Strategy and Organization in Russian Corporations
The article serves as an extended introduction to a special issue of International Studies of Management and Organizations devoted to Russian management.
In this paper we are going to review both theoretical studies in the field of intellectual capital measurement and empirical research, devoted to analyses of intellectual capital influence on companies’ value and financial performance. As a result, potential areas for further investigations in this field were revealed.
Considering groups of intellectual capital measurement methods, we identified that direct intellectual capital methods and scorecard methods are the most appropriate for the purpose of IC components measurement. To obtain objective results of measurement it seems reasonable to develop system of proxy indicators for all intellectual capital components (human, structural and relational capitals) and subcomponents (process and innovation, client and network capitals). Basing on existing literature, we make an attempt to identify and systemize indicators, associated with intellectual capital and reveal that network capital metrics remain under-researched and deserve closer examination. It was also found that investigators should develop the system of intellectual capital indicators, taking into account industry specificity.
As for empirical studies, in order to investigate the influence of intellectual capital on corporate value and financial performance, it seems reasonable to elaborate models, which include factors, associated with all intellectual capital components and subcomponents and, what is just as important, their interrelations. Furthermore, it is vital to investigate the relationships between the values of IC components for companies. The models should be adopted for both developed and developing countries. It is also important to analyze the influence of intellectual capital in various industries separately, taking into consideration phase of economic cycle.
This paper compares various techniques of valuating banks in Russia for empirical research purposes. From comparing the existing valuation methodologies we proceed to devise an alternative methodology of valuation that would be more rele-vant and applicable to the Russian banking industry. Our technique is based on the linkage of sales prices of banks in M&A transactions to the prices of fixed-income securities issued by these banks. The novelty of our approach lies in the utilization of a broader range of sources of price data that might prove useful in measuring investor perception of different performance characteristics of banking firms. We illustrate the application of our method with a calculation of the impact produced by the quality of corporate governance on the price of the bank measured through the price of its equity and other securities. The downside of our valuation method is being geared towards banking firms while its applicability to industrial companies remains to be researched.
Management is a popular term in the Russian labor market today; indigenous companies and multinationals are dreaming about hiring competent professionals in the ﬁ eld of management. For example, in April 2011 the popular jobs directory Rabota.Ru counted the highest number of new jobs available per month was in specialist areas such as sales manager, business development manager, project manager, and PR manager. Among the top-ten offers with the best prospects, four are in the ﬁ eld of management, and two others, electrical engineer and accountant, also required managerial experience. In contrast, experts working in the newspaper “Trud” produced a ranking of the most popular professions in terms of expectations of prospective students. Management ranked fourth place, behind ﬁ nancial specialist, nanotechnologist, and programmer. Respondents characterized it as the profession in which they could fully realize their expectations and ambitions.
Based on programme thoughts expressed by C. Write Mills in his "Sociological Imagination”, the article presents a view on the future of social science, discussing several issues massively debated in recent years by sociologists. Three scenarios pointed in the headline of the article are exposed. The author advocates the implementation of the principle according to which the empirical study inextricably linked with the theoretical work; only then sociology will remain as a scientific discipline. The basis of the article served the author's acceptance speech for the award with the title of Honorary Professor of the University of Aalborg.
It is shown that one way to overcome the negative impact of the crisis is to build a strate-gy for supply chain management (SCM). Designated a set of factors motivating companies to enter the level of institutional coordination and integration, the underlying SCM. Select the ex-ample of some typical disturbances in supply chains associated with the economic crisis. The ability of companies to respond to the demand determines the level of integration and technolo-gical flexibility in solving problems of SCM. It is shown that changes in consumer preferences encourage companies to reconfigure the supply chain. All of these processes occupy a key posi-tion in the strategic planning of supply chains.
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.