Раскрытие информации об инновационной деятельности российскими публичными компаниями и реакция фондового рынка
The paper is focused on the analysis of Russian stock market reaction on the announcements related to innovative activity of Russian traded companies. We use event study methodology to estimate abnormal stock returns in the announcement day. It is assumed that information about company’s progress in innovative activity is incorporated in stock prices. Therefore, if stock market investors positively perceive company's developments and its disclosure, it should be positive abnormal stock returns. The results show that Russian investors positively assess the announcements about completion of innovative project or its stage. Moreover, the reaction is independent of innovation type: development of a new product, production technology or organization practices. In addition, the reaction is stronger for larger companies that corresponds to increasing returns to scale assumption.
Today the increasing number of constant consumers is a strategic aim for any organization which is possible to be achieved only under condition of continuous perfection of organizational activity quality. If the service representation doesn't correspond to the consumers’ expectations they lose their interest to the service organization, if it does correspond or surpass their expectations they probably would readdress to service provider. For this reason the service organization should more precisely reveal consumers requirements and expectations, namely provider should constantly measure its service quality.
In the given work approaches by the Russian and foreign researchers in the field of quality management are studied and analyzed in details, namely:
- approaches to the «service quality» definition;
- the basic components of service quality management process;
- service organization quality model.
The purpose of research work consists of ISQM (Innovation System of Quality Management) model creation taking into account features of TCS providing, which, in turn, is targeted on TCS company purposes achievement in the field of quality by means of:
- setting the control values of TCS quality indicators;
- measuring of the reached results and their comparison with expected results;
- effective management decision making as a result of carrying out the analysis of managerial activity in the field of quality on the basis of the report containing recommendations for the company activity improvement, prepared due to the results of measuring and collecting quality indicators.
The data book presents the results of statistical innovation surveys in the Russian Federation. It contains internationally compatible indicators characterizing the level of innovative activity in industry and services. The publication covers statistical data reflecting innovation expenditure and output, co-operational linkages, and factors hampering innovation. Specific chapter is devoted to ecological innovation. International comparisons with a wide range of innovation indicators are provided as well. The data book includes information of the Federal Service for State Statistics, Organisation for Economic Co-operation and Development, European Commission, Eurostat, national statistical agencies, and results of own methodological and analytical studies of the HSE Institute for Statistical Studies and Economics of Knowledge.
The paper describes the main issues related to sustainable development of enterprises on the basis of innovation. The results of a research demonstrating the relationship between the position of the enterprise and organization innovation on it. The methodical recommendations on the design strategies of innovative development of the enterprise are proposed.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.