The present paper focuses on identification of relative “poverty line” and a threshold of high poverty risks. The paper also studies key poverty factors in contemporary Russia. It demonstrates that the relative approach to poverty which is widely used in Western countries is applicable in Russia too. However, the relative poverty thresholds set at 0.5 and 0.75 medians per capita family income identify quite different groups of the poor. The threshold of 0.5 median income indicates deep poverty happened mostly to the unemployed workforce. The rel ative poverty threshold equal to 0.75 median income identifies the poverty of the elderly who are not considered as the poor by the absolute approach because pensions of Russians has been recently equalized to the subsistence level. Above all, the paper provides econometric estimates of socioeconomic determinants of both absolute and relative poverty. It was revealed that the relative deep poverty of the working population was primarily caused by the “bad jobs” rather than “bad” human capital. Absolute poverty of workers is more or less determined by both factors.
This article analyzes state-owned companies and their place in the structure of market interactions in the context of modern approaches to the study of government failures and market failures, as well as the conditions of the system of private property rights rooting. Besides the general theoretical consideration of the costs of functioning of state-owned companies, the authors refer to the specific experience of the Russian economy, consistently analyzing the opportunities and palliatives of the current privatization policy, the experience of establishment and the risks of functioning of state corporations. Particular attention is paid to the problem of limited motivation to improve the institutional environment in general and, on the contrary, the expansion of the practice of direct government intervention in order to solve the problems of economic development. The authors also consider specific areas where there is a restriction of private property rights in connection with the expansion of the public sector, de jure and de facto.
The Russian system of state support for small and medium-sized businesses in its scope, forms and methods has reached the level of developed countries. This system set up the basis for the new wave of small businesses foundation, ongoing since 2008. But the continuing increase in the amount of small businesses is going along with reduction in the volume of their activities. The support offsets the lack of space for expansion of SMEs business operations. Zoom, forms and methods of support for SMEs is not adequate structure and institutional framework of the Russian economy.
The article analyzes the focus and effects of the main tools to support industrial enterprises in Russia: direct budget financing, tax relief, support of state development institutions. Based on the analysis of empirical data at the micro-level, we consider a typical “portrait” of the company — the recipient of state support. The main effects in the activities of companies that have received it are analyzed. We demonstrate that, on the one hand, resources are being allocated to innovative companies, exporting companies. On the other hand, there is a bias of state support to large companies, state-controlled firms, companies, oriented at the public sector. The latter may result from the less innovative activity of private companies (which, most likely, is a consequence of the worsened business climate), as well as to their caution in using state support due to the associated risks. All tools of state support contribute to the growth of company revenue, but at the regional level, support is more related to the task of stabilizing employment and preserving the output of products purchased by the state. We have revealed the most positive changes in companies that have received support from state development institutions. Tax incentives are a tool opened to “young” firms, for companies introducing innovative products that are new to the world — in this sense, they are complementary to other instruments and are essential for the formation of a holistic ecosystem.
This article seeks to answer the question whether Russian Arbitrazh (Commercial) courts tend to decide cases in favor of defendant versus plaintiff or state versus business. It was found that courts favors business entities in civil cases, while in administrative cases courts take decisions in favor of governmental bodies other things being equal. In addition, the plaintiff bias persists regardless of the type of the process. However, the plaintiff bias decreases with the rise of the case complexity. The article is based on the regression analysis of a random sample of 10 000 cases decided by the Russian Arbitrazh (commercial) courts in 2007—2011.
The paper is devoted to modeling the subject field of academic discipline basing on the case of accounting. It is shown that interdisciplinary approach, interpretative and critical studies, constructivist paradigm are now popular in accounting studies. In addition to traditional financial and organizational aspects, accounting, in the new interdisciplinary framework, is also studied as a socio-economic institution.
The article examines the features of the newest stage of the demographic evolution of Russia against the backdrop of other countries at similar stages of the demographic transition. It is shown that until recently, long-term demographic trends favored Russia's economic development, but now the country is entering a long period of unfavorable demographic changes for its economy. The cessation of the growth of the Russian population, the reduction in the working-age population and its aging, the increase in the dependency ratio will have a deterrent effect on the economic development and at the same time will make it more difficult to solve social problems. In particular, they will create greater problems for the pension system for people older than working age. The issue of using the migration resource to mitigate the negative consequences of demographic changes is being discussed.
In our paper, we study the impact of active investment strategies and factors of their success in the Russian market of collective investment — self-confidence of managers, commissions of management companies (MC) — on return rates of mutual funds. For the first time, not only equity mutual funds, but also bond mutual funds are considered as an object of study; the time period is since 2012. Our study is based on data on the structure of mutual fund portfolios provided by Investfunds. We propose a number of original indicators of an active management style and consider the profitability of mutual funds relative to various benchmarks. Based on testing of multivariate regression models, it has been revealed that the return rate of equity mutual funds is negatively affected by a share of stocks in the fund portfolio which are not included in the market index. When managers take into account their previous negative investment experience, it contributes to the growth of mutual fund return rates. Active investment strategies correlate with increased commissions (up to 4.5% of NAV), but they do not allow an investor to receive higher return rates than index investments. An increase in the share of corporate bonds allows the fund manager to outperform benchmarks for bond funds. For the first time, a nonlinear relationship between the size of mutual funds and the value of commissions has been revealed for the Russian market.