Ownership and control in Russian privatised companies: Evidence from a survey
Increased attention and focus has been laid on the strategic importance of intellectual capital for modern management. However, intangible resources appear difficult to measure. Today, there are several methods, both financial and nonfinancial ones that allow managing them, to provide benchmarking and analyze its value added function (Sveiby, 2007). The rare investigations of intellectual capital in Russian enterprises show that “Almost in all industries it is still more profitable to invest in tangible assets rather than in intangible ones” (Volkov, Garanina, 2007). Still, some investigations on the micro level show that there are enterprises with high level of technological capital and innovative activity. The researchers called them “innovative leaders” and empirically proved that they have high labour productivity and are awarded by market through extra profit (Gonchar et al., 2010). Using the research sample and Pulic’s Value Added Intellectual Coefficient (VAIC™) the authors investigate empirically the dynamics and structure of VAIC, and study the relation between the intellectual capital and indicators of organizational performance, such as labour productivity, sales growth and profitability. Additionally, the VAIC™ model allows analysing the role of human, structural and physical capital. This paper outlines the study based on 350 Russian industrial enterprises’ annual statistical and account reports from 2005 through 2007. Besides, the authors adopt the VAIC calculation according to the Russian accounting system’s specifications and limitations. The findings support the hypothesis that a company’s intellectual capital influences favourably the organizational performance, and may indicate future competitiveness. A proof showing that the explanatory power of models is higher when considering the additional variables such as investment in fixed capital, R&D expenditures and a company’s size is represented. The results extend the understanding of the intellectual capital role in creation of sustainable advantages for companies in developing economies where different technological advancements may bring different implications for organizational value creation efficiency.
Russia has achieved significant accomplishments in its housing reform program, starting with the passage of the housing privatization law in July 1991 and continuing through early 1995. Policies have been adopted to establish the legal framework necessary for transformation of the housing sector to one operating under market principles. Substantial progress has been made in the area of housing production, finance, home ownership subsidies and the rental market. However, additional legislation is needed in mortgage finance, land, and other areas that still hinder the expansion of the private sector.
One of the most important results of the economic reforms in the housing sector initiated by the law “On Privatization of Housing in the RSFSR” in July 1991 is a fundamental change in the role played by the federal government in the functioning and development of the housing sector. Critically, the government stopped operating as the principal centralized source of housing construction finance. Simultaneously, an attempt was made to improve targeting of government investments in the housing sector, which, despite acute budget deficits, the state continued to provide for the social policy goals. The intensive restructuring of the housing finance system driven by the critical condition of the state budget was truly unprecedented. Before the economic reform started in 1991, the budget was responsible for almost 80 percent of the total volume of new housing. By mid-1999 the share of developers in state ownership was down to 11.3 percent, with only 8.6 percent of the housing built by developers in federal ownership.
The author analyzes the most widely applied risk management standards in Russia, emphasizing the lack of a clear system for operational risk management. Reviewing the challenges emerging on European markets due to the introduction of the Solvency II directive, he suggests approaches to the solution of possible problems for Russian insurers.
портовый менеджмент, показатели деятельности, анализ эффективности, система учета, распределение издержек, методы анализа деятельности портовой системы
At present many industries reveal tendency for setting up of vertically integrated companies (VIC) the structure of which unites all technological processes. This tendency proved its efficiency in oil industry where coordination of all successive stages of technological process, namely, oil prospecting and production -oil transportation - oil processing - oil chemistry - oil products and oil chemicals marketing, is necessary. The article considers specific features of introduction of "personnel management" module at enterprises of oil and gas industry.
vertically integrated companies; personnel management