Svetlana Valentinovna Pupentsova

Purpose : to develop an adapted approach to the application of CAPM and WACC models in the Russian economy, taking into account sanctions restrictions, volatility of credit rates, and industry specifics. Methods : the article utilizes comparative analysis of four calculation techniques: the classical method of A. Damodaran with adjustments, a hybrid approach (synthesis of data from the Damodaran and Moscow Exchange websites), a method based on Russian stock indices, and a modification by Fernández. The study relied on statistical data from the Moscow Exchange, TestFirm audit reports, and indicators from the Central Bank of Russia. Results : the authors have obtained the ranges of return rates on invested capital by industry as of December 31, 2025: 17.11–21.16% for the oil and gas industry, 16.65–19.78% for the electric power industry, 16.54–21.7% for the metallurgical industry, 17.23–20.53% for the construction industry, and 15.06–21% for the financial sector. A theoretical sensitivity analysis of WACC to changes in the cost of debt is performed: an increase in the cost of debt by 8.71% leads to a theoretical change in the return on invested capital of 4.3% for construction (with a debt share of 66%) and 2.2% for telecommunications (with a debt share of 33%), demonstrating significant sectoral differentiation due to the tax shield effect and differences in capital structure. The authors propose an algorithm for replacing critical parameters in models: switching to OFzs as a risk-free asset, calculating the risk premium using industry indices, and using β = 1 in cases of low regression determination. Conclusions and Relevance: the comparability of the approaches under consideration and the possibility of their joint use for constructing range estimates of the return on capital within the sample have been confirmed. The Friedman test revealed no significant differences between the four methods (χ² = 7.2; p = 0.066), indicating their comparability. Prospects for further research include the creation of a national database of financial parameters and the integration of machine learning for dynamic model calibration.

The article considers key aspects of corporate governance, Value Based Management (VBM) and the concept of sustainable development. Since 2015, the issues of sustainable development and the use of ESG (Environmental, Social, and Corporate Governance) standards in management began to significantly adjust the strategic goals of organizations. The relevance of the chosen topic is confirmed by the need to ensure the unity of modern management concepts to achieve sustainable growth in the value of an organization's equity capital and increase its investment attractiveness. The purpose of the research is to develop the methodology of corporate governance taking into account the sustainable development and management of the value of the organization. The methods of analysis, comparison, synthesis, classification, collection and generalization, the method of graphical display of information are used in the research. The information base of the research is the normative-legal acts of the Russian legislation, as well as the works of domestic and foreign scientists on the subject under consideration. The article provides the theoretical basis of corporate governance, value management and sustainable development, presents the classification of the main methods of the concept of value management and develops an algorithm for selecting methods of determining the value of the enterprise. The authors identified the main indicators of business utility, classified types of sustainable development and conducted a comparative analysis of the concepts of sustainable development and ESG concept. The result of the study is a graph of the relationship between corporate governance, value management and sustainable development. At the same time, the improvement of business valuation tools contributes to overcoming the challenges of the modern stage of corporate governance. Further development of the considered concepts can be considered as one of the promising and significant directions of scientific research and practical activities of the management of Russian enterprises.

Mobility systems are now at the center of social, economic and environmental agendas, influencing quality of life, spatial accessibility and carbon footprint reduction. Nevertheless, innovation faces a number of challenges such as resource scarcity, knowledge lacunas and conflicting interests of parties. The aim of the study is to analyze the challenges of implementing technological innovation of mobility systems towards sustainable development. In this paper, mobility systems are considered as complex socio-technical systems, which creates the need for interdisciplinary research to study the mentioned problems of technology innovation adoption. The significance of the research results lies in understanding the problem field of implementing technological innovation in urban mobility systems for sustainable development. The results provide a basis for developing strategies to overcome its barriers - resource scarcity, social and economic inequalities, and conflicts of stakeholder interests.

The relevance of the chosen topic is confirmed by the search for new tools for the work of real estate managers with tenants in conditions of increased competition. The cost of real estate business is inextricably linked to the financial situation around the real estate object itself. The purpose of the study is to develop a model for determining the value of the object using simulation modeling and taking into account the loyalty program. The methods of simulation modeling, collection and generalization, method of direct capitalization, method of graphical display of information were used in the research. The authors disclosed the stages of simulation modeling in the corporate management of the value of the real estate object. Cost factors are disclosed and a model for identifying losses in case of tenants' departure is proposed. The directions of loyalty program development at the object are considered and the market ranges of changes in the model factors are determined, the distributions of the object cost are constructed. According to the results of the conducted research the hypothesis put forward by the authors about the dependence of the cost of the real estate object on the chosen strategy of work with tenants is confirmed, namely the introduction of the loyalty program positively affects the cost of the real estate object.

Digital transformation is a global trend that influences the development and level of competitiveness of organizations in various industries. It facilitates the introduction of new technologies, optimization of business processes, improved interaction with customers, enhanced security and other positive changes. Construction is one of the key sectors of the Russian economy. Introduction of IT-technologies in this sphere today is the most important factor in improving the efficiency of construction organizations and the development of the industry as a whole. Hypothesis of this study: the impact of information technology on strategic management in construction is multifaceted and requires a systematic approach. The methods of analysis, comparison, synthesis, classification, collection and generalization, the method of graphical display of information were used in the work. The article investigates the impact of digital transformation on the processes of strategic management in the construction industry. The paper also pays attention to the peculiarities of application of modern information technologies, such as BIM modeling, cloud platforms, big data analytics, design automation and monitoring systems. Important aspects within the research of this issue are the analysis of challenges and prospects arising in the course of digital transformation of the construction industry taking into account the peculiarities of the Russian economy, identification of the main trends, identification of key areas to accelerate the introduction of innovative technologies, assessment of regulatory and legal regulation and training of qualified personnel required for the successful implementation of projects using modern information technologies. Successful digital transformation can be a key factor in achieving sustainable growth and improving the competitiveness of organizations in a rapidly changing market environment. It is important that companies not only adapt to new technologies, but also actively use their opportunities to shape the future of the construction industry.

Constant variability of the external environment is one of the key features affecting the business activity of domestic organizations and generates the need for constant updating of managers’ professional skills. The issues of assessment efficiency of commercial companies are always relevant not only for owners, but also for managers, employees and other stakeholders. In the conditions of economic instability, the interest to the indicators of organizations’ efficiency increases and, accordingly, their clarification and adjustment is required. and adjustment. The purpose of the study is to summarize the profitability indicators depending on the goal-setting of the participants of commercial organizations and to establish the possibility of using these indicators to assess the effectiveness of the company’s activities. Many years of experience of the authors of this article in the field of business valuation allowed to systematize the techniques of calculation of the main profitability indicators, to present an updated system of their grouping, as well as to classify the factors affecting them. Also, theoretical approaches to the calculation of invested capital were generalized in the course of the work. The research applied the methods of analysis, comparison, synthesis, classification, collection and generalization, logic, graphical and tabular display of information. Theoretical significance of the obtained results consists in the development of the methodology of value-oriented management in order to actualize and adapt the algorithms for calculating profitability indicators to domestic conditions, taking into account the interests of the participants of the organization. The practical significance of the work consists in the development of methods for assessing the performance indicators of the company, which can be used in the corporate governance of commercial structures, as well as in making management decisions by stakeholders.

The relevance of the chosen topic is justified and confirmed by the annual increase in the volume of commercial real estate supply: the price per square meter, the volume of investments and the volume of commissioned buildings in Russia have doubled over the past ten years. A set of measures has been developed to identify common risks associated with investments in the rental business in conditions of economic instability. The research is carried out through general scientific methods of comparative analysis, collection and study of information sources, statistical data analysis and synthesis; a qualitative method of brainstorming was used to identify risks. The theoretical aspects of investments in commercial real estate are considered and differences in the projects “greenfield” and “brownfield”, full, partial and superficial redevelopment are revealed. Despite the fact that investment projects such as greenfield exceed brownfield projects by about two times, the popularity of the latter does not decrease. The advantages of investing in Brownfield projects include a good location, the availability of infrastructure, buildings and structures that can be upgraded for a new purpose. Scales for assessing the probability and degree of risk impact have been developed, and a description and assessment of investment risks have been performed using the example of “brownfield” investments implemented by Priamurye LLC. The identification and assessment of the risks of “brownfield” investments has been carried out. It is noted that “brownfield” projects, despite their attractiveness, are classified as high-risk projects, therefore, the proposed risk assessment algorithm will help investors in the commercial real estate market identify risks at the initial stage and adopt a strategy to minimize them.

The relevance of the chosen topic is confirmed by the increased competition among the participants of the commercial real estate market, which is connected with the market saturation. The study aims to assess the impact of modern digital technologies on the performance of a shopping and entertainment center. Research was conducted using the example of a retail and entertainment center in Saint-Petersburg. The work proposes a “smart” approach to management, where additional investments are taken into account when the digital infrastructure is being created. The research shows that the transition from a traditional business management to a “smart” variant of property object‘s development, based on the active use of digital technologies, leads to a significant increase in its capitalization, traffic, average bill and occupancy by tenants. The novelty of the following work is to justify the economic efficiency of the application of digital technologies‘ in retail based on the calculation of the retail and entertainment center‘s capitalization value change under the influence of the implementation of automated accounting. The presented research can be used to develop a methodology for assessing the impact of the introduction of digital technologies on the efficiency of shopping and entertainment facilities.