Finance

Имитационное моделирование инвестиционного проекта: концепция и инструментарий Lisitsa M.I.

The subject of the research is the tools that exclude expert influence on the initial data and expert intervention in the process of simulation modeling of the object, as which the investment project is chosen in the context of its relevant parameters. They recognize the generated events in the form of net cash flow for period of time, the effect in the form of the net present value of the scenarios for the development of the investment project, the assessment of which requires the discount rate set by the investor, as well as the useful life in the form of the expected/required period of time. The study is based on the dialectical method of cognition in the context of methods of quantitative modeling, analysis of scientific sources, investment analysis and visualization of the results of the experiment. The purpose of the study is to substantiate the approach based on the concept of the decreasing time value of money and based on the entire set of scenarios for the formation of the effect in the process of simulation modeling of an investment project in connection with the final value of the expected/required time period for implementation. Hence, the objectives of the study are, firstly, to fix the assumptions and conditions for which the theoretical provisions put forward are correct, secondly, to confirm the existence of the problem of distortion of the results of simulation modeling on the basis of a review of scientific sources, thirdly, to substantiate the tools suitable for simulation modeling of an investment project, based solely on initial data (net cash flow for period of time, discount rate, Fourthly, in checking the operability of the proposed tools. The result of the study is to obtain a workable toolkit that does not distort the results of simulation modeling on the final volume of the entire set of scenarios for the formation of the effect in the field of investment design. This allows us to conclude that the proposed method is presumably suitable in other areas with a finite scope of the entire set of scenarios for achieving the result.

Моделирование экосистемы финансово-алгоритмических институтов зеленого финансирования Klioutchnikov I.K. , Klyuchnikov O.I., Molchanova O.A.

This article examines algorithmic financial systems embedded in financial and non-financial online networks as new financial institutions for green finance and green economic reform. It identifies the role of algorithmic financial institutions in integrating networks and leveraging their potential to mobilize investment and technological resources for green economic restructuring, as well as for the formation of an ecosystem for the institute of algorithmic financing of the green economy. Various scientific approaches to analyzing algorithmic financial institutions are analyzed. A model of an algorithmic financial intermediary in the network space is proposed, as well as a model for the participation of algorithmic financial institutions in creating a green economy. The impact of algorithmic financial institutions on green financial flows, the introduction of new technologies and economic transformations is modeled.

Взаимосвязь управления оборотным капиталом и финансовой результативности российских компаний Sosnilo A.I. , Konopaeva A.V.

The relevance of the study is justified by the high sensitivity of companies' cash flows to changes in the economic environment and industry specifics in the current difficult economic conditions and constraints. The problems of the study are justified by the lack of unambiguous empirical conclusions about the nature of the relationship between the indicators of working capital management and financial performance of Russian companies, as well as in the limited range of models used to take into account the possible non-linearity of this relationship. The purpose of this study is to determine the nature of the relationship between the indicators of working capital management and financial performance of Russian companies. The study tested the hypothesis that the relationship between a company's financial cycle and its financial performance is nonlinear: as the duration of the financial cycle increases to a certain level, profitability increases, but a further increase in the financial cycle leads to a decrease in financial performance. The paper uses methods of regression analysis of panel data, as well as an analysis of financial coefficients. The study analyzed a research sample of an unbalanced panel of data on 2,684 companies representing various sectors of the economy (17,875 observations company-year) and identified the significance of fixed effects, which confirmed the relevance of using a fixed-effects model. The size of companies has a positive effect on profitability in all models. Large companies can enjoy more favorable terms in cooperation with suppliers and creditors, which allows them to achieve greater profitability. The financial leverage variable is negatively related to profitability, which confirms the fact that companies with a higher debt burden are less profitable. An analysis of the coefficients obtained indicates that at the initial stages, an increase in the length of the financial cycle can have a positive impact on the financial performance of companies. From a practical point of view, the results of the study indicate the need to move from universal recommendations for minimizing the financial cycle to a more balanced approach focused on determining optimal working capital management parameters, taking into account industry conditions, the scale of operations and the financial condition of the company.

Management

Управление персоналом в цифровой среде: как цифровая трансформация влияет на реализацию целей устойчивого развития Kharlamova T.L. , Rogozhnikov I.V. , Stanovaya A.A.

This article examines the impact of digital technologies on the implementation of Sustainable Development Goals (SDGs) in an organization's HR management system. The study, which analyzes the benefits and risks of using digital HR technologies, is based on an analytical approach and includes a review of domestic and international publications on the digital transformation of HR practices and the implementation of SDGs. The aim of the study is to identify the impact of digital transformation on an organization's HR management system in achieving SDGs. Objectives: 1) to develop a holistic approach to considering the digital transformation of HR as a tool for the comprehensive implementation of SDGs; 2) to systematize the HR practices used by their degree of impact on the achievement of individual SDGs within the framework of an ESG-oriented organizational management model; 3) to substantiate the need to include the environmental aspect in the agenda of digitalization of HR practices. Research methods: a review of scientific and applied literature to identify current trends in HR digitalization and their connection to specific sustainable development goals; content analysis of open sources, strategies, reports, and practices of large Russian companies actively implementing digital HR technologies and striving to achieve sustainable development goals; a classification approach to systematizing HR practices; a comparative analysis to assess the benefits and risks of the transition to digital models as well as graphical display and case study.

Корпоративное управление как драйвер экологической ответственности компаний Izmaylov M.K. , Pupentsova S.V.

The subject of this study is corporate governance, viewed as a systemic driver of profound ESG transformation in corporate business models. The aim of the research is to identify and theoretically substantiate the key elements and mechanisms of governance architecture that facilitate the transition from merely declarative adherence to sustainable development principles to their organic integration into corporate strategy and operational activities. The analysis focuses on existing theoretical approaches to the relationship between corporate governance and ESG, as well as the contemporary scientific discourse in Russia, reflecting the adaptation of the global agenda to national conditions. The methodological foundation consists of a set of non-empirical qualitative methods, including a systematic analytical review of the scientific literature, theoretical analysis of concepts, and literary critique to identify gaps and contradictions within the research field. The paper systematically addresses tasks related to analyzing the evolution of theoretical perspectives, studying the specifics of the Russian context, critiquing prevailing simplified approaches, and synthesizing a procedural model. The research conducted reveals that significant adaptation of the ESG agenda is occurring in the Russian context, shifting its focus towards addressing national development challenges. The findings demonstrate the inadequacy of traditional views that perceive corporate governance solely as a tool for compliance or economic rationalization. The central conclusion establishes that the driver of transformation is not formal integration, but rather the quality of specific procedural governance mechanisms, such as the competency profile of the board of directors, substantive integration of ESG into the work of committees, revision of the risk management system, and, most importantly, alignment of the executive compensation system with the achievement of measurable ESG outcomes. The scientific novelty lies in rethinking the role of corporate governance as an active interpreter that synthesizes external requirements with internal strategic logic. The results form a basis for practical recommendations. It is suggested that regulators complement sustainable development policies with incentives for improving internal governance procedures within boards of directors. Company management and owners are advised to conduct an audit of the quality of procedural aspects of corporate governance, utilizing the conceptual model presented in the article. Further application of the findings is possible in the field of corporate education and the development of training courses for directors, focused on enhancing competencies related to ESG transformation.

Менеджмент компании в условиях санкционного давления и конфронтации Glamazda A.V. , Shevchenko D.A.

The purpose of the article is to analyze modern socio-psychological management tools in the company and substantiate the need for their integration into the modern management system in the context of confrontation and sanctions pressure. The hypothesis of the study is that successful management of a company in the face of unprecedented sanctions pressure and confrontation depends on the identification, formation and development of psychological resources among employees. General scientific methods were used in the study: grouping (grouping of basic concepts and etymology of understanding socio-psychological tools of enterprise management), inductive analysis (used in determining the criteria characteristics of socio-psychological tools of relationships in a team), graphical generalization (the basics of using socio-psychological tools in the context of confrontations and sanctions pressure), comparison (comparative characteristics of domestic and foreign practice of socio-psychological management are carried out). The author presents various approaches to the definition of socio-psychological tools. Based on the generalization of the main theoretical approaches, as well as the study of the degree of practical satisfaction of the employees of Aureol LLC with the adaptation methods used, the importance of strengthening these measures in the new business environment, the formation of a number of measures to retain professional staff and prevent their emotional burnout is substantiated. The expediency of mastering and applying socio-psychological management tools by the head, which allow employees to form additional psychological resources in conditions of uncertainty, was substantiated. The practical significance of the article lies in the fact that, based on the study of existing methods of social and psychological impact, specific areas of formation of additional psychological resources among employees have been identified: self-confidence or self-efficacy, empathy aimed at helping others, responsibility, self-learning.

Управление развитием индустриального туризма на основе оценки его потенциала Старченко Е.Н. , Starchenko M.O.

The relevance of this study is determined by a complex of challenges facing Russia's old industrial regions, such as Kuzbass. These include the need to diversify the single-industry economy, revitalize industrial areas, and find new growth points. Industrial tourism, as a form of revitalization of industrial heritage, is a promising tool for solving these problems, contributing to the creation of new jobs, the formation of a positive image of the territory, and the inflow of investments. The aim of the presented study is to develop a management approach to the development of industrial tourism based on an assessment of its potential. The object of the study is industrial heritage sites in Russia's old industrial regions. The subject of this study is industrial tourism at industrial heritage sites, primarily in the coal and metallurgical industries. The work uses general provisions of systemic and situational approaches, structural-functional and process approaches, methods of comparative and factor analysis, SWOT analysis, and grouping methods. The article reflects the author's research, including an analysis of the definitions of the concept of “industrial” tourism; systematization of foreign and Russian experience in the transformation of inactive industrial enterprises in the coal and metallurgical industries; and the results of the development of industrial tourism at industrial heritage sites. The paper proposes a model for projecting investment projects in the field of industrial tourism onto various subsystems of the city; defines the main elements of the process of developing a strategy for the development of industrial tourism, and identifies the main factors hindering the development of industrial tourism at industrial heritage sites. The author assessed the potential for developing industrial tourism in the old industrial region of Kuzbass. The study showed that the region has significant advantages and positive factors for implementing industrial tourism projects. However, the development of a comprehensive strategic program is a prerequisite. The management of the industrial tourism development process, especially with regard to inactive industrial heritage sites, should be the prerogative of the authorities responsible for coordinating the efforts of businesses and local communities. The practical significance of the study lies in the formation of methodological and managerial tools for government bodies and businesses in developing strategies for the revitalization of old industrial territories through industrial tourism.

Economics