Влияние финансовой дисциплины работодателя на степень удовлетворенности от жизни работника
The Journal publishes a program of institutional economics, which for several years be taught in the department of psychology at the State University Higher School of Economics. Its Novelty of among the academic disciplines for psychology bachelors is it include it in the body of economics, when it would be taught after microeconomics and macroeconomics. Along with the updated program the textbook prepared for the publication that may be recommended to the use of humanities students for study the fundamentals of institutional economics.
The paper contains highlighting and theoretical level analysis of the factors positively and negatively influencing profitability of vertically integrated and non-integrated companies. Advantages and disadvantages of choosing the strategy of vertical integration are proved along with systematization of main approaches to these item researching. The difference of the efficiency between the integrated and non-integrated companies’ performance is considered, which is the key issue of the best way of large companies development. The central issue of the research, that is based on the theory highlighted in this paper, is the utility of existence of large vertically integrated companies in emerging capital markets. Are such companies improving the whole economy of an emerging country or are they slowdown transition to market relations in all industries? This article was motivated by the trend in developed capital markets towards dividing big holding companies to small segmental units.
The efficiency of vertically integrated companies’ performance should be studied through comparison the whole corporation and a set of detached businesses, that could be parts of integrated company. The simplest way of such analysis, which was used by the first researchers in this field, is to compare total costs and to depict different types of economies. On the more sophisticated level of analysis must be taken into account such issues as principal-agent problem, technological economies and risk level minimization under the conditions of legal restrictions, which limits costs saving between two branches of one company. The third approach to consider all influencing companies’ performance factors is the analysis of financial figures, especially the analysis of different ratios, that can show relative efficiency of companies. By doing such analysis not only traditional components of synergetic effect are taken into consideration, but also financial features of M&A deals that can lead to a bankruptcy are covered.
Financial crisis of 2008 clearly showed weak ability of the banking system to withstand shocks and ineffectiveness of the existing regulation mechanisms and control of financial institutions. The need for efficient public policy preventing liquidity shortages and mass bankruptcy while taking in to account regulator’s transaction costs became obvious. The aim of this study is to construct an implementation mechanism for the salvation policy promoting the reduction in moral hazard from the bank-recipient side; the reduction in regulator’s transaction costs connected with the control of financial institutions; the reduction in the quantity of "unaccounted" but systemically important institutions. We propose ex ante bail-out decision mechanism based on contract theory. The key issue here is to minimize both moral hazard effects and regulator’s monitoring costs. The problem of moral hazard is stimulated by possible government liquidity provision and monitoring of "problem zones". Efficiency is also reduced by the imperfect mechanism of choosing bail-out candidates: key criteria based on gross quantitative indicators and weakly connected with the bank’s performance and network effects.
During the past few decades, many developing countries have initiated public procurement reforms. One of their prime objectives was to limit corruption, enhance competition, and reduce the scope of procurer opportunism. However, radical changes in regulations have resulted in the emergence of new opportunities for opportunism this time on the supplier side.