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Abstract - Assessment of the Financial Stability of Russian Printing Companies: Business Services Sector
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Abstract: This article substantiates the necessity of assessing financial stability of printing companies involved in the business services sector. Peculiarities of business activities of today’s printing companies under current conditions have been revealed and financial stability levels of these companies, computed based on Edward Altman’s Z-score bankruptcy probability assessment model, have been defined. To analyze the status of printing companies involved in the business services sector, Altman’s methodology that is based on a five-factor model for predicting the insolvency risk of companies was applied. The analysis of the industry allowed us to distribute selected companies in three zones of bankruptcy. The number of companies in three bankruptcy zones as well as their share in the total scope of firms in the period under review was defined. Recommendations on the implementation of a set of measures in production and management structures of the assessed companies have been suggested. These measures allow the financial position of the companies in the industry to be maintained and strengthened. The results of this study may lay the foundation for further studies of urgent issues related to the analysis and evaluation of the financial sustainability level of printing companies. Keywords: Printing companies, sustainability, financial stability, assessment, business services sector. |
Abstract - The Combined Method of Forecasting the Investments within the Framework of Panel Data Models
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Abstract: The article is devoted to the panel data modeling of the firm's investments depending on its market value and the size of fixed assets. The Grunfeld’s investment data as provided in R package were used as the initial data. The data frame contains annual observations for 11 firms over 20 years. The main econometric models for panel data (pooled model, fixed effects model, random effects model) were estimated. To make choice the most effective specification of the model the character of effects was tested. The heterogeneity of firms was explained by individual random factors. The comparative analysis of parameters’ estimates was performed using the basic panel data models and their optimal combination in the framework of combined assessment (forecasting). Weight coefficients of hybrid forecasts are assigned as directed by the combined model list in accordance with standard optimality requirements. It was shown that the results of the combined assessment coincided with the estimates of the random effects model. Keywords: Panel data, combined model, random effects model, fixed effects model, specification test, combined forecast, weight coefficients. |
Abstract - Testing the Value Function of the Prospect Theory on Russian M&A Market
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Abstract: The article is devoted to the empirical implementation of the prospect theory. The subject is a value function graph. The graph itself was never been plotted on a real empirical data. In this paper a real market situation is considered. Logical indicators which describe and measure the market’s actor’s status and their intensives in different behavioral strategies are proposed. The empirical data from real M&A markets in Russia is collected and a real value function graph is drawn. It is compared to a theoretical value function graph which accompanies the prospect theory. A totally different shape of the curve is noticed. New shape resembles very much the graph of indifference curves, which are well known to the economists back to the late 19th century. Keywords: Value function, Prospect Theory, Mergers and acquisitions, Behavioral discounting rate, Behavioral Finance, Discounted cash flow. |
Abstract - External Risk Factors Influence on the Financial Stability of Construction Companies
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Abstract: The modern conditions of construction companies’ activities in Russia are influenced by various processes: developing globalization, limitation of free trade due to economic sanctions, man-made disasters growth, worldwide digitalization, constantly evolving technologies. The purpose of this study is to develop a model for assessing risk factors’ impact on the financial stability of construction companies using regression analysis based on dependencies between risk factors and financial stability of construction companies on the basis of statistical data over the past 10 years. The following methods were used: questioning of owners and key employees in construction companies on the indicators choice that characterize external risk factors, correlation analysis, regression analysis, expert evaluation method, trend line method. As a result it was revealed that in order to create favorable conditions for the construction companies’ growth, a stable legislative base, a stable ruble rate and an activation of investments in fixed assets are needed. The proposed tool for assessing external risk factors and their impact on the construction companies’ financial sustainability can be used both to assess the organization's environment and to assess various risk situations in order to further use the results in decision-making. Keywords: Financial stability, constraint companies, risks |
Abstract - Evaluation of the Marketing Influence on the Investment Attractiveness of the Company
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Abstract: The study considers marketing activities of companies and their influence on the companies’ investment attractiveness. Based on the role and content of marketing in modern conditions, the authors evaluate investment attractiveness by indicators characterizing cash flows and efficiency of the company's activities. Two companies and set of criteria were selected to assess the impact of marketing on their investment attractiveness. Correlation analysis revealed the indicators which are influenced by marketing technologies most of all. Evaluation of the impact of the company's marketing activities on investment attractiveness showed certain methodological problems, which require further research. Keywords: Investment attractiveness of the company, marketing influence. |