Finance: Theory and Practice最新文献

{"title":"The Managerial Aspect of Accounting ESG Factors in Assessing the Value of a Company","authors":"I. S. Belik, A. Dutsinin, N. Nikulina","doi":"10.26794/2587-5671-2023-27-6-161-172","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-161-172","url":null,"abstract":"The subject of the study is ESG factors (Environment, Social, Government) and their inclusion in the value of Russian companies. The purpose of the paper is to reveal the theoretical and methodological aspects of taking into account ESG factors when assessing the value of companies. The relevance of the study is determined by the influence of the ESG rating of companies on changes in their value. The scientific novelty of the study lies in the development of a general scheme, which includes four stages: substantiation of key external and internal factors influencing ESG-assessments of the company’s value; analysis of the nature of the impact of key factors on ESG assessments; assessment of the impact of the ESG-factor on the elements of value creation (forecast period, discount factor, cash flows, post-forecast growth rates); building a financial model for assessing the value of companies taking into account ESG factors. Methods: general scientific methods (comparative analysis, generalization, formalization) and empirical (observation, comparison, modeling). The DCF (discounted cash flow) approach was proposed as the main method for assessing the value of a company, which allows not only to estimate the value of a company over a specific period of time, but also acts as a cost management tool. An analysis of scientific and theoretical points of view and methodological approaches to assessing the influence of ESG factors on the value of companies was carried out, significant factors influencing the ESG assessment of the company’s value were identified, and a financial model for assessing the value of the company taking into account ESG factors was proposed. The model for assessing the impact of ESG on cash flow generation elements was tested using the example of PJSC Polymetal. It is concluded that the ESG assessment of a company’s value is influenced by both external factors (international regulation, country specifics, industry specifics) and internal ones (specifics of the capital structure, specifics of production). The developed financial model for assessing the value of a company makes it possible to take into account ESG factors in the output forms of reporting: balance sheet, profit and loss statement, cash flow statement. The proposed model is addressed to top managers of the company for the purpose of using it in the process of assessing the degree of influence of ESG factors on the cost of equity capital, potential investors and appraisers.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"55 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139149486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investments in the Digitalization of service Companies as a source of Well-being of the Population of the Regions","authors":"V. A. Yakimova, S. Khmura","doi":"10.26794/2587-5671-2023-27-6-148-160","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-148-160","url":null,"abstract":"The article assesses the impact of investments in the digitization of service organizations on population well-being indices across Russia’s regions. The relevance of the study is reduced to the fact that in the context of digitalization of the economy there is a dynamic development of the service sector, which becomes a driver of the growth of the quality and standard of living of the population. The purpose of the study is to determine the presence of economic effects from investments in digitalization that contribute to the improvement of the level and quality of life of the population in the region. The objectives of the study are theoretically justify the selection of indicators for assessing the well-being of the regional population, investments in the digitalization of service organizations depending on the type of region, and the calculation of digital effects. Methods of assessment of par correlations, typology, and panel data used to conduct spatial-time analysis. 85 regions of Russia were selected as the objects of study, and the research period includes the pre-pandemic and pandemic period, the impact of which led to an increase in investment in digital technologies in the service sector. The study tested the scientific hypothesis that investment in the digitalization of the service sector contributes to an increase in the volume of services, their availability and their quality, which, in turn, leads to an increase in the well-being of the population. The analysis carried out did not allow us to fully confirm the hypothesis, since there are differences between regions and types of services. The novelty of the study is in the formed spatial-time models, reflecting the relationship between investment in the digitalization of the services sphere and the factors determining the quality of life of the population of the regions of Russia. The analysis did not fully support the hypothesis, as there were differences between regions and types of services. It concluded that the investment increased the population’s use of computer equipment and service volumes, as well as their ability to save more money and use services for managing their personal finances.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"9 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139149701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Institutional Environment on Banks’ Non-Performing Loans: Evidence from BRICS Countries","authors":"S. Goyal, N. Singhal, J. M. Prosad, N. Mishra","doi":"10.26794/2587-5671-2023-27-6-67-78","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-67-78","url":null,"abstract":"The drivers of non-performing loans (NPL) and the possible effects of the institutional and business environments on the credit risk exposure of banks in the panel of BRICS countries and segregated models are analyzed in this paper. The purpose of the study is to identify the relationship between banking, macroeconomic and institutional factors of non-performing loans of banks at the BRICS level for the period 1996–2020. The panel ARDL approach is used for this purpose. The Panel Granger causality test is applied to verify the hypothesis of the relationship between economic development and NPLs. Panel co-integration tests examine the existence of a long-term link between the same two variables. The results of the study demonstrated that a decrease in the proportion of NPLs results from boosting performance metrics like the Z-score. Because the banking industry has more resources as a result of higher financial development and/or financial intermediation, the amount of NPLs is reduced. Finally, our study demonstrates how important the institutional environment is for raising the quality of bank credit. It was concluded that the low level of NPLs in BRICS countries was largely linked to more effective anti-corruption management, robust regulatory standards, increased application of the rule of law, freedom of speech and accountability.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"325 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139152441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sentiment Analysis using Machine learning for forecasting Indian stock Trend: A brief Survey","authors":"A.S. Dash, U. Mishra","doi":"10.26794/2587-5671-2023-27-6-136-147","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-136-147","url":null,"abstract":"Due to new technical advances, the machine can think as a person-investor and express its reaction to readily available financial information. Forecasting models for the Indian stock market can be developed based on the analysis of these sentiments. The purpose of the study is to identify gaps in existing approaches to the analysis of sentiments and models of forecasting trends in the Indian stock market, which can improve the accuracy of the prediction of the dynamics of Indian stocks. The paper presents an overview of the literature on the analysis of sentiments of financial information using lexical methods, machine learning methods and forecasting for the Indian stock market based on sentiment analysis data. The scientific works, conference reports, dissertations, books and articles published by scientists for the period from 2015 to 2021 are considered. The datasets published in Indian Stock Exchanges suggest increasing participation of retail investors in the Indian Stock market in recent times. To help investors in decisionmaking, various prediction models are available based on the financial information. The results of the survey showed that investors’ attitudes based on the microeconomic and macroeconomic information associated with stocks influence the movement of the stock price. Therefore, forecasting a future trend or price requires a sentiments analysis based on available financial information. It was concluded that using machine learning to extract sentiment from financial data allows for more accurate forecasts than sentiment analysis based on vocabulary. The results of this study can be useful for students and new professionals in the field of financial information data analysis and stock market predictions who want to get connected with this area, identify problem concerns, and develop models for predicting decision-making.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"26 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139151695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Import substitution Impact on Growth of Production of Mineral Products and Metallurgy: shortTerm and long-Term Forecasting of basic sectors of the National Economy","authors":"E. A. Fedorova, A. R. Nevredinov, K. S. Melikhov, A. Yashchenko","doi":"10.26794/2587-5671-2023-27-6-17-30","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-17-30","url":null,"abstract":"The purpose of the study is to identify ways of short- and medium-term development of mineral production and metallurgy in the Russian Federation in the context of the policy of sanctions based on economic and mathematical modeling. The impact of sanctions on production in the basic sectors of the Russian economy, as well as the impact of import substitution on production in the short- and long-term is investigated. The research methodology includes panel regression with fixed effects and Bayesian vector autoregression (BVAR model). The sanctions index is calculated based on a sentimental analysis of the texts of news publications. This index is based on the results of computer analysis of a set of thematic texts (evaluation of the frequency of words and phrases, correlation analysis, case analysis based on the BERT neural network). The paper demonstrates the importance of an industry-specific approach to the implementation of import substitution policy in view of its time horizon. For example, for the mineral products industry, the current import substitution policy can be considered effective in terms of the production index forecast, and for the metallurgical industry, the import substitution policy needs to be revised, since a sharp decline is expected in the short-term when the baseline scenario is implemented, and in the long-term production stabilizes without showing growth. As a result, the efficiency of the import substitution policy is considered to be completely dependent on the industry in which it is implemented. Fund intensity and other factors affecting industry cycles must be considered in order to forecast policy results. Import substitution also has a long-term positive impact.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"182 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Central banks Digital Currencies Issuance: Development Directions and Key Risks","authors":"V. Kuznetsova, O. Larina","doi":"10.26794/2587-5671-2023-27-6-6-16","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-6-16","url":null,"abstract":"Currently, many central banks have begun to develop, study and introduce central bank digital currencies (CBDC). Due to the lack of sufficient experience, potential problems and risks’ research that can stimulate such financial innovations is relevant. The paper analyzes the projects for the creation of CBDC. The purpose of the paper is to identify unresolved aspects of the application of CBDC, and specific tasks include identifying the problems of the marketing of retail CBDC and the identification of the risks generated by them. The authors use general and special research methods, including comparative analysis and systematization. The article examines the prospects for digital ruble circulation in the Russian Federation. The use of CBDCs opens up enormous opportunities for the development of the digital economy, but their actual deployment is replete with risk. The article identifies the risks of the third form of national currency: technological (including environmental), economic, financial, social and legal. The authors consider that the widespread use of CBDC implies a transformation of the activities of national central banks, including a change in the role and functions of the national central bank, and provide several possible scenarios. The authors include among the unresolved problems that require solutions for the widespread practical use of digital securities: lack of understanding of the mechanism for transferring ownership during transfers from one user to another, clear prudential regulation, and effective management of big data analytics. Furthermore, the scope of regulation of the financial intermediation sector with regard to fintech innovations has not been defined; there is no system for exchanging data between different government agencies for a timely and more accurate assessment of potential risks; and the required number of specialists is not sufficient. The research can be important for both digital money consumers and authorities when the initiative to issue digital money in Russia is implemented.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"1 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139154722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effect of Underwriter’s Reputation on Performance of small business IPOs","authors":"P. Siwach, P. R. Kumar, V. Gupta","doi":"10.26794/2587-5671-2023-27-6-54-66","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-54-66","url":null,"abstract":"The purpose of the study is to determine the impact of the underwriter’s reputation on shaping the short- and long-term IPO success of small businesses. The paper uses IPO data from 2012 to 2020, three reputable proxy and event-time methodologies to analyze the company’s performance through market-adjusted excess returns, cumulative abnormal returns and buy & hold returns. Similarly, to mitigate common predispositions, use the calendar-time methodology, Fama-French three-factor model and Carhart four-factor model with high and low reputational groups. The study revealed a significant positive impact of underwriters’ reputations on first-day returns and long-term performance. Overall, the results indicate that, in the longterm, IPOs of Indian small and medium-sized enterprises are over efficient with regard to reputation signals. On the contrary, the calendar-time method and multifactor model indicate the low long-term IPO effectiveness of the SME. According to the authors’ conclusion, this is the first study to assess the impact of underwriter reputation on business performance using several reputation indicators, the calendar time methodology, and the multi-factor model on the ICP’s Indian IPO platform.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"53 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Treatment of Missing Market Data: Case of bond Yield Curve Estimation","authors":"M. Makushkin, V. Lapshin","doi":"10.26794/2587-5671-2023-27-6-44-53","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-44-53","url":null,"abstract":"Missing observations in market data is a frequent problem in financial studies. The problem of missing data is often overlooked in practice. Missing data is mostly treated using ad hoc methods or just ignored. Our goal is to develop practical recommendations for treatment of missing observations in financial data. We illustrate the issue with an example of yield curve estimation on Russian bond market. We compare three methods of missing data imputation — last observation carried forward, Kalman filtering and EM–algorithm — with a simple strategy of ignoring missing observations. We conclude that the impact of data imputation on the quality of yield curve estimation depends on model sensitivity to the market data. For non-sensitive models, such as Nelson-Siegel yield curve model, final effect is insignificant. For more sensitive models, such as bootstrapping, missing data imputation allows to increase the quality of yield curve estimation. However, the result does not depend on the chosen data imputation method. Both simple last observation carried forward method and more advanced EM–algorithm lead to similar final results. Therefore, when estimating yield curves on the illiquid markets with missing market data, we recommend to use either simple non-sensitive to the data parametric models of yield curve or to impute missing data before using more advanced and sensitive yield curve models.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"24 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139154204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Research of Comparative Characteristics and Functional Features of the Co-integration of Technological Innovations and business Activity and their Impact on the Formation of Macroeconomic Dynamics","authors":"B. J. Matrizaev","doi":"10.26794/2587-5671-2023-27-6-31-43","DOIUrl":"https://doi.org/10.26794/2587-5671-2023-27-6-31-43","url":null,"abstract":"The subject of the study is the causal relationship between the co-integration of technological innovations and business activity, and their impact on the formation of macroeconomic dynamics in the short and long-term. The purpose of the paper is to propose a comprehensive approach to determining the conditions for the co-integration of technological innovations and business activity for their subsequent stimulation of economic growth. The practical examination of the impact of changes in the dynamics of complex indicators of creative development and commercial activity on economic growth is the research’s scientific contribution and novelty. Using vector error correction models, modular root testing models and other econometric methods, the author demonstrated that both business activity and innovation stimulate economic growth in the long-term. In the short-term, there are strong causal relationships, but they are not always homogeneous. The main conclusion is the fact that the results obtained by the author confirm the correctness of using the approach of determining the order of integration and the presence/absence of co-integration between indicators of innovative development, business activity and economic growth. The summary results confirm the existence of a close long-term equilibrium relationship between innovation, business activity and economic growth.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"65 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139154415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Problems of the Employer’s Legal Personality of Minors Aged from Fourteen to Eighteen Years","authors":"Viktor T. Savin","doi":"10.24158/tipor.2023.10.32","DOIUrl":"https://doi.org/10.24158/tipor.2023.10.32","url":null,"abstract":"The article focuses on the employer’s legal personality of minors aged 14 to 18 years old provided for in part 10 of Art. 20 of the Labor Code of the Russian Federation, which allows them to act as employers in labor rela-tions. The relevance of the work topic is emphasized by its underdevelopment in the science of labor law, which requires further study of this category. The article emphasizes the reasons of unreasonable vesting by the legislator of minors with the right to be employers, which are as follows: inconsistency of the legislator in determining the age criterion of employer’s legal personality for these persons, construction of the studied norm by analogy with Art. 26 of the Civil Code of the Russian Federation, ignoring such essential factors as mental (volitional criterion) and physiological (physical criterion) state of health of persons under the age of 18. This made it possible to conclude that the labor law regulating the acquisition of employer’s legal personality by individuals is not devoid of serious shortcomings that require its improvement, in this regard, the author pro-posed measures to eliminate them.","PeriodicalId":36110,"journal":{"name":"Finance: Theory and Practice","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135166835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}