?
Снижает ли диверсификация финансовую ограниченность телекоммуникационных компаний?
Вестник Московского университета. Серия 6: Экономика. 2020. № 5. С. 120–142.
Cherkasova V. A., Чернощекова А. Ф.
Financial constraints reflect the company's lack of capabilities to attract the necessary amounts of external financing or the excessively high cost of such financing. One way to reduce financial constraints is the diversification of the company’s activities. The article presents a comparative analysis of the impact of different types of diversification (geographical and product) on the telecommunications companies’ financial constraints. The sample consists of 103 companies for the period from 2010 to 2018. The level of financial constraints are measured as ASCL-index which allows getting more complete characteristic of the companies’ financial capabilities on the basis of four indicators: the average cash flow, the average financial leverage, age and size of the company.
The impact of diversification on financial constraints is analyzed by evaluating several models of ordered logit regression. Regression and statistical analysis shows that both product and geographical diversification reduce the company’s level of financial constraints. Moreover, in developing countries, geographical diversification is a priority strategy of reducing financial constraints level for telecommunications companies.
The findings established in the study can be used by management of companies to make a choice of optimal diversification strategy.
Keywords: related diversificationunrelated diversificationсвязанная диверсификациянесвязанная диверсификацияfinancial constraintstelecommunicationsфинансовая ограниченностьgeographical diversificationproduct diversificationтелекоммуникационный секторгеографическая диверсификацияпродуктовая диверсификация
Ustyuzhanin V., / Series Econometrics "arxiv". 2026.
This paper proposes Covariate-Balanced Weighted Stacked Difference-in-Differences (CBWSDID), a design-based extension of weighted stacked DID for settings in which untreated trends may be conditionally rather than unconditionally parallel. The estimator separates within-subexperiment design adjustment from across-subexperiment aggregation: matching or weighting improves treated-control comparability within each stacked subexperiment, while the corrective stacked weights of Wing et ...
Added: April 3, 2026
Vorchik A., / Social Science Research Network. Серия SSRN Working Paper Series "SSRN Working Paper Series". 2026.
This article is devoted to the phenomenon of intrinsic motivation, to understand which two models are proposed. We study how positive/negative intrinsic motivation to work (experienced utility) affects worker's individual labour supply (model I) and the amount of effort they exert (model II). In model I, we use intrinsic motivation to explain the positive/negative slope ...
Added: March 15, 2026
Vorchik A., Мамышев М. А., / Series Social Science Research Network "Social Science Research Network". 2025.
In this paper, we develop a formal mathematical model aimed to explain the Dunning-Kruger effect that beginners systematically overestimate their own competence in various fields of knowledge and activity. We argue that the Dunning-Kruger effect arises from the emotional nature of confidence combined with unknown unknowns that it simply can not take into account due ...
Added: February 11, 2026
Musaev A. U., Vorchik A., / Series Social Science Research Network "Social Science Research Network". 2026.
This paper attempts to model the evolutionary theory of modernization and democratization. The model reflects the key provisions of R. Inglehart and C. Welzel's theory and provides a microfoundation for the adaptation of subjective values to the objective importances of the survival factors and the structure of the labour markets from the perspective of evolutionary ...
Added: February 10, 2026
Antsygina A., Teteryatnikova M., Tremewan J. C. et al., / Series "SSRN Working Paper Series". 2025.
Many competitive environments allow for a third party to be indirectly involved by supporting one or both sides in the conflict. Such support can come from trade partners, colleagues, or allies, who can in turn benefit from a supported party's success. We use theory and an experiment to investigate how support relationships develop endogenously in ...
Added: January 31, 2026
Akhmedova A., / Series "SSRN Working Paper Series". 2026.
The study explores a psychological phenomenon of inaction inertia-avoiding action after missing a more favourable opportunity. Unlike action inertia (e.g.,sunk costs effect), inaction inertia has been less studied, particularly in economic contexts. Considering the reference dependent nature of the phenomenon, I build on the work of Kőszegi and Rabin (2006) to examine how past experiences ...
Added: January 23, 2026
Kuchumova (Paramonova) Y. A., Ozhegova A., Зорина К. С., / Series SSRN "Available at SSRN 6108727". 2026.
Simplified tax regimes with explicit eligibility thresholds are a common tool which reduces tax burden but distorts firms’ behavior, creating local bunching just below the threshold. However, we show that when firms have access to business splitting their responses extend far beyond the local margin. Our model demonstrates that splitting reduces local bunching but amplifies ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., Кумачева С. Ш., / Series SSRN "Available at SSRN 5312100". 2025.
In recent years, an emerging body of empirical research has shown that tax audits, in addition to recovering unpaid taxes (direct effect), increase future tax compliance (indirect or dynamic effect). This literature also suggests that updating expectations induced by audit experience plays an important role in explaining this indirect effect. However, exactly how taxpayers form ...
Added: January 21, 2026
Kuchumova (Paramonova) Y. A., / Series SSRN "Available at SSRN 5277500". 2025.
While the emerging empirical literature shows that collateral tax sanctions (CTSs) - such as driver’s license suspensions or passport denials - appear to be effective instruments to enforce tax debt collection, there are still few theoretical arguments to explain why. In this paper, I model enforcement of tax debt collection and provide a new rationale for why it could ...
Added: January 21, 2026
Dobrynskaya V. V., Tomtosov A., Речмедина С., / NRU HSE. Series WP BRP 60/FE/2017 "SERIES: FINANCIAL ECONOMICS". 2025.
We study the application of factor investing in the market for real estate (REITs). The analysis of traditional factor strategies, such as momentum, value, size and profitability, reveals their unstable and atypical behavior in comparison to the equity market, however, there is a strong momentum effect in the factor strategies. We propose a new dynamic ...
Added: January 21, 2026
Besstremyannaya G., Bakshuk M., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
В данной статье рассматривается реакция российских предприятий обрабатывающей промышленности на ужесточение экономических санкций с акцентом на период после 2022 года. Хотя санкции в целом негативно сказываются на экономическом росте и эффективности деятельности компаний, есть некоторые свидетельства того, что они также могут подталкивать компании к инновациям, а негативный эффект преодолевается при помощи адаптации компании. Исследование заполняет ...
Added: December 31, 2025
Besstremyannaya G., Новикова В., / ЦЭМИ РАН. Серия 48 заседание "Сборник трудов Шаталинской школы-семинара". 2026.
Защита прав интеллектуальной собственности является движущей
силой для формирования стимулов инновационной активности
предприятий. Законодательное закрепление правил пользования
результатами интеллектуальной деятельности и обеспечение их соблюдения
позволяет поддерживать баланс интересов создателей и пользователей
интеллектуальной
собственности.
Целью
проанализировать недостаточно изученную для регионов России связь
между экономическим ростом и защитой прав интеллектуальной
собственности с использованием двухшаговой регрессии. Результаты
моделирования оказались неоднозначными, однако, было доказано наличие
значимой связи между защитой прав интеллектуальной ...
Added: December 31, 2025
Niš: IEEE, 2025.
Added: November 29, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Shchiptsova A., Obersteiner M., / Series General Economics "arxiv.org". 2025.
The addition of phosphorus, in the form of mineral fertilizer, becomes necessary in most agricultural soils in order to achieve consistent high yield levels of intensive farming and maintain soil fertility. Recent consolidation of phosphate fertilizer industry has transformed fragmented trade into a single integrated global network, where a small group of large-scale companies dominates ...
Added: November 21, 2025
Zaiane S., Dabbou H., Journal of Economic Studies 2023
Added: September 16, 2024
Zaiane S., Dabbou H., Imen Gallali M., EuroMed Journal of Business 2023
Added: September 16, 2024
Svaytodukh S. S., Селиверстов С. В., Applied Physics Letters 2023 Vol. 124 No. 12
Added: May 12, 2024
Teplova T., Sokolova T., Gubareva M. et al., Complexity 2022 Vol. 2022 Article 3295364
The role of sustainable development in the export intensity of small and medium-size enterprises (SMEs) represents an open research question. We consider sustainable development through the environmental, social, and governance (ESG) dimensions as well as via firms’ innovative activity indicators. Our objective is to reveal the sustainability determinants of export intensity of SMEs in emerging ...
Added: September 4, 2022
I. A. Gayduchenko, An P., V. Belosevich et al., , in: 2022 Photonics & Electromagnetics Research Symposium (PIERS).: IEEE, 2022. P. 904–907.
Here, we report on our recent efforts to develop of a photodetector based on single-layer graphene two-terminal device on the sapphire substrate. Our detector operates at 1.55μm, which corresponds to the telecom window. We have demonstrated that our detector operates under zero bias conditions at room temperature, and the signal-to-noise ratio reaches 45dB. The measured frequency ...
Added: August 4, 2022
M.: IEEE, 2022.
The Moscow Institute of Electronics and Mathematics (MIEM HSE) together with the Consortium of the National Research Nuclear University MEPhI and JSC ENPO SPELS, will hold the International Moscow IEEE-workshop (MWENT-2022). The Workshop devoted to the issues of electronics development and its integration into the modern network engineering technologies and also modern achievements in the ...
Added: July 5, 2022
IEEE, 2021.
Telecommunications Forum TELFOR is organized as an INTERNATIONAL annual meeting of those professionals working in the broad fields of Telecommunications and Information Technologies. The participants are mostly telecommunications engineers, but also the economists, jurists, managers, governmental officials, students, researchers, operators, service providers and others. In this way TELFOR is the forum in which all relevant aspects of Telecommunications ...
Added: November 14, 2021
IEEE, 2020.
Proceedings of 2020 International Symposium on Information Theory and its Applications. ...
Added: November 2, 2021
FRUCT Oy, 2021.
Added: October 31, 2021