Vol 4, No 2 (2016)
5-14
Abstract
Author examines the most important issues (challenges) that have an impact upon Russia’s development prospects in the 21st century, and suggests possible ways to support population and the real economy in the presence of a deepening crisis. The author believes that it is necessary to develop a comprehensive government program and create incentives for the industry to develop. The program, on the one hand, will facilitate the transition to a more balanced structure of production, and, on the other hand, encourage companies produce innovative and competitive products. At the same time, within the framework of the fostering program, it is necessary to compose a list of criteria to be met by the companies that expects to obtain support from the government. In order to improvethe labor market situation, first of all, tax incentives for the companies that create new jobs for thehighly-qualified people should be created. It is necessary to reimburse the companies’ cost of tuition oradvanced training of employees and to take steps to support labor mobility.
15-52
Abstract
Whether microfinance is all that its proponents claim? Promoters have hailed microfinance as the silver bullet of development. Advocates say that providing small amounts of credit to the world’s poor can break their cycle of poverty. However, the mixed results of a wide array of impactassessments leave skeptics wondering whether microfinance really does alleviate poverty beyondanecdotal instances. Some experts have suggested that no more than five percent of microfinance institutions (MFIs) worldwide will ever be sustainable. Maybe, the reality is that microfinance may beguilty of over-promising and under-delivering, but it is still an effective development tool. A numberof studies have reached what is now perhaps an obvious conclusion: programs that focus on poverty alleviation rather than those that focus on financial results are more effective at reaching the verypoor. The world is still full of poor people, and the problem of underdevelopment remains one of the intractable challenges of the global economy. For the time being we only put questions. In the nextissues of journal we will try to find answers on these questions.
53-64
Abstract
Due to limitation of previous researches on sustainability of MFIs in general, and relationship between capital structure and MFIs’ sustainability in developing countries after financial crisis, this study has been written to fill this gap by examining the effect of factors such as the effect of capitalstructure and legal status on MFIs’ sustainability. A sample of 434 MFIs operating in developing countries from 2010 to 2014 was used. While multiple regression techniques was used to test relationship between dependent variables and predictors, one-way analysis of variance was usedto find differences in mean value of sustainability of MFIs having different legal status. The resultsrevealed that sustainability of MFIs in developing countries was significantly and negatively affectedby capital structure. Besides, the effect of legal status on MFIs’ sustainability is very small.
65-82
Abstract
Since 2014 oil price has decreased from above 100US$ to sinking below 28US$, which is the lowest price since 2003. Analysts expect M&A (mergers and acquisitions) activity in oil and gas sector to increase in 2016. That is why, two empirical researches are conducted to investigated factors influencing premiums paid and impairment of goodwill. The results showed that the increase in P/NAV and P/2P variable and taking logarithm from them lead to increase in the premium paid, while the increase in EV/BOED and in Oil price leads to decrease in the premium paid. According to the model of goodwill: goodwill on acquisition’s increase impacts positively, deal value increase shows negative impact, increase of % of gas in target company also shows positive impact, oil price increase affect positively.
83-94
Abstract
Extremes of Corporate Social Responsibility (CSR) perception are evident in the business world today. Business leaders and other stakeholders can’t understand what in particular, how and for what purpose they should practice CSR and they often narrow it down to different business activities that do not have any connection with sustainable development of business. By opposing it to philanthropy and charity; to practice of social investments; to marketing activities and PR; tothe concept of shared value, one would find out that CSR is not something evident; it is more aboutsustainable business model creation. Even if the company is following the rules and requirements, paying taxes on time and demonstrating an annual social report, it doesn’t necessarily mean that this company is a socially responsible one. This paper tests the hypothesis that in the era of consciouscapitalism CSR is to be more complex and strategic. The evidence collected from real business stories supported this hypothesis. This suggests that there is a managerial, complex and strategic definition ofCSR that does ensure business to become more sustainable in the era of conscious capitalism.
ISSN 2308-944X (Print)
ISSN 2311-0279 (Online)
ISSN 2311-0279 (Online)