Russian Market Research Articles

State and trends in the development of the microfinance market in Russia

The relevance of the article is due to the insignificant contribution of microfinance to the development of the Russian economic system, especially in the context of supporting small and medium-sized businesses. However, the regulator sees it as a promising sector of the financial market and considers its progressive development necessary. The purpose of the work is to study the current state and identify trends in the development of the microfinance market in Russia. The methodological basis of the study includes empirical observation and analysis. During the work, official statistical data and scientific publications on the topic of microfinance have been used. The article provides a review of current legislative documents regulating the microfinance sector, and analyses the state of the market based on statistical data. It is substantiated that some elements of the monetary and financial policies pursued in the Russian Federation can be applied for the successful development of the microfinance sector, contribute to its effective and balanced work, and improve accessibility and sustainability. In the course of the work, key directions for the development of the microfinance market are formed: improving regulation and supervision; promoting financial literacy of the population; application of digital technologies; expansion and diversification of the product portfolio, development of partnerships, social entrepreneurship, which contribute to the sustainable development of this segment of the financial market. Particular attention is paid to a detailed analysis of improving the regulatory framework for microfinance in Russia from the point of view of legislation on bankruptcy of individuals, stimulating innovation and digitalisation, and supporting social entrepreneurship.

Research of opportunities for the ecosystem approach to career planning by students at the State University of Management

The article presents the results of studying the possibilities of an ecosystem approach to career planning by students at the State University of Management (hereinafter referred to as SUM). At first, the gap between the level of practical training of graduates of Russian universities and the requirements of employers has been actualised. Then, the need for joint efforts of all interested labour market participants to create conditions for students’ conscious planning of career growth at all stages of education is emphasised. The experience of intra-university cooperation using the STC (student team consulting) method between the marketing department and practical training department in 2022–2023 has showed that solving this problem involves integrating, on an ecosystem basis, activities for the study of professional academic disciplines, project-based learning, practical training, and employment. As an experiment, 6 student consulting teams have solved a set of interrelated tasks, including the creation and ongoing maintenance of the Career Centre page in the VK social network, advertising campaigns and interviews at “Career Day in Transport and Logistics”, surveys on the employment of graduates and assessment of student satisfaction with practical training, analytical review of the labour market in Russia in 2020–2023 with a report at the All-Russian scientific and practical conference, examination of 5 ideas for marketing research projects in the field of career planning by students of the SUM with testing in social networks and assessments of the influence of actors in its ecosystem. In conclusion, based on the results of the research, the directions for the ecosystem approach to career planning by students at the SUM are formulated.

Характеристики современного русского рекламного технического дискурса

This article is devoted to the analysis of the Russian advertising technical discourse. The subject of the article is the sociolinguistic features of the Russian advertising technical discourse on the example of electronic technical advertising in 2024, addressed to a mass audience. Materials and methods. The empirical material was electronic advertising messages created to promote high-tech products in Yandex in 2024. The sample size for the article was 146 texts of technical advertising. Interpretive analysis and the method of content analysis were used in the analysis of the material. Results. The results of the study showed that, taken together, the characteristics of the RATD are multifaceted: there is not only reflects confidence in technical achievements and professionalism, but also unites there is an emphasis on urgency, safety and creativity, as well as on the orientation on national culture and spiritual and cultural values. The RATD also demonstrates a new feature of modern technical advertising - interactivity. Together, these elements have formed a unique style of RATD. The results of the research can be used in practical work by advertising specialists promoting technical and high-tech products on the Russian market; in lecture courses on technical discourse and advertising discourse.

The state of the Russian agricultural machinery market under sanction pressure conditions

The article is devoted to assessing the development of the Russian market of agricultural machinery (AHT) over the past 10 years. An analysis of the production of the main types of agricultural products, market dynamics, changes in market structure, volumes of purchases by agricultural producers, and the presence of agricultural products in Russian agriculture are presented. For a comparative analysis of the agricultural tractors being sold, their main technical and economic indicators are presented. Calculations were made of the main operational properties (performance, fuel consumption) of tractors of similar traction classes of the Belarus family and Chinese-made tractors presented on the Russian market. Based on correlation analysis, the relationship and direction of indicators were verified: renewal rates, retirement rates and the availability of a fleet of agricultural machinery; acquisition of agricultural equipment and renewal and disposal rates; acquisition of agricultural equipment and availability of agricultural machinery in agricultural organizations. Quite a strong relationship between the indicators: “purchase of agricultural products” and “availability in agricultural organizations” (correlation coefficient r = 0.676 — 0.99), a significant relationship between the indicators: “retirement rate” and “availability of combine harvesters” (correlation coefficient r = from — 0.588 to -0.664), “purchase of tractors” and “disposal coefficient” — r = –0.445, there is practically no relationship between the indicators: “purchase of tractors” and “availability of tractors” — r = –0.06, “renewal coefficient” and “availability grain harvesters” — r = -0.183, “purchase of forage harvesters” and “disposal rate” — r = –0.187. When analyzing the performance properties determined in this study, it was revealed that Chinese tractors presented on the agricultural machinery market will provide significant competition to tractors of the Belarus family.

Self-Interest over Ethics: Firm Withdrawal from Russia After the Ukraine Invasion

AbstractDrawing on contrasting theoretical perspectives of self-interest and utilitarian/ethical motivations, we examine the degree to which a company's pace of departure from Russia after the Ukraine invasion is driven by its exposure to the Russian market. Moreover, we investigate whether firm-level political and non-political risks influence the propensity to delay or expedite the exit/withdrawal process. Contrary to utilitarian expectations advocating for ethical exit decisions irrespective of exposure and risks, firms with higher Russian exposure were less likely to exit sooner, indicating a prioritization of business interests over ethical imperatives. This self-interest effect was further amplified by heightened political risks but attenuated by non-political risks. These findings remained consistent across various model specifications, with limited discernible variations based on firm characteristics such as ranking, COVID-19 exposure and risk, past idiosyncratic volatility, or family ownership and control. In addition, an examination of post-exit effects on profitability, risk, cost of capital, and liquidity revealed no statistically significant relationships. Our study highlights the prevalence of self-interest motivations over utilitarian principles, as firms with substantial Russian exposure prioritized safeguarding their business interests in the aftermath of the Ukraine invasion, even at the potential cost of ethical and social responsibility imperatives.

Analysis of the Russian market of educational programs in the field of additional professional education for specialists of pharmaceutical companies

Abstract Aim conduct an analysis of the Russian market of educational programs in the field of additional professional education for specialists of pharmaceutical companies. Material and methods. The analysis of the market of educational programs was based on the data of the annual reporting of a number of institutions of higher education (reports on the results of the annual self-examination, reports on the results of activities and on the use of assigned state property, monitoring in the main areas of the educational institution of higher education, information and analytical materials based on the results of monitoring the effectiveness of activities educational institutions of higher education) for the period from 2017 to 2021. Based on data obtained, the share indicators of educational organizations in the Russian market of educational services in the field of additional education for specialists of pharmaceutical enterprises were determined. The share indicator was used to determine the concentration of educational services and the level of competition in the market using the concentration index and the Herfindahl-Hirschman index. In addition, during the work, such methods of analysis as generalization, methods of logical, systemic and comparative analysis, expert forecasting were used. Results. Based on the analysis, data were obtained on the profitability of the market for additional professional education services for pharmaceutical industry specialists; the presence of a high level of concentration of educational services in the market of additional professional education with a slight level of competition was established; the features of the implementation of additional professional training for specialists in the pharmaceutical industry are determined. Conclusion. The importance of additional professional education for specialists in the pharmaceutical industry has been confirmed. The further direction of development of the sphere of additional professional education for workers of pharmaceutical enterprises has been determined. The increase in the Russian market of additional educational programs based on current data on the development of the industry was justified. Recommendations have been formulated to expand the currently implemented programs of additional professional education based on the growing needs of the pharmaceutical market.

Comparative histological assessment of the effect of retinol palmitate preparations on aging skin

Background: Most often, the natural form of vitamin A (retinol palmitate) is used to prevent skin aging. There are two topical drugs on the Russian market that contain a high concentration of retinоl palmitate. This is the ointment "Videstim", which contains 0.5% retinol palmitate and ointment "RadevitАctive", which in addition to 1% retinol palmitate also includes cholecalciferol (0.005%) and tocopherol acetate (0.5%). The specific effects of these drugs on the structure of aging skin have not yet been fully studied. Aims: Comparative histological assessment of the effects of "Videstim" ointment and "RadevitАctive" ointmenton the epidermis and dermis of woman aged 40-55 years old. Materials and methods: The clinical study included 18 women aged 40 to 55 years old. Group I included 6 women who used "Videstim" ointment 2 times a day on the skin of the face. Group II consisted of 6 women who used "RadevitАctive" ointment 2 times a day on the skin of the face. Group III consisted of 6 women and was an intact comparison group. The observation period is 90 days. Patients underwent a punch biopsy with with histological examination of the skin before and after 90 days of using of the aforementioned drugs. Results: According to the results of the study, it was revealed that "Videstim" and "RadevitАctive" ointments they have a stimulating effect on the proliferation of keratinocytes of the epidermis, which manifested itself in an in increasing the number of rows of cells of the prickly layer. In addition, under the action of these drugs, the synthetic activity of keratinocytes of the granular layer increases, which contributes to the proper formation of the stratum corneum of the epidermis.. The use of ointments leads to a significant increase in the thickness of both the granular and prickly layers of the epidermis and the dermis. Conclusions: Ointments with a high concentration of retinol palmitate improve the structure of aging skin.

Potential of the securities market in Russia

Potential of the securities market in Russia

МАРКЕТИНГОВЫЙ АНАЛИЗ АССОРТИМЕНТА ОСНОВНЫХ МОНОПРЕПАРАТОВ, ПРИМЕНЯЕМЫХ ДЛЯ ТЕРАПИИ РАССТРОЙСТВ СНА

In recent years, many studies have noted that the number of occurrence of various sleep disorders is increasing among the population, while such problems as self-medication, untimely access to a doctor, the presence of concomitant diseases, the development of acute forms of disorders into chronic ones are highlighted, all this affects the quality and life expectancy of the population and makes it relevant to study pharmacotherapy of drugs for the treatment of these disorders in the field of pharmaceutical care [1-6; 11]. The purpose of the study was to establish a list and conduct a marketing analysis of the assortment of the main groups of monopreparations used for the treatment of sleep disorders presented on the domestic pharmaceutical market for their subsequent use in more extensive comprehensive marketing research in the context of sleep disorder therapy. The materials for the study were data from the State Register of Medicines and regulatory documents reflecting the attitude of objects to accounting and control of their sale on the market. The following methods were used: comparisons, systematization, grouping, statistics, as well as structural and assortment analyses. The article presents the results of a study of the Russian market of monopreparations of this orientation. The systematization of the main monopreparations was carried out, as a result, 7 groups were identified, which include 25 international nonproprietary names of medicines represented by 78 trade names, the proportion of manufactured drugs within each group and relative to the total number of trade names were calculated. The next step was to analyze the conditions for the release of drugs, their inclusion in lists reflecting accounting and control during implementation in accordance with regulatory documentation. In conclusion, it is noted that the obtained ranking data and the corresponding calculations will serve as a basis for further research in the field of the pharmaceutical market of drugs used for sleep disorders.

The factor of war as a threat to sustainable development and a challenge for corporate social responsibility

The purpose of the study is to analyze the practice of involving multinational companies in achieving the Sustainable Development Goals (SDGs), in general, and the response to SDG 16 “Peace, Justice and Strong Institutions”. The research methodology involves a comparative analysis of the attitude towards the SDG leaders of sustainable development and MNCs that currently continue to work on the Russian market is presented. The conducted research showed that MNCs mostly recognize their impact on achieving SDG 16, but at the same time (1) they put it at a medium or low priority level; (2) emphasize justice and strong institutions. As a result of the study, it was proven that the existing approach to assessing the level of achievement of SDG 16 does not take into account modern conditions of warfare and needs to be revised. The novelty of the study lies in the further development of scientific approaches to assessment of international business contribution to SDGs achievement and promotion of sustainable peace, opposition to military aggression, as well as substantiating the need to change approaches (criteria) to assessing the achievement of SDG 16.

World practice of wheat flour classification

The paper presents a review of wheat classification accepted in various countries — producers of wheat and products of its processing (USA, Canada, Italy, France, Germany, China and others). Much attention is given to differences in the classification systems. Criteria for assigning wheat to certain classes based on physical and chemical properties of grain are examined. Differences in wheat classification by types, including morphological features and merits of grain such as size, color and gluten content, are highlighted. The authors discuss specific requirements and norms of wheat quality dictated by the regulatory authorities and requirements of the market of each country such as the mass fraction of moisture, content of impurities, density of grain and others. Based on the analysis of wheat classification in various world countries, it has been concluded that it is necessary to establish unified and generally accepted systems of wheat classification. This will allow simplifying international grain trade, make the market more transparent, strengthen trust between exporting and importing countries and will also facilitate the development of the international cooperation in the sphere of production and processing of wheat flour. Despite the wide assortment of flour confectionery products on the Russian market, baker’s flour of general purpose is mainly produced in the country. Its specific feature is a high content of flour from hard wheat varieties that are distinguished by higher protein content, strong gluten and large particle size. By its properties, this flour is not suitable for production of most flour confectionery products. Flour confectionery products produced from it are significantly inferior to import analogues in terms of their quality characteristics, which reduces their competitiveness. This dictates the need for the development of a standard for flour intended for production of confectionery products, which will include physico-chemical indicators for various flour types with consideration for their purpose.

Management of social responsibility strategies of multinational corporations in russia during the war against Ukraine

This study examined how multinational corporations adapted their corporate social responsibility strategies while operating in russia during the ongoing war against Ukraine. Specifically, the analysis investigated the impact of different corporate social responsibility approaches on financial performance, stakeholder trust, and corporate reputation for multinational corporations operating in russia during the war. A game-theoretic model evaluated three distinct strategies: minimal corporate social responsibility engagement (Strategy 1), increased corporate social responsibility involvement (Strategy 2), and a complete exit from the russian market (Strategy 3). The quantitative analysis showed that companies choosing the exit strategy (Strategy 3) gained the highest payoffs for financial performance, stakeholder trust, and reputation. In contrast, minimal corporate social responsibility engagement (Strategy 1) resulted in negative outcomes, including reputational damage and potential exposure to sanctions. On the other hand, increased corporate social responsibility involvement (Strategy 2) produced neutral outcomes, offering short-term benefits but still leaving companies vulnerable to ongoing risks. The sensitivity analysis confirmed the stability of these outcomes. The study concludes that exiting the russian market not only aligns with ethical standards but also ensures long-term sustainability, offering critical insights for corporations navigating corporate social responsibility challenges in war zones. AcknowledgmentsWe sincerely express our gratitude to Prof. Dr. Dr. h.c. Marko Sarstedt, the LMU Fellowship Grant (LMU Ukraine support-fund) for the support of Ukrainian scientists.

On determination of fair and economically reasonable liquidation value of preferred shares

A preferred share on the Russian securities market is a limited instrument that is a hybrid between an ordinary share and a bond. In the business environment, disputes arise regarding the definition of the liquidation value, which differs from the balance sheet, market, nominal. The authors analyze the nature of the preferred share from an economic point of view, the customs of the business turnover established in the Russian Federation and develop a methodology for determining the fair and economically justified liquidation value of preferred shares.

Управление логистическими процессами в трансграничной электронной коммерции

In the context of the globalization of the economy and the development of cross-border e-commerce, the importance of cross-border logistics is increasing, allowing for an effective process of product distribution. The issues of organizing transport and logistics processes during the delivery of goods within the framework of the functioning of cross-border e-commerce are discussed. The main aspects of the development of e-commerce logistics and its impact on the trading business have been studied. An analysis of the cross-border e-commerce market in Russia is carried out. It is noted that currently the global logistics industry is in an unstable environment. The main directions and trends in the development of logistics services in modern conditions are considered and the specifics of adapting the process of goods distribution within the framework of cross-border e-commerce to changes in the external environment are investigated. The distinctive features of e-commerce logistics have been studied in the context of its impact on the trading business, which allows for increased efficiency of logistics processes such as procurement, transportation, order processing, inventory and warehouse management, packaging and labeling. It has been proven that with the development of information technology and telecommunication networks, as well as increasing demand in the field of online trading, the need for effective logistics support is significantly increasing, and delivery speed is becoming increasingly important to provide quality service to consumers. The advantages of e-commerce are substantiated from the perspective of subjects of trade and logistics activities, which include the global nature of customer coverage and the convenience of inter-subject interaction, reduction of operating costs of trade and logistics activities, expanded opportunities for marketing and advertising support, increased level of automation of e-commerce logistics management processes.

Substantive behavioral aspects of consumer behavior in the conditions of sanctions pressure on the Russian economy

Relevance. Sanctions pressure on the economy of the Russian Federation is one of the most important factors influencing consumer behavior and their consumer preferences. Under sanctions, many social, economic and political aspects influence consumer behavior, from which new consumer trends and changes in consumer behavior emerge.The purpose is to explore the substantive behavioral aspects of consumer behavior under the conditions of sanctions pressure on the Russian economy.Objectives: study changes in consumer preferences in connection with global crises; analyze changes in consumer behavior depending on various factors and price dynamics as a factor in consumer behavior; explore the influence of cognitive distortions on the meaningful behavioral aspects of consumers; propose the concept of business company plans in accordance with new consumer expectations.Methodology. In the process of research, general scientific methods of logical and statistical analysis, field research, as well as qualitative and quantitative analysis were used. Results. The survey showed that consumers have become more frugal and choose domestic brands in order to save money, the study of the impact of cognitive distortions on consumers showed that society is prone to a pessimistic attitude in terms of adopting new domestic products and brands.Conclusions. A business plan under sanctions pressure, aimed at the novelty of the product and its effectiveness, will help companies promote their goods and services on the Russian market during the period of sanctions pressure. Focusing on changing the object of purchase, place of purchase (online trading if possible), timing and methods of procurement in accordance with new motives and customer expectations will give companies an advantage in conditions of market instability and changing behavioral aspects of consumers.

Deformation of volatility curves of the Russian stock market on the example of margined options on futures contracts on the RTS index

We reassess the Russian stock market behavior in terms of the relationship between risk parameters and return on assets in connection with global structural changes in 2022. The subject of this study is volatility curves calculated from quotes of exchange options on RTS index futures. The purpose of the study is to analyze the relationship between volatility curves and the distribution of returns in 2015–2022, to analyze changes in the structure of this relationship in 2022, to assess the applicability of the GARCH model and to develop new investment and hedge strategies on the Russian stock market. The issue of interpreting the dynamics of volatility curves is disputable however, it was theoretically developed in the theory of valuation of derivative financial instruments. As a result of the study, unrelated structures of the distribution of returns and volatility curves for the RTS composite index were found throughout the entire period concerned, regardless of the presence of external shocks. It is concluded that in the Russian stock market, investors prefer protective options rather than speculative ones, despite the negative asymmetry of the distribution of RTS index returns. And despite the greater weight of positive returns in their distribution in each period under consideration, due to the technical features of the functioning of return indicators, the negative asymmetry of the return distribution does not necessarily correlate with growing volatility curves.

Issues of the Russian liquefied natural gas market in the context of sanctions pressure and ways to solve them

Liquefied natural gas export is currently a rather promising sector of the Russian fuel and energy complex. Gas transportation by special gas carriers makes it possible to supply the resource independently of the pipeline system. In recent years, the liquefied natural gas market role has been significant for the Russian economy. This industry has not been subject to significant export restrictions by other countries, unlike pipeline gas exports. However, under the conditions of sanctions imposed by “unfriendly” countries on the supply of technologies and equipment required for liquefied natural gas production and transportation, not only the industry development, but also implementation of the Energy Strategy of the Russian Federation for the period up to 2035 is threatened, especially major projects implementation on the Arctic coast of the country. All of the above speaks for the relevance of the study, the objectives of which are to assess the Russian market of liquefied natural gas in the context of the introduced technological restrictions, to identify the key problems arising as a result of this unfavorable situation and to determine the directions for the industry further development.

Green bonds in the Russian market: Assessing environmental influence on returns

In this paper, we study whether the environmental characteristics of assets influence their returns in the case of the Russian bond market. Our main goal for this study was to research this issue for Russia using the same methodology as in studies for developed markets to allow for comparison of results. We use the twin bond methodology and consider expected returns. Our main hypothesis is that brown (i.e., non-green) assets should have a higher yield compared to green ones. Indeed, we find, predictably, that green bonds have a lower yield to maturity. This result is in line with previous results for other markets and suggests that green financing might be cheaper for companies.

Research of Practices of Formation and Development of Human Capital in Companies of Various Industries on the Russian Market

Almost all global trends create a synergistic effect, which increases the importance of forming and developing human capital to ensure the survival of companies in the market and their confidence in the future, regardless of their size and type of activity. However, despite the unflagging and continued interest of the scientific community in the issues related to human capital, there are still many “white spots” in this area. The aim of this work is to explore the approaches to forming and developing human capital applied by companies doing business in Russia in the current realities and modern conditions, to identify industry specifics and to outline recommendations. To achieve this goal, the authors conducted a questionnaire survey of managers of enterprises from different segments of the economy. As a result of the analysis of the obtained data, the conclusions were made that not all organisations have a generally accepted definition of HR and not everywhere there are procedures for its assessment. The problems related to personnel development, creation of competitive labour conditions for employees, search for potential employees and internal filling of vacancies were also revealed. The methodology of this work is based on a systemic approach and surveying, as well as general scientific methods such as synthesis, analysis, comparison, and generalization. Research results: Despite the fact that, in the opinion of the authors of the study, it did not consider all the problems of human capital formation and its impact on the sustainability of organisations, the obtained results allowed for the identification of the peculiarities of approaches to forming and developing human capital, considering industry specifics, and can be useful to develop practical recommendations for managers of companies aimed at improving this activity. Originality: This study presents, for the first time, a comprehensive overview of the approaches to forming and developing human capital in companies across various industries in the Russian labor market.

The influence of monetary factors on the formation of nominal interest rates

Subject. This article examines the impact of inflation expectations and the real interest rate on the market situation in Russia within the period from 2010 to 2022. Objectives. The article aims to test the possible disputability of the assumption that if the real interest rate remains stable, then the nominal interest rate should respond to changes in inflation expectations, because according to the results of most research works, the Fisher hypothesis is not confirmed in developing countries, while for countries with developed economies this phenomenon is confirmed. Methods. For the study, I used econometric tests, as well as modeling of the effect using short-term regression with an element of error correction estimated by the least squares method. Results. The Fisher effect in the Russian market has not been confirmed, which emphasizes the specifics of the functioning of emerging markets. Conclusions and Relevance. The results of the study may be useful to financial market agents and can be used to assess the effect of the current regressors under study on the nominal yield of the Russian fixed-income securities market. The application of the results of the study can also contribute to improving the forecasting of market trends in a changing macroeconomic environment.