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Regular version of the site
Of all publications in the section: 12
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Article
Vukovic D., Ugolnikov V., Maiti M. Journal of Economic Studies. 2020. Vol. 47. No. 4. P. 729-745.

This study aims to examine whether the publication of analyst recommendations has reaction in the Russian stock market. This study also aims to determine the other factors that influence the reaction. The study finds that Russian stock market significantly reacts to analyst recommendations publications. Then study deeply investigates about the influence of other factors on the Russian market when an analyst's recommendations are published such as changes in recommendation levels, companies' size and general economic situation. The analysis done in the context of three types of recommendations: “buy,” “hold” and “sell.” The study finds that the market reacts not only to separate forecasts and subsequent recommendations, but also to the changes in recommendations' levels as well. Interestingly, the study finds that the impact of crises is not found to be a significant factor in the context of the Russian market.

Added: Mar 3, 2020
Article
Spitsin V., Vukovic D., Anokhin S. et al. Journal of Economic Studies. 2020. Vol. 48. No. 2. P. 313-332.

Purpose – The paper analyzes the effects of the capital structure on company performance (return on assets). The analysis is conducted in a large sample of high-tech manufacturing and service companies in the transition economy (Russian Federation). In addition to the aggregated analysis, separate investigations are conducted to scrutinize the impact of company age, size and location factors (the effects of agglomerations). This research postulates the existence and variability of the optimal capital structure and its dependence on economic crisis. Design/methodology/approach – We utilized a large sample that includes 1,826 enterprises over the period from 2013 to 2017. The estimation was performed using the panel-corrected standard error estimation technique (Prais–Winsten regression) to account for the panel nature and distributional properties of our data. The existence of the optimal capital structure was assessed based on a curvilinear (quadratic) function. Findings – The results are consistent with the Static Trade-off Theory and show that this theory is applicable to countries with transition economy. They demonstrate that effective management of the capital structure can increase return on assets by 16–22%. The optimal share of borrowed capital is higher for small businesses compared to larger ones and for enterprises located in agglomerations compared to those located in other regions. A greater increase in profitability can be achieved by larger firm companies compared to smaller ones. High share of borrowed capital leads to negative profitability, i.e. to losses by enterprises. No significant differences in profitability growth were identified between young and mature enterprises. The optimal share of borrowed capital that maximizes return on assets is in the range of 0–21%.

Added: Feb 10, 2021
Article
Vukovic D., Spitsin V., Anokhin S. et al. Journal of Economic Studies. 2020. Vol. 48. No. 2. P. 313-332.

Purpose – The paper analyzes the effects of the capital structure on company performance (return on assets). The analysis is conducted in a large sample of high-tech manufacturing and service companies in the transition economy (Russian Federation). In addition to the aggregated analysis, separate investigations are conducted to scrutinize the impact of company age, size and location factors (the effects of agglomerations). This research postulates the existence and variability of the optimal capital structure and its dependence on economic crisis. Design/methodology/approach – We utilized a large sample that includes 1,826 enterprises over the period from 2013 to 2017. The estimation was performed using the panel-corrected standard error estimation technique (Prais–Winsten regression) to account for the panel nature and distributional properties of our data. The existence of the optimal capital structure was assessed based on a curvilinear (quadratic) function. Findings – The results are consistent with the Static Trade-off Theory and show that this theory is applicable to countries with transition economy. They demonstrate that effective management of the capital structure can increase return on assets by 16–22%. The optimal share of borrowed capital is higher for small businesses compared to larger ones and for enterprises located in agglomerations compared to those located in other regions. A greater increase in profitability can be achieved by larger firm companies compared to smaller ones. High share of borrowed capital leads to negative profitability, i.e. to losses by enterprises. No significant differences in profitability growth were identified between young and mature enterprises. The optimal share of borrowed capital that maximizes return on assets is in the range of 0–21%.

Added: Jun 16, 2020
Article
Parshakov P., Sofiia Paklina, Dennis Coates et al. Journal of Economic Studies. 2020.

Purpose – Video games are considered as a leisure activity that makes being unemployed more attractive than before. In this study, the authors use eSports prizes as a proxy for the popularity of video games to analyze its influence on total and youth unemployment. Design/methodology/approach – The authors develop a theoretical model and empirically test it using the total prize money won by representatives of a country in a given season in eSports tournaments, via a panel regression model with the country-year as a unit of observation. The data set includes information about 191 countries between 2000 and 2015. Findings – The authors’ results of regression analysis show a positive influence of the popularity of video games on the unemployment rate. In addition, the authors analyze this effect for countries with different levels of income and labor productivity. The authors found a significant inverse relationship between income level and the effect of the popularity of video games on total and youth unemployment. Originality/value – While previous studies rely mostly on self-reported data, the authors suggest a new approach to measure video game popularity. This paper contributes to existing knowledge with empirical evidence on how leisure activities affect unemployment at the country level.  

Added: Sep 14, 2020
Article
Kossova E. V., Potanin B., Sheluntcova M. Journal of Economic Studies. 2020. Vol. 47. No. 7. P. 1649-1667.

Purpose: Purpose of the article is to investigate the effect of marriage on male wages in Russia. The paper provides insight about contribution of observed and unobserved factors to wages of Russian men regarding their marital status. Design/methodology/approach: Database is the Russian Longitudinal Monitoring Survey (RLMS) for 2016. We add to the literature by introducing Generalized Oaxaca–Blinder Decomposition of the difference in mean wages of married and unmarried men. This generalization is free of conditional mean independence assumption. Findings: We reveal negative observed price effect and substantial positive effect of changes in unobserved characteristics of married and unmarried men in Russia. Originality/value: To our knowledge, our study is the first one that gives estimation of the volume and structure of the male marriage wage premium in Russia. The proposed approach is applicable for estimating labor market premiums and penalties for various individual characteristics.

Added: Jun 22, 2020
Article
Kossova T. V., Kossova E. V., Sitnikova A. et al. Journal of Economic Studies. 2021.

Purpose – The paper investigates changes in consumption of pure alcohol, vodka, beer, wine and fortified wine by neighboring age classes of Russians. Design/methodology/approach – Data source is the Russian Longitudinal Monitoring Survey – HSE from 2000 to 2017. Age groups are those born in 1934 and older, in 1935–1944 and further with a 10-years interval till the group of 1985 and younger. The amount of consumed alcohol is estimated with Heckman model. LR-test is used to determine the similarity of alcohol consumption behavior of age groups. Oaxaca–Blinder decomposition presents the difference in the average level of alcohol consumption among two neighboring age classes with the explained and unexplained parts. Findings – Male and female respondents from the group (1985þ) drink significantly less absolute alcohol than the previous age class born in 1975–1984. Oaxaca–Blinder decomposition shows that an increase in absolute alcohol consumption for women and a decrease in absolute alcohol consumption for men come from the unexplained difference of consumption volumes. Policy measures should be targeted on the prevention of excessive alcohol consumption among Russian women since they demonstrate an increase in the consumption of vodka, beer and fortified wine from one generation to another. Originality/value – For the first time, the paper presents decomposition of changes in alcohol consumption volumes for neighboring age groups of Russians. The change in consumption volumes might be due to the change of objective characteristics of individuals and unobservable factors like the influence of advertising, government policy and the entry of new alcohol producers into the market.

Added: Nov 10, 2020
Article
Shakina E., Barajas A. Journal of Economic Studies. 2013.

Purpose – This paper investigates the production function of firms based on the use of intellectual capital. We come up with this problem since believe that the new economy conditions require an adjustment and a development of classical firm theory.

Design/methodology/approach – The research question addressed in this study is mainly related to the empirical validation of the function based on companies’ intangibles in the Cobb-Douglas framework. This model enables us to advocate the idea of the complementarity of intellectual resources as well as simplifies the analysis of intellectual capital features. To accomplish the purpose of our research we design a log-linear model and estimate it on a sample of more than 400 European and American companies.

Findings – Application of Cobb-Douglas framework allowed designing a production function based on intellectual capital. The complementarity of intellectual capital components is justified on the empirical results obtained in this research. The increasing return to scale for intellectual capital was established for the sample examined in this study.

Research limitations/implications – The main shortcoming of the approach implemented in this study is related to the proxy indicators of intellectual capital. Nevertheless, we statistically validate the chosen indicators applying hedonic approach.

Practical implications – Practical accomplishment of this research is mainly associated with the conclusion about an increasing return to scale of intellectual capital. This phenomenon appears to be of a particular importance for investment decisions.

Originality/value – The findings of this paper provide a new insight into intellectual resources interrelation that enhances companies’ value creation. We also hope to assist future research attempts in application of the theory of company’s growth driven by its intangible capital.

Added: Oct 24, 2012
Article
Kossova T. V., Kossova E. V., Sheluntcova M. Journal of Economic Studies. 2017. Vol. 44. No. 2. P. 266-281.

Purpose of the paper is to examine macroeconomic factors that are significantly related to consumption of various alcoholic beverages in Russia.

Design/Methodology. We consider 78 Russian regions for the period from 2008 to 2012. Data was collected from the Federal State Statistics Service of Russia. We investigate differences in the volume and structure of consuming absolute alcohol in aggregate, vodka, beer, and wine.  Estimating fixed effect panel models enables us to reveal the relationship between alcohol consumption and the set of macroeconomic factors that include economic development of regions and living standards, the effect of unemployment, and the degree of urbanization.

Findings.  Alcohol consumption is procyclical in Russia. Two main alcoholic beverages in Russia are vodka and beer. Welfare and urbanization of regions are positively related to consuming alcohol. Unemployment rate affects consumption of different types of alcoholic drinks in a different way. For absolute alcohol, vodka and beer, this relationship is negative. However, it is positive for wine. The effect of unemployment on absolute alcohol and vodka increases over time. For beer, it is remained unchanged. For wine, this effect weakens over time.

Originality/value. To our knowledge, our paper is the first one to analyze macro-level factors of consumption of different alcoholic beverages in Russia. Conclusions made on aggregate macroeconomic data add to understanding of drinking patterns in Russia as a country with the large territory and great regional differences. Findings can be used for correcting the alcohol policy implemented in the country and in particular regions.

Added: Dec 5, 2016
Article
Maiti M., Balakrishnan A. Journal of Economic Studies. 2018. Vol. 45. No. 4. P. 710-737.

The purpose of this paper is to focus on one of the major emerging Asian economies – India – to examine the role of human capital in asset prices.

Added: Sep 8, 2018
Article
Shakina E., Barajas A., Parshakov P. et al. Journal of Economic Studies. 2017. Vol. 44. No. 1. P. 138-153.

Purpose – This study explores company strategies for intangibles. We investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. This paper aims to elaborate a theoretical model to describe the strategic decision-making in companies.

Design/methodology/approach – We use the Bellman equation framework to find the conditions under which a change in strategy for intangibles is reasonable.

Findings – The results determine the parameters of returns on intangibles in different strategies, the optimal intangible stock and the influence of external economic shocks. The findings of our study demonstrate that many requirements have to be met to make intangible-intensive strategy beneficial for a company. Moreover negative shocks of crises force a company to postpone a new strategy on intangibles.

Practical implications – This research provides an insight into strategic behaviour of companies under uncertainty. The theoretical findings demonstrate under which conditions companies should decide to switch to a strategy more intangible-intensive. This model can be used to empirically test parameters of different investment strategies of companies using structural estimation techniques.

Originality/value – This work contributes to the theory of managerial economics giving closed form solutions for the dynamic optimization of company behaviour. The findings also show how this behaviour might change when economic crises are faced or expected.

Added: Jul 25, 2016
Article
Deari F., Lakshina V. V., Lapshina K. Journal of Economic Studies. 2020. Vol. 47. No. 2. P. 351-365.

Purpose – The purpose of this study is to empirically test the hypothesis about substitution of trade and bank credits during the crisis period among 1570 firms from 16 developing countries.

Design/methodology/approach The study examines the dynamics of trade credits, following previous studies with special emphasis on (Love et al., 2007). The foregoing methodology was expanded by taking into account the effects of the interdependence between firms by means of spatial panel model. 

Findings – The study reveals that, taking into account spatial effects, there is a positive relationship between bank and trade credits, i.e. they behave as complements for each other. Significant positive spatial correlation, obtained for the firms within the same country or cluster, points on the presence of externalities inside these groups. The latter implies that neighboring firms demonstrate similar unidirectional dynamics of trade credits.

Originality/value Results of this study may create a basis for policy implementation in the sphere of corporate lending, and allows to build appropriate supporting policies during crisis period.

Added: Feb 4, 2019
Article
Shakina E., Barajas A. Journal of Economic Studies. 2014. Vol. 41. No. 2. P. 272-291.

Purpose – This paper investigates the production function of firms based on the use of intellectual capital. We come up with this problem since believe that the new economy conditions require an adjustment and a development of classical firm theory.

Design/methodology/approach – The research question addressed in this study is mainly related to the empirical validation of the function based on companies’ intangibles in the Cobb-Douglas framework. This model enables us to advocate the idea of the complementarity of intellectual resources as well as simplifies the analysis of intellectual capital features. To accomplish the purpose of our research we design a log-linear model and estimate it on a sample of more than 400 European and American companies.

Findings – Application of Cobb-Douglas framework allowed designing a production function based on intellectual capital. The complementarity of intellectual capital components is justified on the empirical results obtained in this research. The increasing return to scale for intellectual capital was established for the sample examined in this study.

Research limitations/implications – The main shortcoming of the approach implemented in this study is related to the proxy indicators of intellectual capital. Nevertheless, we statistically validate the chosen indicators applying hedonic approach.

Practical implications – Practical accomplishment of this research is mainly associated with the conclusion about an increasing return to scale of intellectual capital. This phenomenon appears to be of a particular importance for investment decisions.

Originality/value – The findings of this paper provide a new insight into intellectual resources interrelation that enhances companies’ value creation. We also hope to assist future research attempts in application of the theory of company’s growth driven by its intangible capital.

Added: Jun 11, 2013