SUMMARIES
D.S. Tereshchenko, N.V. Levkin
Investment Climate in Russian Regions: Dynamics and Clustering
The study analyzes the investment climate indicators in Russian regions for the period 2001−2020. Investment potential and investment risk indicators calculated by the RAEX rating agency are used in the calculations. Descriptive analysis of the distribution and dynamics of the studied indicators is supplemented in the study by the use of clustering algorithms and methods of spatial correlation assessment in the context of different time periods. The obtained results and methods are intended to contribute to more balanced investment decision-making, as well as to the implementation of public policy to improve the investment climate in the regions and research in this area.
Keywords: clusters; investment climate; investment risk; investment potential
A.S. Semenova
Environmental Innovations and Financial Performance: Moderation Effect of The Firm Size
This research aims to study the relationship of environmental innovations (EI) and firms' financial performance (FP) by parsing the context of this relationship. Guided by the resource-based view theory, we contribute to the literature by considering the firm’s size as a possible moderator of the relationship between EI and FP. We study 1130 small, medium, and large US and European firms-holders of green patents for 2010−2019. Panel data regressions' results show that the firms' size comes as a strong moderator of the relationship between EI and firms' FP. Financial-wise, smaller firms benefit less from environmental innovations than larger firms.
Keywords: environmental innovations; financial performance; moderation; sustainable development.
M.S. Fayzulin
Information Entropy and Heterogeneous Investor Behaviour on the Russian Stock Market
The paper investigates the relationship between the heterogeneous behaviour of retail investors and the price dynamics of the most discussed Russian equities, including also the dynamics of the Russian stock market. Sentiment metrics were developed based on textual analysis. These metrics take into account the opinions of users of online investment platforms and the behaviour of exchange characteristics of market assets. This approach allowed us to discover a number of relationships between the heterogeneous sentiment of market participants and the negative dynamics of the MosBirch stock index. The correlation between market failures and the sentiment of private investors was identified, taking into account their attention to the volatility dynamics of the stocks under discussion. This allowed proving that private investors have increased sensitivity to the dynamics of volatility of market assets. This sensitivity is observed during periods of sharp rise in the prices of the discussed issuers' shares and during periods of their rapid decline.
Keywords: heterogeneous behavior; stock market; investor sentiment; information entropy
S.D. Rebrilova, M.S. Friedman, G.M. Friedman
Optimization Mathematical Formulations of the Problem of Constructing Route Maps for Repairing Highways of a Constituent Entity of the Russian Federation
A set of mathematical formulation is presented in the paper for the problem of optimizing city’s service routes for road repair. It is demonstrated that the process of finding an optimal solution to the problem with large-scale initial data can be significantly accelerated by choosing an effective subtour elimination constraint in the mixed integer programming problem.
Keywords: mixed integer programming; subtour elimination; travelling salesman problem; arc routing problem
V.S. Morozova, G.D. Sermiagin
Axiological Discourse in the Promotion Strategies of Foreign Brands in the Modern Chinese Market
Abstract. The article focuses on analyzing the promotion strategies of foreign brands in the Chinese market within the context of axiological discourse. The authors conducted a comparative analysis of cases starting from 2019, identifying common sociocultural trends. The study applied the axiological model «The Hartman Value Profile» to analyze the positive and negative experiences of a brand in implementing its strategies, emphasizing emotional and practical aspects. Considering the heightened sensitivity of Chinese consumers to cultural context, particular attention was given to the correct adaptation of traditional Chinese values in the brand promotion strategy. The research highlights the success of strategies where emotional impact precedes the practical, based on the case of the Burberry brand, which has maintained a leading position in the Chinese market for over 23 years and actively promotes products through Chinese internet platforms Weibo (微博 — weibo) and WeChat (微信 — weixin). The content analysis of these platforms is presented in the article. The authors also conducted a survey of 54 Chinese respondents on the authentic platform wenjuan.com. The results underscore that even minor errors in interpreting traditional values can significantly influence Chinese consumers' decisions to purchase a foreign brand, emphasizing the importance of cultural adaptation in promotion strategies.
Keywords: international business; foreign brand; Chinese market; axiological discourse; traditional values; promotion strategies; cultural adaptation
G.B. Kleiner
Generating Innovations Under Restrictions
The article examines the innovation process in a systemic manner as a multicomponent socio-economic process that interacts with mental, social, cognitive, informational and etc. processes. Requirements for these processes have been formulated in order to ensure the activation of the creation, dissemination, accumulation and absorption of innovations into existing technology or production organization. The innovation process has been analyzed on the base of application to the methodology of systems economic theory and spatiotemporal analysis. This analysis has led to the need to include a balance of object, environmental, process and project sectors of the economy in the country’s innovative development strategy. The mission of the Russian Academy of Sciences as a driver of innovation process in domestic economy has been determined.
Keywords: innovation, innovation process; systems economic theory; systems balance of the economy; innovation tetrad