Review of Business and Economics Studies

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Author Guidelines

  1. Manuscripts must be submitted in English. Authors may use British or American English, provided they are consistent throughout the manuscript.
  2. Manuscripts are accepted through electronic editing system on the journal’s website (“Start Submission”)
  3. By sending materials to the Editorial Board, the Author confirms his/her acceptance of the publication rules and the public availability of his/her materials in accordance with the Creative Commons CC BY License.
  4. Submission of a manuscript to RoBES journal implies that all authors have read and agreed to its content and that the manuscript conforms to the journal’s policies.
  5. All manuscripts should be screened for plagiarism before submission.
  6. The Journal reserves the right to reject manuscripts that do not adhere to the Author Guidelines or, in the opinion of the Editor, are not suitable for publication in Review of Business and Economics Studies, without expressly stipulating the reasons for doing so.
  7. Every submitted paper that complies with the Journal’s general requirements undergoes the procedure of double-blind peer review (reviewers and authors do not know each other’s names).
  8. Manuscripts accepted for publication undergo scientific and literary editing.
  9. The Journal registers DOI (digital object identifier) of each published article in CrossRef.
  10. Manuscripts received by the Editorial Board are not returned to the authors.
  11. Publication in the journal is free of charge to the authors. The Editorial Board does not charge authors for the preparation, placement and printing of materials.

to submitting manuscripts to the Journal

  1. The article materials must be relevant to the Journal’s purpose, scope and subject areas.
  2. The article must be original, not previously published and not submitted for review and publication to another journal.
  3. The articles must be typed in OpenOffice, Microsoft Word, RTF or WordPerfect.
  4. The text of the article (including footnotes and notes) should be typed in Times New Roman. Line spacing — 1.5 (sesquialteral spacing); width alignment without hyphenation; paragraph indentation — 1.25. When typing text, use a font size: 14 — for the main text; 10 — for footnotes and notes; all illustrations, graphs and tables must be placed at the appropriate places in the text, not at the end of the article.
  5. The text should comply with the stylistic and bibliographic requirements described in this section.
  6. The author must provide full Internet-addresses (URL) for links where possible.
  7. The reference list should be formatted according to the Vancouver style: references are listed in numerical order, and in the same order in which they are cited in text, tables and figures;references are included in the textin square brackets: [1] etc. If it is important to indicate a specific cited scripture in the source, pages are included in square brackets: [1, p. 34–36]. If several sources are mentioned at once, then they are not listed, but exactly so: [1–3], or [2, 4, 6–9].
  8. All abbreviations and reductionshave to be deciphered at the first mention in the text.
  9. The length of the article (including the title, abstract, keywords, information about authors and list of references) should not exceed 40,000 characters with spaces.


Moderation. The article is considered by managing editor for compliance with the guidelines, after which it may be sent to the author for revision.

Peer-review. The manuscript is sent for review to members of the editorial board and/or external reviewers [author (authors) - names and initials of the authors, and place of work are not disclosed]. The maximum period of review is not more than 1 month, at the request of the reviewer the period may be extended.

The article is accepted or rejected on the basis of the opinions of reviewers and the decision of the editor-in-chief and editorial board.

The main reasons for the rejection of articles:

  • inconsistency with the scientific field of the journal and quality requirements of the article;
  • the lack of scientific novelty, low originality relevance of the research presented;
  • the article contains elements that are suspected to be plagiarized, or it is currently under review at another journal.

The author may submit to the Editorial Board objections to the review, motivated decision with comments of the reviewer.


The title page of the manuscript

  1. The author indicates the JEL articleindex over the title of the article in the upper left corner.
  2. The title of the article should be concise (no more than 10-12 words), including terms reflecting the main content of the published study, without unnecessary words.
  3. The initials and name of the author(s), place of work (full name of the organization), city and country are indicated under the title.
  4. The author’s summary (abstract) and the keywordsare provided in accordance with the guidelines listed below.


  1. ABSTRACT — is a short description of the article, reflecting the main preconditions (subject, objectives, relevance and novelty), scientific methods, research results and conclusions.
  2. Objective/task of the abstract:

1) to interest the target audience of experts in the article material, to attract their attention, to cause the need to read, use and quote the article in their works;

2) contribute to the search articles in information systems, due to the presence of (as well as in TITLE) main terms, reflecting the essence and results of the study

  1. Abstract as a separate part of the article, included in different databases and information systems, should not contain references to sources as a reference number in the list of the article’s literature, as well as not accepted abbreviations without their interpretation. The use of reductions (abbreviations) in the abstract only makes sense in cases of multiple repetition in the text of the abstract.
  2. Abstract should consist of meaningful terms reflecting the content of the article, with a minimum set of general words required to communicate a coherent text, and with the deletion of introductory words that assess the content personally. The abstract should be carefully analyzed for “redundancy” of minor or insignificant words.
  3. Abstract without paragraphs or indents.
  4. It is desirable to keep the style of the article in the abstract. It is not desirable to use passive pledging verbs in every sentence(researched, studied, shown, given, proven, or - is examining, is studying, is showing).
  5. If the article is written in the structure of IMRAD, the abstract can also be presented in the same structure, while the content of each section of the abstract should correspond to the content of this section in the article.
  6. An abstract to the article should be — not less than 200–250 words. In a concise, informative text, which sets out the main results of the study in a comprehensible and complete manner, the volume of abstract 150–190 words are allowed.
  7. Keywords are placed after the Abstract (the titles of the sections of the article are typed in italics and bold). Keywords — individual words or phrases reflecting the content of the article are used when indexing and searching the article in databases. Basic keywords can repeat terms used in TITLE and ABSTRACT. However, they may also include terms (descriptors) that provide additional search possibilities for an article, such as generic and associative Relations, including geographical and special terms that broaden the understanding of the content of the article.

General words and terms commonly used in other scientific disciplines should be avoided without reference to the main terms reflecting the content of the article.

The number of keywords — 8–12. There is a semicolon between keywords, no point at the end.


The bankruptcy of companies in the existing environment has become rather common. Determination of bankruptcy risk factors allows predicting the prospects for business development. The authors set the task to determine the relative influence of individual financial and non-financial factors on the probability of a company’s bankruptcy. To study risk factors, the authors analyzed 3184 large companies (with revenues of more than 2 billion rubles per year and more than 250 employees) of various industries operating from 2009 to 2020. The total number of observations is 38,208. For analysis, 30 factors were selected and divided into five groups: profitability, liquidity, turnover, financial stability and general (non-financial) factors. For the study, one of the machine learning methods was used — the random forest method. The sample consists of companies from seven industries, including manufacturing, retail, construction, electric power, mining, agricultural production, and water supply, as well as other industries, which include companies in education, healthcare, agriculture, and hospitality. The analysis was carried out both in aggregate for the entire sample without being distributed by industry, and for samples distributed by manufacturing, retail, and service industries. In the sample as a whole, the tested model in 86% of cases correctly predicted the possibility of a company going bankrupt for the period under review. This result confirmed that machine learning methods (in particular, the random forest algorithm) are highly effective in solving the problem of bankruptcy prediction for a company. Based on the data obtained, the paper concludes that profitability factors have the most significant impact on the probability of bankruptcy for manufacturing and retail companies. For service companies, it is financial stability factors. Solving the problem of determining the bankruptcy risk factors of companies will ensure a reduction in the number of bankrupt enterprises, which, in turn, will contribute to the recovery and development of the national economy.

Keywords: corporate finance; large companies; business; financial analysis; financial stability; bankruptcy prediction; bankruptcy risk factors; machine learning methods


The language of the article should be scientific, accessible for perception, presentation of the material — logical and consistent. The text of the scientific article should be structured with allocation sections and subsections. INTRODUCTION and CONCLUSIONS are a compulsory section. In the main part, sections and subsections should reflect the essence of logically constructed sections of the article (at the author’s discretion).

The application of IMRAD structure to present the main results of the study (INTRODUCTION, MATERIALS AND METHODS, RESULTS AND DISCUSSION, CONCLUSIONS) are welcome. Sections “RECOMMENDATIONS” and/or “PRACTICAL APPLICATION” can be added for experimental research

INTRODUCTION — is introductory foray into the subject, the introductory part that precedes the most scientific work. The novelty, relevance, scientific and practical significance of the topic, the degree of its development, i.e. the justification of the choice of the topic of scientific research are defined. Provides a brief overview of the main literary sources, reflecting the achievements of both their own and other authors on the topic of the research, formulated the goals and objectives of the author.

If there is no separate section on the methods/methodology used in the study and the practical basis of the research, their description could also be included in the INTRODUCTION.

THE MAIN PART OF THE ARTICLE of the article describes what is stated in the introduction, based on the purpose and objectives of the research, contains a description of the results of the research, a discussion with an appendix illustrative material (figures, tables, diagrams, formulas, etc.). It is desirable to divide the main text with a significant volume into sections/subsections for a better understanding of the logic and content of the text.


Mathematical formulas should be typed in Microsoft Word or MathType application

If the formula is multi-line, you can only move it to the next line by the operation to be performed. So, the operation has to be repeated on the next line. If the formula is transferred to the multiplication sign, you should apply the sign “×”.

Formulas are numbered through continuous numbering with Arabic number, which are fixed in parentheses on the right-hand side of the text: (1).

In the text, references to formulas are given in parentheses by their serial numbers

EXAMPLE: this function is described by formula (3).

Key to symbols, if they are not decrypted in the preceding text, are given directly below the formula. Each symbol is defined in the sequence in which it appears in the formula. After the formula before explanations, a comma is put, and the explanation begins with the word “where”. And the colon after it is not put.


V = S/t,


where V — speed, m/sec; S — distance, m; t — time, sec.


All signs in formula (+, –, =, *, /, >, < и т.д.) are marked with spaces on both sides. For sign “minus” is used not a short hyphen, but a longer minus on the additional numeric keypad (–). If a negative number is specified, there is no gap between the negative and the number. EXAMPLE: –25.

Symbols in Latin (English alphabet) are written in italics.

EXAMPLE: A — a, B — b, C — c, D — d.

Greek symbols (Greek alphabet) are written in direct font.

EXAMPLE: Ω — ω, Δ — δ, Θ — θ.


Figures and tables should be numbered and titled. In figures the signature is placed under the figure, then the source is indicated and, if necessary, the Note is given.


Fig. 1. Distribution of sample companies by type of business operation

Source: compiled by the authors.


In the tables the title is above the table, and the Source — is below the table.


Table 1

Dynamics of the total volume of investments in the economy of the EAEU countries in 2013-2021, % of GDP











Average for 2013-2021
























































Average for the EAEU countries for 2013–2021:


Source: IMF. URL: (accessed on 18.07.2022).


All figures and tables in the text of the article must have references in italics in brackets: (Fig. 1), (Table 1). Refer to a figure or table can be in the text.

For example: Table 1 shows … According to Fig. 1…

Figures and tables can additionally be provided by accompanying files in jpg, pdf format with a resolution of at least 250 dpi, or Excel format.

Scanned versions of illustrations, tables and formulas are not accepted. Graphics and diagrams should be colored and clear.

CONCLUSION — is the systematic results of research. Typical error when writing conclusions — listing what has been done in the article and already described in the previous sections. It is necessary to present in a logical sequence the main conclusions of the results, indicate the possibility of their implementation in practice, determine the future prospects.

ACKNOWLEDGEMENTS — this section is formed by the availability of funding for the authors’ research by external organizations. In the same section, you can express your gratitude to specific individuals for help in preparing article. It is important to provide information on funding both for project reporting and for recording these data in science-metrics systems. It is necessary to specify the full name of funding organization and project number, year of project, name of the organization that executed the project, city and country.

REFERENCES (requirements for REFERENCES see below).

ABOUT THE AUTHOR is indicated in full in the following order: name, last name (if there is) and surname, academic degree, post, place of work, city, country, e-mail address, ORCID identifier. If the Author(s) does not have an ORCID, you must register with this system at, indicating in his office the basic information about education and professional activity, as well as the main publications. In the future, all publications that have DOI and ORCID will automatically get into the author’s office in this system, thus forming his scientific “portfolio”.

Separate note Corresponding author.

The author’s photo(s) should be sent for publication in a separate file in graphic format. Photography requirements: clear, colored, portrait plan to the shoulders, equivalent to 400 KB.

If authors 3 or more — indicated Author’s declared contribution.


Authors’ declared contribution:

V.Ya. Pish — statement of the problem, development of the concept of the article, critical analysis of literature.

P.V. Aleks — description of the results and the formation of conclusions of the study.

F.P. Orestov — econometric modeling, collection of statistical data, formation of tables and figure.


  1. List of references should include all the sources cited in the text, from which it is possible to verify the validity of the methods used, demonstrate awareness of previous research achievements on the topic of the article and show the depth of their own research. The list of references is also a tool for promotion into national and international databases.
  2. In the article, it is highly desirable to rely on sources whose full text or description can be found on the Internet. It is not recommended to cite sources that are not available.
  3. The list of references is made in accordance with the requirements of the Vancouver style (Vancouver), which provides the numbering of sources in order of their mention in the text, not alphabetically. For the preparation of the list of references in this system, automatic systems for the preparation of the list of references can be used (EndNote, Mendeley and also use options MS Word “Insert a link”).
  4. References should include worldwide sources on the topic.
  5. It is important to cite publications from authoritative sources indexed in international databases.
  6. Awareness of recent developments on the research topic is demonstrated by references to sources published over the last 3–5 years. Lack of relevant references raises doubts about the full competence of authors in the subject of the research.
  7. Undesirable inclusion in the list of references: non-copyright (anonymous) sources (orders, decrees, regulations, laws, other legal documents, links to websites and platforms that do not contain information about authors of material, etc.), as well as small materials (0.5–1 pages) and tutorials. Such links should preferably be placed in footnotes on the pages of the article or included directly in the text of the article.
  8. To demonstrate their previous research, if present and used in the work, and to avoid the accusation of self-plagiarism, authors should refer to their earlier publications. However, it is extremely insufficient to rely on their work alone without having sufficiently explored the global publication field on the topic of the article. It is therefore undesirable to exceed a certain threshold of self-citation, which the Editorial Board has determined to be about 20% of the total volume of the list of references.
  9. The list of references in English is prepared using transliteration for non-English-speaking sources.
  10. Care should be taken to compile bibliographic descriptions of quoted sources, paying particular attention to the accuracy of the output data of journal articles (journal title, year, volume, issue, range of pages).
  11. If an article or other source in the list of references has a DOI, it must be specified at the end of the description. If the source does not have DOI, but the full text is available via the Internet, it is advisable to specify the access page address — URL: https://.... No URL is required in DOI article descriptions. Check DOI and URL activity. If the Internet links do not work, it is undesirable to provide such DOI and URL in the description.
  12. If the bibliographic data of the cited source is obtained from the list of references of another article, it is necessary to verify the validity of the data of this reference. To do this, you must find the source on his website or use the description of the article in the section “For citation” or find his full description in other information systems (eLibrary, Google Scholar, Google etc.).
  13. Other cited sources, wherever they come from are checked for reliability.
  14. It is important to follow the exact spelling of the authors name in the version as they are presented in the articles, respecting the sequence of their listing in the article, as well as the title of the article in Russian and English.
  15. If there is no English-language part of the metadata in the original quoted primary source, separate transliteration (name of authors, journal name) and English translation of the article title or other source (book, conference material, etc.).
  16. For all descriptions where transliteration is required, the BSI system must be applied. To do this, you can use the automatic internet service with BSI setting.
  17. The names of Russian-language journals in REFERENCES are given in transliteration, then the sign “equals” (=) and the English-language name is given. It is not necessary to translate the Russian title of the journal into English, you can specify only the version of the title in English, which is available on the English page of the journal. If it does not exist, can limit ourselves to transliteration.
  18. If the book is quoted, which is translated from the foreign original, in References it is advisable to quote the original edition with the indication in parentheses of the translated edition, which is also shown in Latin according to the above rules. Writing of authors is preserved. To find the original of the book, you can use the ANRI translation book database at
  19. All names of journals should be given without abbreviations, keeping their exact spelling.
  20. At the end (before DOI) of the source translated into Latin/English from another language, the language of the full article (In Russ.).
  21. According to the Vancouver style, the procedures are followed for the source: author’s name and initials (no comma between them). Article title (dot). Journal title— in italics (dot). Next, all numbers are shown without spaces —year (semicolon); volume; issue of the journal in parentheses (colon); pages via dash (dot). DOI (dot is not set): 2017;45(4):847-864. DOI: 10.1016/j.jce.2016.08.001



  1. Kanaev E.A., Rodosskaya M. ASEAN as the “driving force” of RCEP: The Japanese factor. Yugo-Vostochnaya Aziya: aktual'nye problemy razvitiya. 2016;(33):10-27. (In Russ.).
  2. Li C., Whalley J. How close is Asia already to being a trade bloc? Journal of Comparative Economics.2017;45(4):847-864. DOI: 10.1016/j.jce.2016.08.001
  3. Kuznetsov A.V. Imperatives for transformation of the international monetary system in the conditions of multipolarity. Finance: Theory and Practice. 2022;26(2):190-203. DOI: 10.26794/2587-5671-2022-26-2-190-203
  4. Belyakov I.V. On the determinants of sovereign Eurobond spreads in Russia. Ekonomicheskaya politika = Economic Policy. 2017;12(1):200-225. (In Russ.). DOI: 10.18288/1994-5124-2017-1-08



  1. Kuznetsov A.V. Foreign direct investment in East Asia: China, Japan, Republic of Korea, Mongolia. Moscow: Knorus; 2018. 210 p. (In Russ.).
  2. Wethington O., Manning R.A. Shaping the Asia-Pacific Future: strengthening the institutional architecture for an open, rules-based economic order. Washington: The Atlantic Council; 2015. 40 p.



  1. Brandt L., Saint Guilhem A., Schröder M., Van Robays I. What drives euro area financial market developments? The role of US spillovers and global risk. ECB Working Paper Series. 2021;(2560). URL: (accessed on 15.04.2022).
  2. Houstoun K., Milne A.K.L., Parboteeah P. Preliminary report on standards in global financial markets. May 11, 2015. URL: (accessed on 15.04.2022).



  1. Berzon N.I., Mezentsev V.V. Application of structural and reduced models to evaluate credit default swaps for Russian companies. In: Proc. 12thInt. sci. conf. on problems of economic and social development. Vol. 1. Moscow: NRU HSE; 2012:633-642. (In Russ.).


1 Investments in fixed assets in the Russian Federation in 2020. 2021. P. 8. URL: (accessed on 18.07.2022).


Submission Preparation Checklist

As part of the submission process, authors are required to check off their submission's compliance with all of the following items, and submissions may be returned to authors that do not adhere to these guidelines.

  1. The manuscripts are accepted if has not been published or submitted for publication elsewhere.

  2. The materials should be prepared in a format OpenOffice, Microsoft Word, RTF, or World Perfect.

  3. Internet links are provided as a complete URL. 

  4. Text should be typed with an interval of one and a half line spacing, font Times New Roman, 14 pt; to highlight the accents it is recommended to use italics rather than underlining (except Internet links). All images, graphics and tables are placed within the text according to the meaning of the particular part of text  (and not at the end of the document).

  5. Text should follow the stylistic and bibliography requirements as stated in  Regulations  located in the Part "About Us." 

  6. Please, remove the authors' names from the title of the article and other parts of the document to ensure the  anonymity of reviewing.


Copyright Notice

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).


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