Natalie Vladimirovna Gryzunova

BRICS countries form a unique group of emerging economies characterized by fast growth, considerable demographic potential, which stipulates a rising impact on global economic processes. Researching fundamental anomalies of stock market in these countries requires specialized methodological approaches taking into account specific features of national finance market. In the research CAPM models, 3-factor and 5-factort Fama French models and Karharta model were used These tools help identify anomalies in the institutional environment in BRICS countries, such as paradox of weak institutes but high growth rates of economy or constant asymmetry between formal regulations and their practical use and simultaneously high level of shadow economy, which envisaged analyzing the quality of institutes through indicators of law supremacy, corruption control and efficiency of state governance and investigation of regulatory features of finance markets and their compliance with international standards. For instance, on Russian, Brazilian, Indian and Chinese markets 3-factor and 5-factorn Fama French model and Karharta model allow us to identify several systematic anomalies: effects of size, cost and high volatility, which do not correspond to fundamental indicators. Researching fundamental anomalies in BRICS countries requires complex methodological tools taking into account specific features of these emerging economies. The combination of traditional econometric methods with new approaches and fintech-tools, data science and net analysis can give an opportunity to identify and analyze systemic deviations in share prices from expected ones in accordance with logics of economic and finance processes.

In spite of global economic after-effects of pandemic (both biological and economic) risks of world economy fragmentation and severance of finance integration international trade in derivatives keeps on growing as a tool of ‘finance conciliation’ and it makes it necessary to research opportunities of this phenomenon widening. The article provides analysis of derivative market and shows key precedents that they set in international trade between different political blocks. The authors study the emerging market of crypto-derivatives, as development of blockchain technologies creates a new reality, which according to analysts, could embrace the next 400 years. Investigations of many investment companies show that extension of derivative market results in sustainable positive changes in various segments of economy, because now they cannot be controlled by political powers in different countries. However, this situation will remain intact only till the moment, when political structures learn to control their dynamics. The system of blockchain register changes traditional models and exercises positive impact on crypto-derivative market characterized by highest growth rate. Similar situation can be observed on digital asset market. Practical importance of the research implies the opportunity to estimate chances of developing mechanism of perfect competition, at least on this segment, which could permit to support positive economic changes and stability.

Objective: The article presents the project for a mini oil refinery in one of the territories of the Russian Federation (hereinafter referred to as “identified territory”) where oil refining capacities are not yet in place. Methods: The research involved analysis of the topic related scientific and methodological literature, comparison, systematization, generalization and research of up to date materials. Results: General scientific and special methods supported the results of the study: the personnel list of a mini oil refinery was compiled and reflected in the staff roster; initial costs for construction of the mini oil refining business were calculated, as well as expenses for further maintenance and financial indicators for the enterprise best performance were developed. Conclusion: General characteristics of the refinery enterprise are reflected in the article including its capacity, location, name of the enterprise, sources of raw materials and location environment. Advantages and disadvantages of the mini oil refinery in the region are considered. The need for the mini oil refinery in the territory and favorable environment to its creation are both substantiated. Investments and financial calculations of the project are determined.

Objective: This article aims to assess Generation Z's entrepreneurial activities in the context of ESG principles and their contributions to sustainable development. It investigates how Zoomers' engagement in various sectors aligns with ESG factors and explores the challenges they face in promoting sustainability within the rapidly changing socio-economic landscape. Methods: A qualitative analysis approach is employed to evaluate the ESG aspects of Generation Z's entrepreneurial behaviors and their impact on sustainable development. Scientific works and data revealing the motives that challenge young people to start and run business are analyzed. The study employs methods of systemic, structural, functional and comparative analysis and synthesis, theoretical modelling and forecasting. Results: The reasons why employable young population does not involve into business activities were put under analysis, at the same time popular trends for entrepreneurial activity of youth are highlighted. The analysis is grounded in the scientific, statistical, regulatory, methodological and empirical materials that reveal the motives and algorithm of business management by representatives of Generation Z. Conclusion: Generation Z's entrepreneurial endeavors, rooted in ESG principles, are pivotal drivers of sustainable development. Their steadfast commitment to environmental responsibility, social inclusivity, and effective governance reflects a dynamic force for positive change. However, they face formidable challenges such as competition from digital ecosystems and limited access to financing. To capitalize on their innovative potential and ensure a sustainable future, fostering an ESG-friendly environment and addressing these hurdles is imperative.

Lean production is the dominant direction of transformations taking place in industrial enterprises. The benefits of lean manufacturing come from streamlining resource flows, increasing productivity, eliminating waste, and reducing delays. This article discusses the problem of optimizing current assets based on the Cauchy model. The subject of the study is the change in the system of current assets management, taking into account their composition, structure, cyclicality in terms of lean production. The purpose of this article is to consider the constructed model for managing changes in current assets. The methodological basis of this study is an interdisciplinary approach. The findings of the study can be used both to develop the assessment and optimization of current assets at enterprises that switch to lean production and create a "smart factory".

The present time needs additional drivers for economic growth and market stabilization instruments which could be represented by dividend and tax policies. The main priority today (not only in Russia, but worldwide) is stability. Many companies form target groups of minority, institutional and majority shareholders and investors and motivate their specific fiscal behavior towards the company. All of this requires financial and social innovations and dividend strategies. The purpose of the article is identification of dependence between the dividend policy, key company performance parameters and investment behavior of the public. Whereas in the past, according to the firm value theory, companies tried to extend capitalization of companies and thus increase the shareholders’ yield, presently shareholders are interested in creating a profitable dividend portfolio, since the returns on it have become comparable to deposits and bond investments. As far as the sources of income have changed, the tax policy is changing too. The financial behavior of market participants has changed; the disintermediation is fining off; further differentiation of tax and non-tax revenue rates has taken place. It is necessary to optimize the tax burden on investors, to differentiate them into financial groups and to ensure adequate dividend payments for each group.

The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads to an increase in the heterogeneity of investment decisions. There is an urgent need to control the movement of investments, budget funds, as well as their development in the process of implementing investment programs of energy companies. The control of the movement of investments is the most promising direction of studying the subject of finance and audit. The increasing volume of public and private targeted investments in the energy sector and the lack of control over the effectiveness of investment projects (since each program contains several thousand lists of projects) necessitated the introduction of additional regulation of budget spending. The development of a mathematical apparatus for such regulation led to the creation in the Russian Federation of an institute of an independent public technological and price audit (TPA). The TPA is seen as a mechanism to ensure an effective project evaluation and selection process. This article describes methodological improvements using power system optimization models. The Integrated MARKAL-EFOM System (TIMES) was developed as part of the Energy Technology Systems Analysis Program of the IEA-ETSAP, an international community that uses long-term energy scenarios to conduct in-depth energy and environmental analyzes. This approach includes two different but complementary systematic approaches to energy modeling: an engineering approach and an economic approach. The same approach is used when conducting a TSA, when an investment object is evaluated as a set of technological and price parameters. The article considers a model of resource allocation in the energy sector and a mechanism for using TPA for investment projects with state participation in a natural monopoly. An approach to the financial and long-term distribution of investments of electric power companies based on the search for a balance of interests of the supplier and consumer and available energy sources is proposed. A model has been developed to find the optimal plan of technical solutions, taking into account the balance of the possibilities of the electric power industry and the needs of the economy. The relevance of the article is due to the requirements of investment efficiency, since the prevailing share in the costs is occupied by the costs of equipment and the construction of power plants.

In the context of economic growth destabilization, issues of supporting and stimulating the business activity of economic entities come to the fore. In this regard, one of the main instruments of direct influence is the tax burden, which is closely monitored by financial departments. The attractiveness of the tax jurisdiction depends on its objective calculation and management. However, sometimes there are additional hidden non-tax payments that are not taken into account in the standard burden indicator, but at the same time, sometimes having a significant impact on the fiscal costs of legal entities and individuals. The article provides an overview of the main definitions that characterize the amount of taxpayer’s payments to the state: load, burden, oppression, pressure, and the like. The approaches of Russian and foreign methods for determining the value under study are presented. It was clarified that in addition to the tax, there is a non-tax component of the burden that is gradually growing. The sequence of collection of para-fiscal non-tax payment is visualized. Based on this, a general definition of the fiscal burden is formulated, which includes tax and non-tax (para-tax) components. At the end of the article, the authors assess the magnitude of the load in three components and formulate the conclusions of the study.

Many companies are changing their financial behavior and corporate governance model in order to achieve a sufficient level of competitiveness. Corporate governance is a process of overcoming the problems of a company’s growth and identifying sources of funding, one of which is emission. At present, the problem of the relationship between corporate governance and other aspects of management, for example, with competitiveness and the search for investments, is poorly consecrated. A change in the format of financing inevitably affects the nature of corporate governance - one or another version of insider corporate governance arises. The purpose of the article is to assess the impact of the corporate governance model on the company’s growth indicators and its competitiveness. Currently, additional drivers of economic growth and tools for strengthening competitiveness are needed. If earlier, companies tried to increase the capitalization of companies, increase the efficiency of the use of resources and production, and thus increase the income of shareholders, now shareholders are interested in creating a competitive stable company with stable growth prospects. The problems of optimizing the structure of equity capital, its dependence on the stage of the life cycle, capitalization, break-even point, the number of shareholders and the status of the company are constantly being discussed. The financial behavior of market entities has changed, the volumes of disintermediation have been reduced, further differentiation of tax rates has occurred, which leads to the need for: formation of a mechanism for sustainable growth and strengthening the competitiveness of the company; creation of stable profit distribution schemes and optimization of the tax burden on investors, both for companies and individuals; differentiation of investors; ensuring adequate dividend payments.

Цель исследования - развитие приоритетного инструментария оценки финансового состояни: корпорации разными категориями стейкхолдеров, как фактическими, так и потенциальными. В исследовании идентифицированы основные направления финансовой деятельности корпорации с позиции фактических и потенциальных стейкхолдеров, реализован традиционный инструментарий их оценки фактическими стейкхолдерами - собственниками, финансовыми менеджерами, кредиторами, лендерами, инвесторами, поставщиками и др. Определено, что универсальный показатель оценки финансового состояния корпорации для всех категорий стейкхолдеров - устойчивость ее источников финансирования в текущий и стратегический период. В результате обоснован выбор приоритетного универсального показателя оценки устойчивости источников финансирования корпорации, имеющий практическую значимость для фактических и потенциальных стейкхолдеров в условиях неопределенности и...