instrument goes beyond the existing roadmapping and corporate Foresight approaches by integrating them and showing the interface to corporate strategy building. Corporate Foresight and integrated roadmaps are closely interlinked and show reasonable potential to maintain the current level of organizational innovation culture and also enable future improvements. We propose a new roadmap structure and reveal the main ways to use this technique in business planning. Finally, the paper applies the suggested approach through case studies of major Russian companies in the oil & gas, energy, and aviation sectors.

"Loans for Shares" Revisited

The "loans for shares" scheme of 1995-1996—in which a handful of well-connected businessmen bought stakes in major Russian companies—is widely considered a scandalous affair that had disastrous consequences for the Russian economy. Fifteen years later, the details of the program are reexamined in light of evidence available today. The conventional wisdom about "loans for shares" is analyzed in terms of how much of the market the stakes involved represented; the pricing in terms of international practice; the scheme's place in Russia's increasing wealth inequality; who the biggest beneficiaries were: and the firms' role in Russia's rapid growth after 1999.