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Empowerment Model of Micro, Small, and Medium Enterprises (MSMES) Village Tourism Business in e-Commerce Transactions and Legal Protection

Author(s): Endang PURWANINGSIH,SUHAERI SUHAERI / Language(s): English Issue: 41/2019

Producers of Micro, Small and Medium Enterprises (MSMEs) in the Business Tourism Village, Tegal Waru, Bogor no one has a registered trademark, only label usage on perfunctory packaging, but there are low quality products that are similar to well-known trademark. Manufacturers also conduct conventional transactions. Producers have also not been touched by the regional government and related agencies optimally. The main objectives of this study are: examine the appropriate empowerment model for producers of MSMEs in e commerce transactions and examine the forms of legal protection needed to empower MSMEs producers in Tegal Waru, Bogor. This study uses a literary study and is supported by in depth interviews, with a statute approach, sociologic approach and historic approach, so that data is obtained from both the literature and interviews and support from the results of the questionnaire. The fix empowerment model for MSMEs in Tegal Waru, Bogor in e commerce transactions is to revitalize the role of the organization, the role of the village officials and producers as well as the organization and government's alignments with MSMEs producers in Tegal Waru, especially the Bogor Regency Cooperative Office. The form of legal protection needed to empower producers of MSMEs in Tegal Waru Bogor in e-commerce transactions is legal protection in buying and selling, protection of intellectual property in this case the trademark, and legality of business entities and legal certainty of online transactions.

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Evaluation of Companies: Consistent Approaches

Author(s): Alexander Fedorovich GRIBOV,Denis Alekseevich Maximov,Elena Yuryevna DOROKHINA / Language(s): English Issue: 42/2019

The article discusses the problems of valuing companies. It is shown that on the basis of a generalized model in comparison with the Modigliani-Miller models a number of contradictions can be explained, arising in solving problems of evaluating the effectiveness of investment decisions. It is also shown that the formulas known in corporate finance sometimes lead to false judgments in cases of calculating the value of companies with a debt burden.

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Magnitude of Financial Distress in Micro, Small and Medium Enterprises (MSMES) in Bihar, India: A Test of Altman Z’ Score

Author(s): Bishwajeet PRAKASH,Jainendra Kumar Verma / Language(s): English Issue: 42/2019

Micro, Small and Medium Enterprises (MSMEs) play a crucial role in equitable upliftment and development of economy. Although these sectors are contributing to economy through generation of employment, supply products, services through indigenous and modern technology, promote social entrepreneurship, reduce regional disparities, and promote equitable income opportunities as well strengthen the balance of trade of the economy. MSMEs are facing actuate deficiency of management which leads to organization in to financial deficiency. Financial Distress in the MSMEs is common for all economy of the world, which has been major concern for the academicians, experts, professional, society, creditors and government. This study identifies the prediction of sickness in MSMEs in Bihar with the help of Altman Z’ Score. The study employs the statistical and financial methods to analyze the data collected in the study. The study identifies financial distress in small and medium enterprises through their balance sheet and profit and loss account. The study came out with proper strategy and policy related to revival the enterprise from the financial sickness and preventing them from industrial sickness.

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Retail Chains in Russia: Some Aspects of State Regulation

Author(s): Oksana Karashchuk,Ilmir NUSRATULLIN,Vladimir TRETYAKOV,Mikhail SHMATOV,Alexander REZVAN / Language(s): English Issue: 42/2019

The objective of this paper is to substantiate some proposals for improving state regulation of the retail network in Russia. In some regions of Russia, there is a lack of retail supply for the population, which requires government support for retail network development. State regulation of the trading network in Russia is carried out via establishing by the authorities of Russia’s administrative regions and local authorities of the minimum standards for public provision of trading floor space. However, only 3% of municipalities in Russia develop these standards; it reflects a low practical significance of the established indicators. The authors made a hypothesis that the indicators of retail floor space per thousand inhabitants, used as standards for the minimum public retail supply in Russia, need to be replaced due to the market development of trade. To test the hypothesis, the papers by authoritative authors on similar issues were studied, which revealed the use of population indicators based on the number of enterprises as a standard in countries with developed markets. A study of the current methodology for standardizing indicators in Russia was also conducted, which showed its insufficient academic rationalizing. According to the results of the study, it was proposed to change the indicator of the minimum public retail supply standard and use the norm of the number of trade organizations per capita, differentiated by the forms of trade. The recommendations of this paper provide the basis for improving the current legal acts on the regulation of norming retail chains in Russia. This study may be interesting for countries with similar conditions for the development of the retail network (a sparsely populated large part of the country, inaccessibility of some settlements, low state stimulation of retail within unprofitable territories).

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Extension of the Innovation Life Cycle Based on the Industry Market Regulator of Innovative Market Products

Author(s): Olga Aleksandrovna LOGINOVA,Andrey Aleksandrovich EFREMOV,Vladimir Dmitriyevich Sekerin,Anna Gorokhova / Language(s): English Issue: 42/2019

The article proposes to consider the innovation life cycle by the innovation marketing method from the perspective of a systematic approach as part of a complex system of the innovation process. The authors have offered a digital service named ‘Market regulator of innovative products’ which has industry market monitoring and commercial intermediary functions, unifying innovators and investors on the same platform with the assistance of market experts in the areas such as marketing, information technology, scientific analysis, and investment. In case of sales decline, industry-specific customer, a commercial customer, or a small business market product can receive a service aimed at extending the innovation life cycle of its high￾tech product. This additional stage of the life cycle of an innovative high-tech product the authors call the innovations diffusion stage where a high degree of uncertainty is compensated by the market mechanism of the competition of ideas and investments.

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Human Capital Development as an Element of Financial Management in National Education Systems

Author(s): Vladimir Alexandrovich SLEPOV,Tatyana Nikolaevna RODENKOVA,Mikhail Evgenievich Kosov,Alexey I. Grishin / Language(s): English Issue: 42/2019

In recent decades, human capital has become a key element in the development of countries all over the world. The consumer demand for complex products and services (the reflection of human capital in the field of consumption) can enhance the increase in financial and economic indicators. Accordingly, education in the modern economy should not be considered as a field that requires high costs, but rather as an investment field that determines the scale of economic growth. Meanwhile, the policy of financial support of higher education in Russia is still largely focused not on the contribution to the economic and social development of the country, but the internal problems of the system, relying on the notion of education as a sphere of social obligations. In this regard, the transformation of conceptual approaches to the financial management of universities, involving the improvement of the methods used and the development of new methods and models, is of particular relevance.The study aims to develop the methods and models of university financial management given the modern conditions of financial support for educational institutions of higher education for the development of human capital. The research methods include a review of the scientific literature in this field, synthesis, and analysis of the information received, as well as comparison, formalization, and specification. The study identifies modern approaches to the financial management of Russian universities by assessing existing methods and models, as well as the specifics of financing universities in the current conditions of financial support for education.Given the concept of a university as a self-learning organization within the framework of the new paradigm of financial management and human capital development, a system model of financial decision making should be used.

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Risk-Management of Investment Projects in Implementation of Objects of Real Economy

Author(s): Yana D. MILOVIDOVA / Language(s): English Issue: 42/2019

Risk management in financial operations is based on a diverse structure and mobility of the portfolio that allow for a structural change of a project - namely, achieving synergies in the formation of the investment portfolios. However, financial operations do not always correlate with the stock exchange rules or other covenants. This provides important evidence for the restructuring purposes of the investment portfolio. In this regard, forecasting and the development of the toolkit of the risk management maybe implemented only under conditions of the real object of the economy. The idea that objects of the real economy carry not only the risk of loss of the investment but also potential a technical damage is deemed to be a scientific novelty. As a place of technical damage in the system of the risk-management, it is considered to be a possible loss for the investor not only within a separate project but also throughout the whole project. In this regard, the author has carried out significant calculations according to her own methodology based on the implementation of a project of the real economy. Construction of the risk management system in an enterprise is a persistent rigorous process that requires a tremendous amount of financial, material and human resources. The practical significance of the study is defined by the need for a detailed definition of the risk￾management’s practical use and qualities applied to the investment portfolio in the implementation of objects of the real economy, which explains the relevance of the study under consideration.

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The Role of Social Networks in Emergency Management

Author(s): Aleksey Smirnov,Natalia Belozerova,Natalia Alanicheva,Irina TRUBNIKOVA,Yuriy MOTORYGIN / Language(s): English Issue: 42/2019

The article is focused on the impact of social networks which are becoming increasingly important for information dissemination, user-centered response and efficient coordination between residents and governmental departments at all stages of a disaster. We intend to examine the definition of ‘social network», the most important types of emergency domain-related social media, their functions and benefits. We also propose to investigate the recent activities of the Ministry of Emergencies of the Russian Federation in the sphere of emergency prevention and risk reduction via accessing the social networks pages and assessing their effectiveness.

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Information Policy of the Enterprise as a Factor of Ensuring Competitiveness

Author(s): Elvir Akhmetshin,Aleksey Vasilevich Tolmachev,Tatiana Nikolaeva,Iryna Ye. Andryushchenko / Language(s): English Issue: 40/2019

In this research, we determined that the development of objects of entrepreneurial activity can take place only on condition of equal access to external and internal resources of development. Access to resources, as well as increasing work competitiveness, is defined as the possibility of forming an enterprise environment and its independent actions. The basis of such an environment is the formation of an information-type policy that allows fully determining the opportunities for attracting development resources, as well as improving the financial stability of the enterprise in the external market. The subject of the study is the process of the information policy of the enterprise formation, as well as the factors of its formation as a separate formative value for determining whether the enterprise is competitive. The novelty of the research is the process of formation and presentation in the various information and social and economic processes of the enterprise’s information policy. The direction of further research is the integrative functions of ensuring the development of accounting and transformation of information policy into the enterprise’s capital.

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Methodical Approach to Identifying Buying Motives within Various Sales Channels Based on Behavioral Segmentation

Author(s): Yelena Yuryevna DEPUTATOVA,Tatyana Ivanovna URYASEVA,Vyacheslav Petrovich CHEGLOV,Julia Gennadievna LEONOVA / Language(s): English Issue: 40/2019

The methods for identifying differences in the buying motives in online and offline trade are developed based on a theoretical analysis of approaches to the customer segmentation and their dependence on its purpose. The purpose of the study is to identify differences in the buying motives in online and offline trade and to substantiate the feasibility of conducting behavioral segmentation in order to identify such differences.The empirical research results are based on the quantitative marketing research (polls). The buying motives in offline and online sales channels were studied in several stages. The key advantages of offline and online sales channels were identified in terms of customer perception at the first stage. The following advantages were identified in offline and online trade: high quality guaranteed by the seller for buyers with high incomes; accessibility as the speed and convenience of access, price acceptability for buyers with average and below average incomes; and the breadth, depth, and updateability of the product range for all groups. The buying motives in offline and online trade were identified as factors that encouraged buying at the second stage. The polls have shown that key motives for customers to opt for offline sales channels are related to the perception of the aggregate properties of products that exceed the properties of similar products in online sales channels. The main reasons for buying through online sales channels are the following key indicators that determine the quality of the buying service: convenience and speed of purchasing, speed of delivery, and convenient time to receive an order. This study allowed to develop a model for studying the consumer behavior in order to identify the key rational and emotional motives of buying through online and offline sales channels. The information component of this model was based on the marketing research involving the sequential implementation of the following stages: studying the market trends in order to identify changes in the motives of consumer behavior; selecting segmentation criteria and carrying out marketing research; identifying the key benefits of offline and online sales channels in terms of customer perception; identifying and grouping the key motives that guided customers when choosing a channel for buying; identifying the causes of changes in the rational and emotional motives of consumer behavior; and developing and implementing the marketing communications programs that implied an impact on the emotional and rational motives.

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Inheritance of a Share in a Limited Liability Company under Ukrainian Law

Author(s): Iryna A. DIKOVSKA,Yurii D. Prytyka / Language(s): English Issue: 40/2019

The research focuses on one of the consequences of the death of the participant of a limited liability company under Ukrainian law: the emergence of a right to inherit his or her assets in the company. It analyses one of the most controversial issues of Ukrainian succession law: what types of assets the heirs inherit: the share in the authorized capital of the company or also the right to participate in it. As long as, on June 17, 2018, the Law of Ukraine ‘On Limited Liability and Additional Liability Companies’ has come into force, the research compares the approaches of previous legislation and the new Law. It has been concluded that the new Law makes the rule, under which the share in the authorized capital transfers to the heirs of the deceased participant, mandatory. It provides the automatic transfer of the right to participate in the company to the heirs. The new Law protects the interests of the heirs and does not take into account the interests of the other participants.

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The Competitiveness of the Industrial Sector of the National Economies within the Setting of the Eurasian Economic Union

Author(s): Perizat Orynbet,Meirambala Beisembekovna SEISEKENOVA,Gaukhar Sakhanova,Elena Ladanenko,Larisa A. KAPUSTYAN,Vitalii V. PURICHI / Language(s): English Issue: 40/2019

This research examines the competitive advantages of the industrial sector of the national economies within the setting of the Eurasian Economic Union. The authors have analyzed a set of indicators of socio-economic development in the member states, including mutual and foreign trade, GDP, and key trends in industrial production. Special attention is devoted to the competitive advantages of Kazakhstan in the pharmaceutical and chemical industries. The authors have assessed the level of competitiveness of Kazakhstan-made products in the Union’s market place.

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Comprehensive Assessment of Business Activity of a Commercial Organization

Author(s): Olga Mishulina,Natalya Baranova,Natalya Sergeevna Gorelova / Language(s): English Issue: 44/2019

The article substantiates the need for a comprehensive approach to the assessment of business activity and its practical application in a commercial organization. The methodological basis of the study is the works of representatives of classical and modern economic schools. The research methods include general and special scientific methods (quantitative and qualitative methods of strategic analysis). The dual nature of the business activity (as a process and as a goal) is revealed, its types are characterized, and methodological approaches to its assessment in a commercial organization are systematized. In the implementation of an integrated approach to the assessment of business activity on the example of a commercial organization, a system of indicators is formed in terms of types of business activity, which are represented by relative values and have a unidirectional character. The conducted complex assessment characterizes all types of activity of an organization and determines levers of influence on its business activity. The proposed algorithm is universal; it does not depend on branch accessory, the size of the commercial organization, and its organizational and legal form.

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Knowledge Management System Usage and Organization Learning: Recent Trends and Open Problems

Author(s): Lucia Ika FITRIASTUT,Sujoko SUJOKO,Tutut HERAWAN,Yohannes VEMBERI / Language(s): English Issue: 44/2019

Knowledge management system and organizational learning are now increasingly popular and receiving much attention from organizations. Knowledge management system and organizational learning are important assets that could support the achievement of organizational goals. The objective of this article is to review and present a comprehensive review of the latest research related to knowledge management systems and organizational learning related to innovation and organizational performance. This article analyzes previous studies conducted in 1995 to 2018 (51 references) in terms of the research methods, advantages and limitations. The analysis results bring up issues and opportunities for future research related to knowledge management system and organizational learning. This article will help future researchers in finding interesting ideas to develop both theories and methodologies relation to future conditions. Besides, this article will provide more information and knowledge for organizations in implementing knowledge management systems and organizational learning.

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Impact of Intangible Assets on Competitive Positions of the Apple Company

Author(s): T.P. DANKO,A.S. VYAZOVIKOV,V.M. KISELEV,Ona Rauskiene,O.I. KLIMENKO / Language(s): English Issue: 44/2019

The urgency of this study is substantiated by the problem on the reliability of assessing the value of intangible assets and their impact on the competitive position of the company in the ratings of high-tech companies operating in the international segment of the IT market.The study was aimed at assessing the impact of the value and structure of intangible assets of the Apple company (Apple) on its position as compared to its closest competitors of the global IT market: Microsoft, Google, Facebook, and Amazon. The basic study method has been the market review of the global IT market in the segment of intangible assets owned by leading high-tech companies. The study has used the methods of competitive analysis, rating positioning, assessment of intangible assets, portfolio matrices, as well as the correlation and regression analysis. The competitive analysis of Apple and its closest competitors – Microsoft, Google, Facebook, and Amazon – has been carried out on the parameters of comparing the value of brands, intangible assets, and their share in the market value of the companies by using ratings of Interbrand, Boston Consulting Group, and Brand Finance. The ratio of tangible and intangible assets of Apple and its competitors and the distribution of intangible assets by the criterion of accounting in the balance sheets of companies have been assessed. The structure of intangible assets has been studied by sources of formation (marketing, contractual assets, consumers, technologies, and goodwill), and the matrices for their distribution in the Apple’s and its competitors’ portfolio have been formed. The models of the regression dependence of the market value and the Apple’s sales revenue on the value of intangible assets have been formed. The results of the study analytically confirm the hypothesis about the impact of intangible assets on the company’s competitive position in international ratings of high-tech companies in the IT market, the company’s market value, and sales revenue. The materials of the article can be useful for marketing analysts who study the impact of intangible assets on the competitive positions of high-tech companies in the IT market.

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Industrial Transformation of Kazakhstan in Digitalization’s Era

Author(s): Assiya Agumbayeva,E.Gr. CHMYSHENKO,N.N PULYAE,D.V. Bunkovsky / Language(s): English Issue: 44/2019

This investigation traces the differences of terms as ‘informatization and ‘digitalization’ and the role both of them for industry process. This investigation explores the ways of thinking of term of ‘digitalization’ for improving the life circle of product and how this process could be harmful without control of special technologies. In this paper was used different points of view of scientists as Atkins (2016), Quinton (2013), Istomina (2018), Plotnikov (2018), Khalin and Chernova (2018) and others. This paper describes the conditions of experience in informatization and digitalization processes in the world and in countries of CIS. According to famous rating Kazakhstan ranks 52nd among 176 countries of the world and in the CIS region Kazakhstan is among the top three, occupying the 3rd place after Belarus (32nd place) and Russia (45th place). As the methodological base of the study, we such principles of cognition of economic phenomena as dialectical and systemic, which allowed us to consider the phenomenon under study and processes in development. At the same time, in this paper we used traditional techniques such as analysis and synthesis. This investigation has its aim to illustrate the main perspectives after using of big data in industrial sphere especially in mining industry as one of the leading one in Kazakhstan.

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Formation of Optimal Field Crop Structure on Leased Lands of Agricultural Enterprises

Author(s): Larysa Bohach,Violeta HERAIMOVYCH,Iryna HUMENIUK,Vitalii NAHORNYI,Nataliia GERASYMENKO / Language(s): English Issue: 44/2019

The scientific article is devoted to the actual issue of formation of the optimal field crop structure on the leased lands of agricultural enterprises. The proposals for the field crop structure optimization are developed, this will facilitate the increase of the field crop production efficiency, and, accordingly, the level of leased land use. The article is aimed at studying the problem of development of land-lease relations in agricultural enterprises, by way of optimization of leased land use, which will lead to the agricultural production increase. To study and determine the organizational and economic principles of the leased land use optimization, which will lead to the agricultural production increase, and increase the overall performance of agricultural enterprises activity. To optimize the use of leased land resources, which will increase both agricultural production and agricultural enterprises operational efficiency, we have developed a corresponding economic and mathematical model based on the simplex method. The study referred to the period 2014 – 2016. The study of optimal acreage formation and proper use of leased land in agricultural enterprises is an urgent task that requires an immediate solution.

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Strategic Support for Accounting for the Investment Process in the Innovation Industry

Author(s): Olim T. Astanakulov,Khurshid S. Asatullaev,Nodira I. Saidaxmedova,Otamurod T. Ergashev / Language(s): English Issue: 44/2019

In modern conditions, the role and importance of investment policy pursued by machine-building enterprises are increasingly increasing. The purpose of the article is to study organizational-economic mechanism of formation of the investment policy companies. The author used General scientific and private methods of analysis; works of domestic and foreign scientists, monographs and lectures, periodicals, legislative and regulatory acts, statistical information. The scientific views on the management of the investment policy of the classics of economic thought are summarized, the investment theme is analyzed. It is concluded that the investment policy of machine-building enterprises is seen as a complex, interrelated and interdependent set of activities aimed at their further development. The algorithm of strategy of investment development of the machine￾building enterprise of the region is offered. Given the specifics of the functioning of the engineering industry, the use of the algorithm will make it possible to identify factors that can affect the implementation of the investment project.

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Assessment of Financial Stability and Business Expansion of JSC Statoil in the Context of Economic Instability

Author(s): Oksana V. Savchina,Alexandr Bratanov,Olga V. Savchina,Petr SHCHERBACHENKO / Language(s): English Issue: 44/2019

The purpose of this study is to assess the financial stability of one of the largest oil and gas company in Norway – JSC Statoil that has been operating for more than 20 years in Russia, which is an important region for expanding its international activities, and determine the impact of financial risks on business expansion in conditions of the economic instability. To implement the research the authors have collected financial data from the reports of financial results and the balance sheets of the company. They have selected the key performance and solvency indicators in particular among which: gross profit margin, net profit, financial debt, liquidity, turnover rates, etc. In order to determine the risk of insolvency the authors have also used the Springate and Taffler predictive models and econometric modelling for assessing the influence of macroeconomic conjuncture on the company’s performance. This can lead to significant financial loss both for the company itself and for the state as a whole, since Statoil is the largest oil and gas company in Norway. Research results suggest that the management of financial risks at the macro level is a fundamental activity for oil and gas companies, especially for commodity market economies.

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Zneužití postavení v bankovním (obchodním) styku

Author(s): Jiří Novotný / Language(s): Czech Issue: 1/2022

Self-trading is an act in which an offender abuses his position in two or more business entities that are in a competitive position with each other, in order to enrich himself or another person. One of the major business entities in the financial market is banks, which provide clients with banking transactions as part of their business activities. Banks usually protect themselves against similar conduct of their employees or other persons working with them by a competition clause, which prohibits these persons from operating for other banks. In the event that the offender abuses his position in two or more banks, he may not only violate the said private law prohibition of competition, but his actions may fulfill the facts of the criminal offense of abuse of position in business dealings under Section 255a of the Criminal Code. This contribution is focused on the abuse of business position, the fulfillment of which may occur in the implementation of banking transactions.

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