Working paper
Firm-level Research on Innovation and Productivity: Russian Experience
The paper introduces microdata of the Global Entrepreneurship Monitor (GEM) and GeoRating Project that is also based on the GEM Methodology as supportive business demography statistics’ data sources in the scientific research steps for economic studies. To analyze the data collected via these surveys, and its validity and reliability authors provide the reader with a list of standard OECD and Eurostat definitions for the main vital events (births and deaths) of private enterprises, as well as enterprises’ birth rates, death rates and survival rates calculating. The paper states the advantages and disadvantages of adult population surveys’ microdata application for the empirical research of reproduction processes in the active stock of businesses, including nascent and newly-born enterprises. In addition, with use of these surveys microdata the picture diagram method is described as one of the most effective ways to graphically depict the age (duration) and motivation distribution of entrepreneurial cohorts; applications have been shown which demonstrate the range of possible analyses, such as cross-countries and regional comparisons of entrepreneurship development.
This paper investigates household consumption behavior in Russia. The model assumes that household consumption can be determined both by Euler equation and the rule of thumb. Using panel data on households (RLMS-HSE) from 2000 to 2011, we present estimates of elasticity of intertemporal substitution and show that an essential part of households consume part of their current income and do not solve optimization problem
Enhancing innovation performance in the industrial sector of the Russian economy is a long overdue. Since 2010 the government has conducted a kind of «incumbent» policy approach, encouraging mainly the largest state-owned companies. The latter are obliged to elaborate and implement innovation development programmes (IDPs) in order to accelerate modernization of the Russian economy and increase demand for innovation. This paper analyzes the results of the monitoring of STI activities undertaken by the state-owned companies in relation to implementation of innovative development programmes. It evaluates the interim results of government initiatives to foster innovation in the related business segment, notes the negative effects of excessive «compulsion» to innovate and provides recommendations for improving policy. Monitoring shows that the actual priority for most companies is modernization of fixed assets through acquisition of modern machinery and equipment. Technology adoption, along with R&D investments, significantly surpasses other possible mechanisms encouraging innovative development (including support for small and medium-sized enterprises (SMEs), education and training in innovation, co-operation with other actors in the framework of technology platforms, venture funding). The innovation outputs of the surveyed group of companies are in fact comparable to the Russian average although monitoring does not allow the assessment of corporate patent strategies or the novelty of innovative products that are produced and exported. The author argues that the fundamental policy effect through organizational changes and investments may manifest itself in the next decade. However, the quality of the corporate management, employee loyalty to structural change and organisational culture that supports innovation, would likely be more important in enhancing overall performance. Policy recommendations include: differentiation of government incentives according to the companies' specificities, development of their external linkages with SMEs and universities, linking innovation strategies to corporate policies, and integration of IDPs into the roadmaps of technological development of Russian regions and markets.
The aim of this paper is to conduct an empirical investigation and reveal what types of modernization strategies and characteristics of regional institutional environment are likely to be associated with different trajectories of firms’ performance in 2007-2012. Using hierarchical cluster analysis we revealed the typical trajectories of firms’ sales growth and found that the dynamic of sales for more than 90% of firms can be described by just two types of performance curve: (a) crisis decline-recovery and the stable growth and (b) crisis decline with weak recovery and stagnation. We test three hypotheses that (1) companies that invested a lot in modernization and restructuring of business before the crisis were more likely to successfully overcome the crisis shock, and (2) that location of firms in the regions with better institutional environment could also matter for the likelihood of successful recovery, and (3) firms with foreign ownership are more likely to overcome quickly and successfully crisis shocks and continue growth in post-crisis period. We found the firms that invested more prior to the crisis are more likely to have positive post-crisis dynamics of sales. Active restructuring accompanied by the rise of the number of employees in pre-crisis period was also a significant factor associated with propensity to be a member of successful cluster. We proved an evidence that firms in the regions with less level of corruption (both administrative and everyday) were more likely to successfully overcome the crisis shock. Contrary to the studies in other countries we found no evidence of significant positive role of foreign ownership.
The book reflects the main trends in the innovative development of enterprises in the conditions of system transformation. We study the methodology of development of innovative component of enterprise management, study options of innovative development tools businesses
Organization and management in Russian companies - Comparative analysis of Eastern and Western regions based on micro data.
Contents:
Chapter 1: Corporate governance system
Chapter 2: Human Resources and Labor Management
Chapter 3: Welfare
Chapter 4: Marketing
Chapter 5: Transportation / Logistics
Chapter 6: Business-State relations
Chapter 7: Economic sanctions
Appendix A: Outline of ERINA company survey
Appendix B: Survey results on investment, finance, foreign relations and Far East development
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.