27 Lebedeva Ulitsa, Room 306
Phone: +7 (342) 200-95-39
School Head — Mariia Molodchik
PhD, Associate Professor
People are intent to make similar choices especially in consumer goods markets. To address both explanations of this persistence,
i.e. state dependence and heterogeneity in preferences, we use random coefficient logit model based on scanner panel data on
juice purchases. The product differentiation of the chosen category allows us to model three dimensions of state dependence on brand, size and flavor characteristics. We provide evidence that the persistence in brand choices is positively correlated with persistence in size and flavor choices, thus the consumer pattern is prone to be inertial or variety seeking in every product characteristics. Simultaneously we show that the more sensitive to price and promotional activities consumers are, the less inertial is their behavior.
Purpose - The purpose of this paper is to examine the relationship between export activity and firm performance for a positive impact of foreign direct investments. We also analyse two possible causes of the effect: technology transfer and financial support. The theoretical background is rooted in the resource-based approach taking into account multinational companies’ perspective and the specifics of emerging markets. Design/methodology/approach - We propose testable hypotheses based on a review of the theory. To test the hypotheses, we build a sample of over 500 Russian public manufacturing firms covering the period from 2004 to 2014 and estimate regression models. Given concerns about endogeneity, the instrumental variable approach for panel data, using GMM-estimator, is implemented. Findings - Consistent with the view that foreign direct investments generate spillover effects, our results support the positive impact of foreign ownership on the link between exports and firms’ performance. Our results underline the importance of foreign ownership: shareholders from developed countries can provide benefits to exporting companies through transferring advanced technologies and loosening financial constraints by lowering interest and raising availability of bank loans.
Originality/value - We provide new insights on the relationship between exports and firm performance. Given our focus on Russia, a market with high potential to draw foreign investments, our research sheds some light on how emerging country firms can benefit from having foreign shareholders with paying attention to geographical distribution of such investments. Specifically, through the overcoming of technological barriers and loosening of financial constraints, we show empirically that foreign capital can make up for weak local institutional infrastructure and enhance the company’s’ returns from internationalization.
This research focuses on parents’ participation in their children’s education via self-organizing through non-profit organizations (NPOs). The aim of this article is to uncover the factors which have an impact on Russian parenting organizations participating in collective coproduction in schooling. Quantitative analysis revealed three groups of explanatory variables: a) the “economic” variables, namely GRP per capita and poverty rate; b) a “high status” of a school; and c) variables capturing the “federal district effect” on the probability of collective coproduction. Results of the quantitative analysis highlight the significant discrepancies in regional conditions for emerging NPOs in coproduction in schooling.
This study uses a combination of multinational enterprises and dynamic capabilities perspectives to illustrate how the involvement of foreign investors is able to contribute to a company’s corporate performance. Using Russian companies as an empirical sample and applying PLS-SEM, we test hypotheses regarding the impact of dynamic capabilities in terms of absorptive, adaptive and communicative capabilities, on the relationship between foreign ownership and performance. Findings indicate that dynamic capabilities fully mediate the process of foreign direct investments transformation into firm’s results. Our findings contribute to the understanding of the mechanism by which dynamic capabilities enhance the positive effects of foreign direct investments on business performance, and advance the theoretical understanding of how a dynamic capabilities concept could be incorporated into multinational enterprises theory in the framework of relationships between companies from economies with different knowledge endowment.
The goal is to develop a regional innovation model for managing the redistribution of transport flows through their local deceleration.
Achieving this goal implies justification of the innovative approach as a key development factor; specificity of the innovative approach for motor transport networks; developing model of organizational efficiency and traffic safety; application this model to the organization and safety of traffic on Perm regional highways.
The following methods were used in the article: data analysis method, mathematical modeling method, design and survey method,
In this paper, we present an innovative automated traffic light system that allows you to redistribute the load on the transport network by applying technical means of organizing traffic without changing the basic parameters of the carriageway.
State owned theatres are balancing between maximizing attendance and revenue. Using Perm opera data we reveal an effect of price on demand for various types of performances and places. Using censored quantile regression we estimate parameters of demand function. We reveal that demand is weakly elastic by price. Moreover, we prove that estimates of demand function parameters are biased if we not control for quality of performances and seats and for limited capacity of a house.
This paper explores the relationship between socioeconomic factors—particularly, the rate of time preferences and alcohol consumption in Russia. The rate of time preferences shows an individual’s willingness to delay the utility from consumption to future periods of time. The relationship between this rate and indicators of alcohol consumption is examined separately for men and women. We find significant differences in men’s and women’s patterns of consumption of alcohol. Our findings suggest that the rate of time preferences, along with age, educational level, income, place of residence, and health substantially, affects an individual’s decision to drink alcohol. We show that employment status is endogenous to alcohol consumption and that estimating a system of binary equations is necessary.
In this research we analyze the demand for performing arts. Since the observed demand is limited by the capacity of house, one needs to account for demand censorship. The presence of consumer segments with different purposes of going to the theatre and willingness-to-pay for performance and ticket characteristics compels to account for heterogeneity in theatre demand. In this paper we propose an estimator for prediction of demand that accounts for both demand censorship and preferences heterogeneity. The estimator is based on the idea of classification and regression trees and bagging prediction aggregation. We extend the algorithm for censored data prediction problem. Our algorithm predicts and combines predictions from both discrete and continuous parts of censored data. We show that the estimator is better in prediction accuracy compared with estimators which account for censorship or heterogeneity of preferences only.
In the era of the knowledge economy intangibles are recognized by investors as pivotal value drivers. This paper proposes an intangibles-based tool for picking companies with value growth potential.
We suggest a model to select companies that effectively use unique intangibles (in contrast to the generic intangibles). To test whether these results can be explained by skill we implement a bootstrap procedure. Companies that are able to use unique intangibles efficiently are combined in a portfolio.
Only 22% of companies have the skills to use unique intangibles, but all of them are characterized by the efficiency of their use. The created portfolio demonstrates a higher cumulative return, Sharpe ratio and lower drawdown than S&P500. We also find the increasing importance of intangibles for investors during the crisis.
Both the created portfolio and the benchmark (S&P 500 index) are analyzed without transaction costs. Also the benchmark construction is based on equal-weighted sum of company M/B ratios.
We take into account the quality of intangibles (efficiency of unique intangibles use) while previous research of portfolio forming methods is based on quantity of intangibles.
This research combines theories of civil society and local self-governance in describing citizen participation in solving neighborhood problems. Similar to neighborhood associations elsewhere, in Russia “organizations of territorial social selfgovernance” (TOS) have been formed to facilitate citizen participation in improving their communities. This research presents the first ever study of TOS across all Russian regions, drawing on a range of secondary data, lists of registered groups, and a phone survey of potential collaboration partners conducted in 2015. This paper explores the current state of these groups and their potential for collaboration with other civic organizations, government and business.
The purpose of of the paper is to explore consumers' willingness to purchase a processed food containing GM ingredients in Tajikistan.
Tajikistan is an active participant of international migratory flows since the breakup of the Soviet Union. The primary goal of the paper is to identify factors affecting labor migration to Russia as an important place of destination for Tajik migrants.
In this study, we use a sample of 192 listed shipping companies and employ a logit model in order to investigate the determinants of the probability of default. We enhance our analysis by isolating not only the cases of company liquidations but also those cases where companies had to change their legal status due to warning liquidity signals. Our key findings are in line with prior research and moreover we depict a changing trend in the marginal effects of relevant variables, on the probability of default. We further show, through an empirical application, how the obtained results can be used in a managerial decision-making process and in a bank credit underwriting process in order to assess the creditworthiness of a shipping company.
People are intent to make similar choices especially in consumer goods markets. To address both explanations of this persistence, i.e. state dependence and heterogeneity in preferences, we use random coefficient logit model based on scanner panel data on juice purchases. The product differentiation of the chosen category allows us to model three dimensions of state dependence on brand, size and flavor characteristics. We provide evidence that the persistence in brand choices is positively correlated with persistence in size and flavor choices, thus the consumer pattern is prone to be inertial or variety seeking in every product characteristics. Simultaneously we show that the more sensitive to price and promotional activities consumers are, the less inertial is their behavior.
This study explores the value creation and agent conflict in a company that employs intangibles. The conceptual model of value creation is used to test how intangibles affect companies' outperforming and simultaneously build investors' expectations. The research is carried out using a sample of more than 1,650 European companies covering the period from 2004 to 2011. The study reveals the diverse impact of intangibles on the outperforming of a company by Economic Value Added (EVA) and its ability to create market value (MVA). The study discovers that managers are prone to set positive signals for investors rather than create sustainable competitive advantages. This work contributes primarily to the field of corporate governance in companies that employ intangibles. The issues to be considered when designing rules and incentives for proper communication between managers and investors that drive both outperforming and sustainable value creation are emphasized.
Studying the heterogeneity of consumers allows to price the product differently for consumer segments or groups of a product. In this paper we estimate a model of aggregate demand for Perm Opera and Ballet Theatre focusing on the heterogeneity in price effect on demand for tickets on different performances and seats. We estimate parameters of demand function using censored quantile regression that accounts for the limited capacity of the theatre house. We reveal the price effect variation across different types of theatrical productions and seats with lower elastic demand on ballets and for seats of higher quality.