С 28 августа по 3 сентября 2011 года в г. Глазго (Великобритания) на базе шотландского университета Стратклайд (The University of Strathclyde) прошла 27-ая Ежегодная научная конференция международной группы исследователей в области маркетинга и закупок на промышленных рынках IMP Group (Industrial Marketing and Purchasing Group). IMP Group - это профессиональное сообщество теоретиков и исследователей в сфере B2B маркетинга и маркетинга взаимоотношений. Конференция IMP является одной из самых представительных площадок, на которой докладывают результаты своих исследований, обмениваются опытом и новыми идеями профессионалы маркетинга и молодые ученые из высших учебных заведений всего мира.
Развитие рынка электронной коммерции зависит от конфигурации факторов, которые либо способствуют его дальнейшему развитию, либо становятся барьерами внедрения электронной коммерции для потребителей. Развивающиеся рынки предоставляют многочисленные возможности для развития электронной коммерции, однако они также ассоциируются со специфическими барьерами, ограничивающими потенциал реализации данных возможностей. Обладая интернет-аудиторией в 93 млн человек, российский развивающийся рынок электронной коммерции представляет самую большую онлайн-аудиторию в Европе, что стимулирует значительный рост электронной коммерции за последнее десятилетие в России. Основная цель данной статьи состоит в изучении восприятия российскими потребителями факторов внедрения электронной коммерции на двух уровнях: первый — это факторы макроуровня, связанные с развитием рынка электронной коммерции в целом, включая институциональные факторы и доверие; второй — факторы на уровне конкретного интернет-магазина, т. е. факторы, связанные с потребительским опытом в момент совершения покупки. Представленный многоуровневый подход отражает сложность восприятия рынка электронной коммерции потребителями как с учетом меняющейся бизнес-среды, так и с учетом принятия потребительских решений на основе реального опыта совершения покупки в интернете, при этом факторы внедрения электронной коммерции влияют на конкретные решения потребителей с учетом как драйверов, так и барьеров совершения интернет-покупок. Данное исследование основано на количественном опросе 3 387 респондентов. Полученные результаты раскрывают структуру движущих (драйверы) и сдерживающих (барьеры) факторов внедрения электронной коммерции, выделяя в качестве ключевых факторов надежность и прозрачность игроков рынка электронной коммерции, условия доставки и связанные с конкретным магазином рисков.
One of the most important factors determining a firm’s profitable growth is scientific and technological progress. In the age of high technology innovations are vitally necessary for companies to compete with one another. Global statistics show that a huge amount of investments are focused on research and development projects in different sectors of the economy such as software and programming, biotechnological products, capital goods, beverages, accessories, restaurants, retail, hotels and motels, and so on.
However, R&D expenses are characterized by high uncertainty and returns in the long run, so not every company can afford such risky investments, for example, most of small and medium enterprises (SMEs). Besides external uncontrollable factors such as crises, disasters, political instability, and armed conflicts, each firm has its own internal problems. Together this can lead to the financial distress or even failure of a firm, and each additional risky asset can increase the probability of insolvency.
Thus, the relevance of the present paper is that each company has to find the optimal tradeoff between investments in innovations and financial distress. The solution to this problem can improve a company’s efficiency and lead to its growth. And vice versa, an unsuccessful selection can result even in the default of a firm.
The purpose of the present paper is to evaluate financial distress costs at innovative companies. In order to achieve stated this aim, the following tasks will be completed in this paper:
A detailed literature review on financial distress cost evaluation will be provided; The most appropriate models will be determined for both direct and indirect costs related to financial distress; Explanatory factors will be defined for both types of insolvency; The model for direct distress cost evaluation at innovative companies will be developed; The model for indirect distress cost evaluation in innovative companies will be designed; The results of the conducted analysis will be described; Recommendations for further research studies will be given.The subject of the investigation is financial distress costs. Our study focuses on companies that spent at least $200 million on research and development in 2015. For the further development of the topic, data was collected from Bloomberg and the financial reports of companies. The novelty of the present paper is that the model for direct and indirect cost evaluation at innovative companies was developed.
One of the most important factors determining a firm’s profitable growth is scientific and technological progress. In the age of high technology innovations are vitally necessary for companies to compete with one another. Global statistics show that a huge amount of investments are focused on research and development projects in different sectors of the economy such as software and programming, biotechnological products, capital goods, beverages, accessories, restaurants, retail, hotels and motels, and so on.
However, R&D expenses are characterized by high uncertainty and returns in the long run, so not every company can afford such risky investments, for example, most of small and medium enterprises (SMEs). Besides external uncontrollable factors such as crises, disasters, political instability, and armed conflicts, each firm has its own internal problems. Together this can lead to the financial distress or even failure of a firm, and each additional risky asset can increase the probability of insolvency.
Thus, the relevance of the present paper is that each company has to find the optimal tradeoff between investments in innovations and financial distress. The solution to this problem can improve a company’s efficiency and lead to its growth. And vice versa, an unsuccessful selection can result even in the default of a firm.
The purpose of the present paper is to evaluate financial distress costs at innovative companies. In order to achieve stated this aim, the following tasks will be completed in this paper:
A detailed literature review on financial distress cost evaluation will be provided; The most appropriate models will be determined for both direct and indirect costs related to financial distress; Explanatory factors will be defined for both types of insolvency; The model for direct distress cost evaluation at innovative companies will be developed; The model for indirect distress cost evaluation in innovative companies will be designed; The results of the conducted analysis will be described; Recommendations for further research studies will be given.The subject of the investigation is financial distress costs. Our study focuses on companies that spent at least $200 million on research and development in 2015. For the further development of the topic, data was collected from Bloomberg and the financial reports of companies. The novelty of the present paper is that the model for direct and indirect cost evaluation at innovative companies was developed.
Данное исследование сфокусировано на пробелах в теории формирования структуры капитала, касающихся мотивов выбора нулевого уровня долга. На выборке компаний из 21 страны с развивающимися рынками капитала за период с 2010 по 2015 г. мы проследили, что выбор политики структуры капитала обусловлен в первую очередь мотивом финансовой гибкости. Вторым по значимости мотивом являются финансовые ограничения. Мы определили, что основными детерминантами выбора нулевого долга являются возможности роста, бизнес-риск, доходность компании и наличие у компании денежных средств. Наши результаты показали, что компании с нулевым долгом зачастую малого размера, менее прибыльные, более рисковые и располагают высокими денежными ресурсами. Нами установлено, что внутрикорпоративные факторы более значимы при выборе нулевого долга, чем макроэкономические условия.
The study offers a structural literature review on the twenty years the evolution of the fast-growing research topic of intellectual capital (IC) and intangible-driven performance. Despite a rather short independent history, the IC concept has undergone a substantial transformation, bringing to the discussion vast empirical and methodological literature. Several endeavors carrying out literature review studies could only partially satisfy the needs of the systematization of the relevant research. Hence, there is still a large room for such kind of analysis due to the increasing number of new papers published in the area and puzzle of IC-related sophistications. To draw a holistic picture of the landscape of IC and associated corporate performance, this study departures from the mixed research methodology embracing elements of machine-learning tools and in-depth qualitative interpretation of obtained results and critical discussion of the most influential studies in the field. Our findings demonstrate that four professional outlets selected for the examination have generated four relatively isolated research topics: “Human capital and performance”, “Knowledge sharing, organizational learning: processes that drive performance”, “IC and knowledge management for business performance”, “Measurement, disclosure of IC and knowledge for business performance”. All these research lines are welcomed by all leading journals in the field, having high potential to create a dense flow of conceptual and empirical contributions and practical value for a knowledge-intensive business.
515The International Business Management Environment in the BRIC(S) BlocРоссийский журнал менеджментаRussian Management JournalТом 15, No 4, 2017. С. 515–536Vol. 15, No. 4, 2017, pp. 515–536The InTernaTIonal BusIness ManageMenTenvIronMenT In The BrIc(s) BlocR. F. LittReLL*National Research University Higher School of Economics at St. Petersburg, RussiaaP. RambuRuthUNSW Business School, University of New South Wales, AustraliabThe BRIC countries (Brazil, Russia, India and China) were identified as the fastest growing emerging economies by the economist Jim O’Neill in 2001. He created the acronym BRIC (which became BRICS in 2010 to include South Africa) and raised their profiles. Some researchers viewed the rise of BRIC(S) as phenomenal, others were more cautious. Scholars such as [Sinha, Dorschner, 2010] noted the disparate nature of the BRIC countries, being separated geographically, culturally and politically. Others (e.g. [Armijo, Burges, 2007; Tudoroiu, 2012]) noted a lack of conceptualization of BRIC(S) as a group, that is having an array of similar characteristics. This article reviews the international business management environment in the BRIC(S) bloc, finding uncertainties about the sustainability of their upward trajectories. Historically and statistically, emerging economies that secure rapid economic growth seem unable to sustain it after a decade, evident in the decline of the economic fortunes of BRIC(S). This paper provides statistical insights into BRIC(S) individual and bloc performance and discusses alternate clusters of emerging economies and predictions (e. g. FIG, MINT, MIST, etc.). The discussion briefly considers the role of the New Development Bank (2015), provision of development finance to BRIC(S) and other emerging economies, and positioning in relation to existing financial institutions. The paper concludes with suggestions for a more considered assessment of emerging economies and their role in the global economy.