Public Joint Stock Companies Research Articles

About the role of PJSC «Krasnoe Sormovo Plant» in providing logistics for water transport in Russia

This work is devoted to the analysis of the role of PJSC «Krasnoe Sormovo Plant» in providing logistics for water transport in Russia. The article provides information about the history of the company's development from the moment of its creation to the present. Special attention is paid to the activities of PJSC "Krasnoe Sormovo Plant" on the development and implementation of plans for the renewal of the fleet of ships in the modern period, which depend on the conjuncture of the freight market, the availability of credit resources, the general state of the economy, the development of the transport system, the state of port facilities and waterway infrastructure. Statistical data characterizing the financial and economic condition of a public joint stock company are presented. The promising areas of activity of PJSC "Krasnoe Sormovo Plant" to meet the needs of the state in implementing a policy of improving transport logistics, attracting additional cargo flows to inland waterway transport are outlined.

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.

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

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.

Moderating Role of Audit Committee Effectiveness on the Relationship between Board Gender Charateristic and Quality If Integrated Reporting Among Firms Listed In Nse

The Audit Committee is claimed to bolster the reliability and precision of financial statement data by managing risks and advocating for ethical conduct within businesses. Its duties include examining financial information, supervising internal audits and auditor impartiality, verifying data presented to the board and shareholders, and scrutinizing ethical matters. Therefore, integrating the Audit Committee into public Joint Stock Companies (JSCs) has the potential to yield benefits for both the organizations and their stakeholders. Firms need to facilitate collaboration between the board and the audit committee to ensure alignment on strategic goals, risk management priorities, and reporting objectives. They also need to leverage the diverse perspectives and expertise of board members, including gender-diverse members, to inform audit committee discussions and decisions. Encourage open dialogue and information sharing between the board and the audit committee to enhance transparency and accountability in the reporting process. By implementing these strategies, firms can leverage the gender diversity of board members and the effectiveness of the audit committee to improve the quality of integrated reporting, leading to better decision-making, enhanced stakeholder trust, and long-term sustainable growth.

Public Joint Stock Company Mobile Telesystems And Turkmenistan ICSID Case No. Arb(Af)/18/4 Award 14 June 2023

Public Joint Stock Company Mobile Telesystems And Turkmenistan ICSID Case No. Arb(Af)/18/4 Award 14 June 2023

Ключевые вопросы аудита в аудиторских заключениях о бухгалтерской (финансовой) отчетности публичных акционерных обществ за 2022 год

This article analyzes the section “Key Audit Issues” of audit reports issued by auditors on the accounting (financial) statements of the largest Russian public joint-stock companies for the 2022 reporting year, presented in the State Information Resource of Accounting Reports as of July 1, 2023. The author concluded that the audit reports are dominated by key audit issues related to the assessment of accounts receivable for settlements with buyers and customers, as well as financial investments in subsidiaries.

The effects of the public joint stock companies’ conversion on partners and creditors of the company "A comparative study between the Emirati and the Jordanian laws"

Purpose – This paper aims to investigates the concept of conversion and will discuss the effects of conversion on the partners and the company's creditors without discussing the effects of conversion for the converted company. Design/methodology/approach – This article compares two jurisdictions in middle east – United Arab Emirates, and Jordan. To find out how both jurisdictions have dealt with the effects of the public joint stock companies’ conversion on partners and creditors of the company. Findings – The article reached a set of findings, for example, it is not permissible for the transferred company to dissociate itself from the contracts that it had concluded before the transfer. The UAE legislator has done well when it explicitly stated that the rights of the partners or shareholders may not be violated towards the shareholders and creditors of the transferred company, holders of loan, bonds, or sukuk, and any interested party. Originality/value – Previous studies have been based on one jurisdiction, other than this study, which compared two jurisdictions in the middle east. Also, this article examined the recent commercial companies law issued in the United Arab Emirates. In addition, this article focused on one type of company, which is the public joint stock company.

ОСОБЛИВОСТІ РОЗКРИТТЯ ІНФОРМАЦІЇ У ФІНАНСОВІЙ ЗВІТНОСТІ ЗА МІЖНАРОДНИМИ СТАНДАРТАМИ

In Ukraine, quite a few enterprises prepare reports in accordance with international standards: large enterprises, public joint stock companies, insurance companies, private pension funds, and others. The article provides statistical data on the number of enterprises that are required to prepare reports in accordance with international standards by type and year. The main motivation for the decision to switch to international financial reporting is the need to attract foreign investment in the company's operations. The most expensive assets of such enterprises are usually fixed assets, which are available at each enterprise and, accordingly, depreciated. The start date of depreciation under national and international standards is different. The proposed sequence of actions in recalculating the amount of accrued depreciation of fixed assets as of the date of transition to international standards will allow to reliably assess their carrying amount. The paper describes the peculiarities of preparing notes to the financial statements in accordance with international standards. It is established that the financial statements prepared in accordance with international standards are significantly expanded in relation to the financial statements of Ukrainian enterprises prepared in accordance with NAR(S). The main indicators in the notes to the financial statements prepared in accordance with IFRS of many companies are similar. However, some companies highlight specific features related to their core business. Each analysed company, in addition to the accounting policy, discloses in detail in the notes those accounting items that best characterise its business activities. It was found that some of the analysed companies in their accounting policies for fixed assets do not comply with the minimum terms of their use provided for by the Tax Code of Ukraine, which leads to misstatement of financial statements. From year to year, the number of Ukrainian companies preparing financial statements in accordance with international standards is increasing due to legal requirements or business motives: entering the foreign market, searching for and attracting foreign investors, establishing joint ventures, etc. Financial statements prepared in accordance with IFRS allow for a broader presentation of information about the company's activities, in particular, by using a taxonomy and expanded presentation of information about the company's activities in the notes.

Analysis of the Sensitivity of the Corporation's Market Activity Indicators with a Neutral Approach to the Dividend Policy

Under the conditions of a modern developed market economy, a fairly important characteristic of the activities of a public joint stock company (PJSC) is its activity on the stock market (market activity). This involves the development of a dividend policy, which, on the one hand, should contribute to achieving the main goal of financial management - maximizing the material well-being of shareholders , and, on the other hand, take into account the interests of all other stakeholders interested in the activities of the PJSC (including potential investors) to ensure its sustainable development in the long term. Fulfillment of this requirement is possible only within the framework of a neutral approach to the dividend policy of the public joint stock company. In this regard, the purpose of the research is to study the market activity of a public joint stock company by analyzing the sensitivity of its most important indicators to their main determining factors under the conditions of a neutral approach to the implementation of dividend policy. The working hypothesis is to consider the possibility of using the relevant elasticity models as tools for analyzing the sensitivity of the most important indicators of market activity of PJSCs to their main determining factors under the conditions of a neutral approach to the implementation of dividend policy. The generated elasticity models of the most important indicators of market activity are expected to be used in forecasting and analytical assessments of changes in their values. In addition, they will make it possible to reveal the reasons for these changes by determining the influence on the elasticity data of the determining factors included in their models through appropriate methods and techniques of factor analysis with a neutral approach to the dividend policy of a public joint stock company. The author concludes that the elasticity models he developed for the most important indicators of the activity of a public joint stock company on the stock market are sufficiently effective to change their main determining factors as tools for managing the market activity of a public joint stock company with a neutral approach to its dividend policy.

Sustainable growth of modern corporations as the major factor for ensuring strategic development

The article highlights some issues related to the topic of sustainable growth of modern companies. In general, this topic is quite broad and is not limited to the activities of companies. It is also about how to ensure sustainable growth in the global economy in the near future and in the long term. For this purpose, the states are joining their efforts to control harmful emissions into the atmosphere, ensuring clean seas and oceans, preserving forests from fires, etc. And if we bear in mind that without the direct participation of business -public and private -it is impossible to cope with this problem, then all companies should build their strategy in such a way as to contribute to this multifaceted programme. The article discusses modern concepts to ensure the growth of companies operating in a difficult economic and political environment. According to the given calculation algorithms, the indicators of sustainable and optimal growth of three Russian public joint stock companies, Severstal, NLMK, and MMK, are determined and evaluated for the period from 2019 to 2021.

Анализ патентной и научной литературы в области гидроразрыва пласта

The article searches and analyzes patent and scientific literature in the field of application of hydraulic fracturing technologies. A review and analysis of publications from open sources is presented, in which articles and abstracts on technologies used during hydraulic fracturing were published. As a result, leading journals were identified that presented publications on applied hydraulic fracturing technologies. The leaders in the publication of articles related to hydraulic fracturing technologies are: Bulletin of Science, Exposition “Oil, Gas”. A search and analysis of patent documentation for hydraulic fracturing technologies that are directly used in the Russian Federation was also carried out. Patent analysis showed that the main patent holder for technologies used during hydraulic fracturing in the Russian Federation is the Public Joint Stock Company Tatneft named after V.D. Shashin. This analysis will allow us to assess the potential of solutions proposed by scientific and industrial teams in the field of hydraulic fracturing.

Sources of Financial Support for Small and Medium-sized Enterprises: the Case of the Sakha Republic (Yakutia)

The article reviews small and medium-sized businesses in the Sakha Republic (Yakutia), and their role and significance in the economy of the republic. The purpose of the study was to determine the available financial opportunities for the development and support of small and medium-sized businesses in the Sakha Republic (Yakutia). The system of available sources of financial support in the region was considered, including government programs to support small and medium-sized businesses, subsidies, grants aimed at supporting their activities, preferential bank loan programs and microloans for small and medium-sized businesses. An analysis of available financial sources showed their limitations and inaccessibility for most small and medium-sized enterprises that do not have sufficient collateral, bank guarantees and sureties. Most of the representatives of small and medium-sized enterprises in the republic do not have timely accessible information about the proposed sources of financial support from government authorities. At the same time, not all enterprises cope with filling out the required documentation to receive financial support. The work provides a comparative analysis of preferential interest rates and loan terms for small and medium-sized businesses that have official programs in the Sakha Republic (Yakutia). For this purpose, the official partner banks of the Microcredit Company of the Entrepreneurship Development Fund of the Sakha Republic (Yakutia) were selected: VTB Bank PJSC (Public Joint Stock Company), AKB (Joint Stock Commercial Bank) “Almazergienbank” Joint Stock Company (JSC) and Joint Stock Company (JSC) “Asian-Pacific Bank”. As a result of the analysis, the work identified the most effective sources of financial support for small and medium-sized enterprises in the Sakha Republic (Yakutia). The work provides examples of successful projects that have received financial support in the republic. Based on the study, recommendations were proposed for improving the system of financial support for small and medium-sized businesses in the Sakha Republic (Yakutia).

Содержание управления корпоративной социальной ответственностью

The article discusses the concept, content of activities, phases of the corporate social responsibility management process, functions and CSR management system. Based on the analysis of various approaches to determining the content of social responsibility management, typological characteristics of the CSR management process are highlighted. The thesis is substantiated that the CSR management process includes additional functions, along with the traditional management functions adopted in management. The paper also describes the corporate organizational mechanism of CSR management on the example of large public joint stock companies.

Revenue reflection in the auditor’s report on accounting statements

Organizations whose securities are traded with the organizers of trading on the securities market, which include public joint-stock companies, are subject to mandatory audit. In the audit reports, according to the requirements of the international auditing standard 701 issued to such organizations, the key audit issues should be disclosed. Very often, auditors opt for such a key issue as “revenue recognition”. The article deals with situations when the choice of the subject of a key question on revenue seems insufficiently justified, and the wording of the key questions is as identical as if their text were standardized, while the adoption of standard 701 had the opposite goal — information transparency, specificity and reflection of the characteristics of the activities of each audited entity. The article uses examples to reveal various approaches to the disclosure of revenue information in key audit issues. During the research, such methods as analysis and synthesis, comparison, grouping, analogy, logical and systematic approaches were used. The research results obtained in this article can be applied in the practical work of modern organizations, in the educational process of higher educational institutions and in the development and reform of regulatory documents on accounting, reporting and auditing. The results presented in this paper will also be useful to a wide range of readers interested in modern problems of accounting, reporting and auditing at the domestic and international level.

A Model of ESG-Transparency Index in Corporate Reporting

The increasing importance of Environmental, Social, and Governance (ESG) assessments in advancing the international sustainable development agenda necessitates the disclosure of ESG reporting information by public companies. Such disclosure plays a crucial role in facilitating effective global business communication with stakeholders and enhancing the credibility of ESG transparency measurements. The primary objective of this study is to develop and validate a robust model for a business transparency index. By leveraging mathematical tools, this model quantitatively measures the level of Environmental, Social, and Governance (ESG) transparency, taking into account the requirements of stakeholders and evaluating a public company's ability to disclose comprehensive information.The research hypothesis posits that assessing ESG transparency in public company reporting based solely on the "quantity" of estimated values, while neglecting the critical factors of "quality" and "reliability," undermines the accuracy and reliability of the results. By utilizing existing mathematical tools, a business value management model is constructed, incorporating a balanced system of "quantity," "quality," and "reliability" factors present in the ESG information disclosed in public company reports.The research methodology adopts a comprehensive approach, combining logical and structural analysis, mathematical modeling, and content analysis methods. A thorough examination of the regulatory framework, international and Russian practices, and scientific research in ESG disclosure reveals the emergence of authoritative professional standards and frameworks between 2000 and 2023. These standards and frameworks play a pivotal role in shaping the disclosure of financial and non-financial information related to sustainable development in corporate reporting. However, a significant gap exists in established practices for determining ESG transparency levels. Current "transparency indices" fall short in incorporating these factors, leading to methodological incomparability and gaps in assessing the "quality" and "reliability" of estimated values.To address this gap, the authors propose a novel mathematical model for the ESG transparency index in corporate reporting. This model effectively integrates the factors of "quantity," "quality," and "reliability" within the disclosed information of public companies. Through a comparative analysis of disclosure and verification practices across various types of activities within Russian public joint-stock companies (PJSCs), the established model enables the creation of an industry rating gradation. This rating gradation assists in determining the level of information disclosure about public companies' activities, fulfilling societal (state) requirements and optimizing business objectives.

On the conceptual project of an environmental management system at a pharmaceutical biotechnology enterprise

In our opinion, the ability to prevent or avoid negative impact on the environment by pharmaceutical industry organizations in normal situations fully depends on the environmental management system of the quality management system of the production enterprise. During the work, according to the set goals and objectives, an analysis of the accounting and reporting documentation of pharmaceutical manufacturers was carried out based on environmental international and domestic regulatory acts and documents in the paradigm of sustainable development. We have proposed a Conceptual project of an environmental management system in the form of a block diagram of nature conservation documentation for category II hazardous waste facilities of pharmaceutical biotechnology enterprises. Individual documents and document templates were developed in such a way as to cover the most common accounting and reporting documents filled out by a pharmaceutical industry production enterprise based on principles of social responsibility in environmental protection. It is necessary to note the relevance of introducing and balancing non-financial and financial reporting in the quality management system of pharmaceutical production enterprises, taking into account their social responsibility and personnel work. The results obtained can be used in the quality management system of pharmaceutical industry organizations - drug manufacturing enterprises using biological and chemical technologies when implementing projects during the development of nature conservation documentation for environmental management system projects with the aim of developing a project for social responsibility and non-financial reporting, not just for public joint-stock companies.

METHODS OF VALUATION OF ITEMS OF FINANCIAL REPORTING OF UKRAINIAN ENTERPRISES: UNIFICATION OF NATIONAL AND INTERNATIONAL STANDARDS

The purpose of the paper is to unify the methods of valuation of items of financial reporting of Ukrainian enterprises on the basis of national and international standards. Methodology. The theoretical aspects of the study are based on international accounting and financial reporting standards, as well as national accounting regulations (standards). The applied aspects consist in specifying the methods of valuation of certain objects of accounting (assets, liabilities, income, expenses) and their reflection in the financial statements. The results of the paper made it possible to determine the conditions for the implementation of international accounting and financial reporting standards in Ukraine. It was shown that their implementation began in 2007 and was completed in 2012 by public joint stock companies due to the requirements for placement of securities on stock markets. The impact on the implementation of international accounting and financial reporting standards by Ukrainian enterprises in connection with the signing by Ukraine of the Association Agreement with the European Union was determined. The characteristics of the Anglo-American and continental accounting models, their regulatory standards, existing differences between US GAAP and IFRS/IAS, work on their harmonization with a view to creating an international accounting model were presented. The methods of valuation of items of financial reporting were systematized: historical cost, present value, net selling price, fair value or amount of expected compensation. Their advantages, disadvantages and scope of application were determined. The cost approach to the valuation of financial reporting items and the prospects for its use were examined in more detail. It was shown that enterprise value is characterized by indicators reflected in balance sheet, off-balance sheet and financial statements. The information model for determining the value of an enterprise on the basis of financial statements was proposed. The methods of value determination depending on the organizational and legal form of an enterprise were differentiated. The sources of formation of its market and fundamental value have been clarified. The informational capacity of the items of the financial statements of an enterprise was estimated. The practical implications include the creation of an information model for determining the value of the company according to financial reporting, the substantiation of recommendations for regrouping its items for the needs of management accounting, and the creation of additional reporting forms – a value statement and a value-added statement. Value/originality. The methodological recommendations for the harmonization of the systems of financial and management accounting of added value were substantiated in terms of: recognition of income generated by fully depreciated assets; capitalization of financial costs; use of 8-class accounts; off-balance sheet accounting to reflect non-financial information about capital and integrated added value of a company; simplification of the tax system by introducing a single value added tax, which will absorb income tax and lead to further harmonization of financial and tax accounting.

Legal support of corporate legal relations: priority in terms of imperative or discretionary nature

Current state of legal support for corporate relations and doctrinal approaches to determining the priority of their mandatory or dispositive regulation have been analyzed. Attention has been drawn to the fact that in order to ensure unimpeded exercise of subjective corporate rights by each participant of a corporate organisation, a balance of regulatory regulation and self-regulation should be developed, which should be built from mandatory requirements to discretionary principles.
 At the current stage of the corporate legislation development, there is a combination of dispositive and mandatory mechanisms of regulatory support of corporate legal relations. The regulatory framework for the establishment, operation and termination of corporations, as well as the exercise and protection of the rights of their participants (shareholders), does not allow a clear answer to the question of the priority of applying the dispositive or mandatory method to these relations. Despite the fact that corporate relations being civil are subject to the general principles of civil law, the need to ensure the stability of civil turnover and protect the rights of their participants necessitates the urgent regulation of certain aspects of corporate movement.
 It has been identified a tendency to expand the scope of dispositive principles in the mechanism of legal regulation of corporate relations. It is clearly crystallised in relation to certain organisational and legal forms of corporate entities. For objective reasons, it is less evident in relation to a public joint-stock company. The development of self-regulatory elements in relation to a limited liability company could be welcomed, given its intermediate position between the classic business entity such as a joint-stock company and a general or limited partnership. However, with regard to a private joint-stock company, the possibility of strengthening the dispositive principles should be taken with caution. Despite its non-public nature, such a company remains, first and foremost, a capital association and should not be transformed into a limited liability company, and its shares should not be recognised as a surrogate for securities.
 Although the corporate agreement contains provisions on the exercise (refusal to exercise) of corporate rights by participants (shareholders), they are not local, but are individual regulators that do not apply to the scope of the company's functioning and activities, which does not indicate the normative nature of such a contractual structure.

The implications of conversion for the converted public joint stock companies

The phenomenon of company conversion is on the rise, both in the United Arab Emirates (UAE) and Jordan. This study aims to investigate the concept of conversion and examine the implications it has on the converted company. We explore the continuity of the converted company’s legal personality and discuss its significant outcomes, whether affecting the converted company itself or others involved. Specifically, we analyze the impact of the conversion on the company’s pre-conversion obligations, liabilities, and contracts. Furthermore, we examine the regulations governing the new form adopted by the converted company, both in its internal operations and relationships with partners, as well as its external interactions with others. Additionally, we provide an explanation for the capital increase when a company converts into a public joint stock company. The problem addressed in this paper is to determine the consequences of conversion for the converted company. To investigate this topic, we employ analytical and comparative methodologies. We conclude that the conversion of a company does not lead to the termination of the transferred company’s legal personality and the creation of a new legal entity.