The collection contains the research results presented at the international conference "Sustainable growth: society and economy". Articles cover the entire spectrum associated with sustainable growth problems: economic, environmental, and financial.
In recent years the most part of deals on mergers and acquisitions have been unsuccessful. However the number of such transactions has been increasing. The goal of this article is to characterize the investment deals on the example of Russian insurance market. The main focus was on the case study of strategies such deals. Results of the investigation show the presence of common features, strengths and weakness of the Russian deals on mergers and acquisitions. This suggests that the use of results the study contribute to predict the situation this investment deals in the insurance market of Russia. Furthermore, mergers and acquisitions deals impact the growing solvency and the financial stability of Russian insurance companies.
This paper addresses state participation in the financial sector. We take the example of the Russian banking industry to suggest criteria for a more accurate definition of public sector boundaries and an assessment of the actual scale of state presence in the national banking market.
The emerging global economic crisis forms the conditionsfor drastic transformations of the very architecture of the world economy. That creates both opportunities and challenges for Russia.
The performance of mergers and acquisitions (M&A) is one of the key issues in corporate finance. We contribute to existing literature by examining the performance of M&A deals based on the economic profit model and comparing the results with ones obtained by means of traditional methods – accounting studies. Applying economic profit as an indicator of M&A performance allows us, in contrast to existing studies, to assess the impact of mergers and acquisitions on value of European companies in the long-run. Our study is based on the sample of 153 M&A deals initiated by companies from developed capital markets of Western Europe. Analyzing one of the latest periods, 2000-2011 years, we prove that the performance of combined firms improves subsequent to mergers and acquisitions. We find positive industry-adjusted differences between the post-acquisition and the pre-acquisition performance measures. The difference equals to significant 3.3% for EBITDA/Sales ratio and 3.1% for EBITDA/BVAssets ratio. The economic profit approach demonstrates similar results. Economic profit has increased due to M&A deals by $7.5 million. The obtained results indicate that companies in developed capital markets of Western Europe are able to achieve planned synergies and integrate successfully improving the operating performance and creating value of the combined firms.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.