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Геополитический фактор и эффективность инвестиционных решений российских компаний
Финансы и бизнес. 2024. Т. 20. № 2. С. 53–70.
Cherkasova V. A., Ведута Р. А.
In modern conditions, uncertainty, both economic and geopolitical, has a significant influence on the investment decisions made by companies. The geopolitical factor can either stimulate an increase in investments or impede the implementation of investment projects. The aim of the article is to analyze the impact of geopolitical risk on the efficiency of investment decisions in comparison with economic uncertainty. Efficiency of investment decisions is understood as the reduction of companies' level of suboptimal investment, which is reflected either in over-investment or under-investment in companies. The sample consists of 187 Russian companies listed on the Moscow Stock Exchange during the period from 2012 to 2022.
The research results showed that for over-invested companies, there is a structural time shift reflecting changes in managers' opinions regarding the impact of the geopolitical factor on the implementation of investment projects. As a result, excessive investments by companies before 2017 decreased with the increase of geopolitical uncertainty, and after 2017, the opposite was observed. For under-invested companies throughout the entire research period, the geopolitical factor increased the insufficiency of investments.
State-owned companies, which under-invest, are more susceptible to geopolitical risk, while those over-invested before 2017 are the opposite. Export-oriented companies were more strongly influenced by geopolitics during over-investment from 2017, while firms with under-investment were not affected.
Fedorova E., Ledyaeva S., Stepanov V., International Review of Economics and Finance 2026
This study investigates the influence of low-quality information, specifically fake news, on short
term stock returns, contributing to the discourse on signal theory and behavioral economics.
Employing a machine learning approach, the authors developed a robust fake news dataset from
publicly available sources. Sentiment analysis was conducted using a FinBERT model fine-tuned
for stock market contexts, alongside extensive dataset ...
Added: September 12, 2026
Карпова Д. А., Sizova I., Gordin V. E., Креативные индустрии 2026 Т. 2 № 2 С. 10–31
This article examines the musealisation of industrial heritage and its role in regional and corporate branding. The relevance of this study stems from deindustrialisation processes, the growth of industrial tourism, and the need to preserve historical memory, which is particularly important in the context of Russian realities—the lack of a legal definition of the concept ...
Added: September 9, 2026
Veselova L. S., Морозова В. С., Дарчиева А. А., Управленец 2026 Vol. 17 No. 4 P. 66–78
На фоне развивающихся торгово-экономических отношений между Россией и Китаем российские десерт- ные бренды получают новые возможности для выхода на китайский рынок. Однако их присутствие ограничено преи- мущественно приграничными регионами, а продвижение сдерживается недостаточной адаптацией к социокультурным особенностям китайских потребителей. Статья посвящена разработке практических рекомендаций по формированию стратегии адаптации российских десертных брендов к специфике китайского рынка. ...
Added: September 9, 2026
Kilinc-Ata N., Warong M. M., SN Business & Economics 2026 Vol. 6 Article 326(2026)
Green transitions are widely expected to attract cleaner capital and accelerate decarbonization; however, emerging-economy evidence increasingly challenges this assumption. This study examines the dynamic relationship between energy transition indicators and capital inflows in BRICS+ economies over the period 1996–2022, explicitly testing the “Green Haven” hypothesis under conditions of global uncertainty. Unlike much of the existing ...
Added: September 9, 2026
Warong M. M., International Journal of Diplomacy and Economy 2026
This study conducted in Indonesia between 2000 and 2023, demonstrates a complex, non-linear interplay between the economic environment and the emergence of clean energy start-ups. Using Autoregressive Distributed Lag and Markov Switching models, the research shows that start-up formation coincides with periods of lower GDP growth, suggesting that innovation is often spurred by necessity. Two ...
Added: September 9, 2026
Кореневский В. В., Экономика и математические методы 2026 Т. 25 № 3 С. 853–878
The US presidential election is a lengthy and complex process, during which candidates present their views and programs for reforming the country's politics and economy, while mass media broadcast these positions to a wide audience. In the most recent election, the topic of cryptocurrencies was used in the campaign for the electorate for the first ...
Added: September 8, 2026
Veselova A., Dikova D., Aray Y., Asia Pacific Journal of Management 2026
We examine board of directors’ gender diversity and corporate social responsibility (CSR) disclosure of Russian firms, and test for their effects on the market valuation of these firms. The Russian context is unique because gender disparity of boards and top management remains high in Russia due to historical legacy, absence of specific diversity-promoting regulations and ...
Added: September 8, 2026
Mozias P., Социальные и гуманитарные науки. Отечественная и зарубежная литература. Серия 9: Востоковедение и африканистика 2026 № 2 С. 173–208
Abstract. Over the years of market reforms, China has moved from an autarkic economy to the position of the world’s largest trading power, becoming a global leader both in export volume and in total foreign trade turnover. For a long time, China’s export success was commonly explained by her use of comparative advantages in labor-intensive ...
Added: September 7, 2026
Kolesnik N. A., Общество и экономика 2026 № 1-2 С. 114–134
Стремительно растущее население планеты и рост объемов индивидуального потребления при низкой включенности населения в экологические практики признается ключевым
препятствием на пути к экономике замкнутого цикла. В статье анализируется использование
огромного рекламно-коммуникационного потенциала крупных торговых сетей для вовлечения
населения в экономику замкнутого цикла через повышение экологической сознательности и популяризацию ответственного потребления. Эмпирической основой исследования стала база данных коммуникации шести ...
Added: September 6, 2026
Boltachev M., Ymer 2026 Vol. 25 No. 8 P. 130–161
The field of business model adaptation (BMA) remains conceptually fragmented: definitions, antecedents, and typological patterns are scattered across isolated empirical studies, precluding cumulative theory-building. This systematic review aims to synthesise the existing literature on BMA by mapping how the construct is defined, what drives it, and what typological patterns can be identified. Following the SPAR-4-SLR ...
Added: September 4, 2026
Churakova I., Кумар В., Dianli Xitong Baohu yu Kongzhi/Power System Protection and Control 2026 No. 54 (3) P. 428–454
Purpose
This study examines the impact of Predictive Intelligence (PI) and Real-Time Data Insights (RDI) on Corporate Financial Sustainability (CFS), while controlling for organizational factors, industry factors, and AI-related risk factors. The research aims to determine whether these analytic capabilities (PI and RDI) individually and jointly contribute to long-term financial resilience and performance in modern organizations.
Theoretical ...
Added: September 4, 2026
Elyashevich I., Вестник Московского университета. Серия 6: Экономика 2026 Т. 61 № 3 С. 363–384
The study examined the properties of the normal distribution of the values of shipments of stocks of various categories from warehouses of large industrial companies. As a result, it was revealed that the use of the classical normal distribution, in some cases, may give incorrect results, since the values of stock shipments are positive values, ...
Added: September 3, 2026
Regina Gataullina, Maria Kokoreva, Journal of Corporate Finance Research 2025 Vol. 19 No. 2 P. 38–52
This study investigates the relationship between economic policy uncertainty (EPU) and corporate risk-taking in Russian firms, focusing on the moderating effects of corporate governance mechanisms. Using a panel dataset of 126 companies listed on the Moscow Exchange Broad Market Index from 2010 to 2021, the study applies a fixed-effects model to examine how corporate governance ...
Added: October 7, 2025
Bossman A., Gubareva M., Teplova T., Energy Economics 2023 Vol. 127 Article 107080
The interplay between energy and agricultural commodities and the responses of agricultural commodities to global uncertainty factors have been receiving increasing attention due to the pivotal contributions of commodity markets to the world economy. This study investigates the asymmetric effects of oil, market volatility and sentiment, economic policy uncertainty, and geopolitical risk on agricultural commodities ...
Added: March 22, 2024
Sohag K., Vasilyeva R., Urazbaeva A. et al., Journal of Risk and Financial Management 2022 Vol. 15 No. 5 Article 204
Given the importance of stock market synchronization for international portfolio diversification, we estimate the degrees of co-movements among US, Chinese and Russian markets. By applying the TVP-VAR approach, we measure total and bivariate synchronization indices utilizing daily data from 1998 to 2021. Our analysis demonstrates that the total connectedness index (TCI) is 26.15% among the ...
Added: December 29, 2023
Bossman A., Gubareva M., Teplova T., Resources Policy 2023 Vol. 82 Article 103515
This study examines the asymmetric relationships between EU sectoral stocks and oil, oil implied volatility, geopolitical risk, and market sentiment during turbulent times of geopolitical unrest. In a set of parametric and nonparametric quantile-based techniques, we employ daily data on eleven sectors of economic activity in addition to crude oil prices (WTI) and three sentiment-driven ...
Added: June 22, 2023
Naidenova I. N., Shalaeva E. V., Российский журнал менеджмента 2022 Т. 20 № 4 С. 482–497
The purpose of the study: to analyze the impact of economic policy uncertainty on cash holdings of Russian manufacturing companies and the factors that moderate this impact, taking into account sanctions restrictions.
Research methodology: during the study, regression models were evaluated based on data from more than 1 400 Russian manufacturing companies for the period 2014–2020, ...
Added: June 9, 2023
Umar Z., Polat O., Teplova T. et al., Finance Research Letters 2022 No. 48 Article 102976
We investigate the impact of geopolitical risks caused by the Russian-Ukrainian conflict on Russia, European financial markets, and the global commodity markets. We measure the dynamic connectedness among them using time- and frequency-based time-varying parameter vector autoregression (TVP-VAR) approaches. The empirical findings indicate that (i) their relationship has changed due to the conflict; (ii) European ...
Added: May 25, 2022
Umar Z., Bossman A., Choi S. -. et al., Finance Research Letters 2022 Vol. 48 Article 102991
We investigate the impact of geopolitical risk (GPR) generated by the Russian-Ukrainian conflict on European and Russian bonds, equity, and global commodity markets. We employ the GPR index and apply the quantile-on-quantile regression approach to the GRP index and financial asset returns. Our findings indicate that (i) most assets are in a mix of negative ...
Added: May 25, 2022
Lipkind T. M., Lola I. S., М.: НИУ ВШЭ, 2022.
В обзоре использованы результаты опросов руководителей 50 тыс. организаций различных видов экономической деятельности, которые в мониторинговом режиме проводит Федеральная служба государственной статистики. Обобщенные мнения предпринимателей позволяют сформировать рейтинг ключевых барьеров, препятствующих эффективному развитию различных секторов российской экономики. ...
Added: March 28, 2022
Lipkind T. M., Lola I. S., Ostapkovich G. V., М.: НИУ ВШЭ, 2021.
Рейтинги ключевых факторов, лимитирующих развитие предприятий и организаций базовых отраслей экономики России, в 2020 г. претерпели значительные изменения. Коронавирусная атака резко усилила негативное давление на бизнес ряда проблем, при этом другие, по мнениям предпринимателей, ушли на второй план.
Прежде всего, следует отметить «рывок» фактора «неопределенность экономической ситуации», который возглавил рейтинги в добывающих и обрабатывающих производствах, а ...
Added: March 30, 2021
Naidenova I. N., Леонтьева В. В., Вопросы экономики 2020 № 2 С. 141–159
This paper is devoted to determining the impact of economic policy uncertainty on corporate investment of Russian manufacturing companies. By applying fixed effects models on panel data, it was found that under increasing level of economic policy uncertainty, the companies reduce their investment activity. The effect is most pronounced for large companies. It is important ...
Added: February 29, 2020
Belianin A. V., The Review of Economics and Statistics 2018 Vol. 100 No. 4 P. 664–677
Ambiguity attitudes have been prominently used in economic models, but we still know little about their demographic correlates or their generalizability beyond the West. We analyze the ambiguity attitudes of almost 3,000 students across thirty countries. For gains, we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically ...
Added: February 20, 2018
Лукьянович Н., Demkin I. V., Nikonov I. M. et al., В кн.: Глобализация рынка природного газа.: М.: Газпром ВНИИГАЗ, 2011. С. 152–165.
Added: September 19, 2013