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Economic vector 2(45) 2026

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FINANCIAL MECHANISMS TO SUPPORT SMES IN THE TRADE SECTOR: LOANS, GRANTS AND OTHER FORMS OF FINANCING
Author(s): A.M.Kolesnikov, R.A. Mamedov

In this article, the authors examined the main financial mechanisms for supporting small and medium-sized businesses in the trade sector. The authors highlighted such measures as direct financial support in the form of subsidies, grants, as well as preferential lending, compensation for equipment costs; support for the implementation of infrastructure projects; support for programs aimed at developing digitalization in the industry; anti-crisis measures and demand stimulation.

Keywords: government support measures, financial mechanisms, SME support, trade sector.

 

INVESTMENTS INTO RUSSIAN BONDS DURING GEOPOLITICAL TURMOIL
Author(s): D.A.Burdin, M.N. Koniagina

As a type of classic security, bonds continue to evolve and adapt to market and economic conditions. This article provides updated information on the opportunities that bonds offer Russian investors, as well as some of the associated risks. After examining the characteristics of bonds currently traded on the Russian market, the authors explain the reasons for the changing dynamics of bond trading volumes and assess the prospects for renewed investor interest in this debt financial instrument. As interest rates on deposits decline, bonds will again occupy a larger share of the portfolios of conservative investors. This article will be of interest to practicing private investors, tutors and specialists involved in financial education ang literacy, as well as readers taking their first steps in investing.

Keywords: investments, bonds, bond loans, federal loan bonds, FLBs, household savings, sanctions pressure, security market.

FINANCE IN THE SYSTEM OF ECONOMIC RELATIONS: THEORETICAL ISSUES IN THE WORKS OF DOMESTIC SCIENTISTS
Author(s): V.A. Chernenko, M.N. Grigoriev, A.A.Voronov

The article discusses current theoretical issues of the category "finance" and the financial relations inherent in finance. The article presents various points of view on the nature of finance by leading domestic economists. It shows the relationship between the category of "finance" as an imperative form in the reproduction process and intersectoral balances, which expands the possibilities of financial relations during the transition of the national economy from targeted financing to end-to-end financing. The article highlights the main problems of financial and credit relations, which lead to an increase in the value of the monetary form, resulting in financial and value imbalances, inflation, a high key interest rate, and a decrease in investment activity in the economy. It is substantiated that the expanded format of financial relations requires a change in monetary regulation and a transition to expanding the monetary base to ensure GDP growth. The transition from limited monetary resources and their use in scientific circulation is the basis for the formation of a new financial model for regulating the national economy.

Keywords: finance, financial relations, state, limited monetary resources, cross-cutting nature, monetary regulation, intersectoral balance, financial model.

EFFICIENCY OF WORKING CAPITAL MANAGEMENT AS A FACTOR OF FINANCIAL SUSTAINABILITY OF FOOD INDUSTRY COMPANIES
Author(s): S.V.Fedorova, A.M. Arkhipov

The article examines theoretical and applied aspects of working capital management efficiency and its impact on financial sustainability of food industry enterprises. Contemporary scientific approaches to working capital management are systematized; key industry factors are identified. Based on peer-reviewed empirical data for 2016-2026, cross-industry differences in operating and cash conversion cycles are shown to be fundamental. A classification of food sub-sectors by working capital management model type is proposed. It is argued that the conservative model provides higher financial autonomy under elevated interest rates. Practical recommendations are formulated.

Keywords: working capital, financial sustainability, food industry, cash conversion cycle, liquidity, operating cycle, agricultural holdings, financial management.

THE ROLE OF GREEN ENERGY IN THE DEVELOPMENT OF INDUSTRIAL PROCESSING OF SECONDARY MATERIALS
Author(s): A.A. Artemiev, S.K. Ghosh

This article examines the synergistic effect of integrating green energy sources (GES) into the waste processing (recycling) industry. It argues that the high energy intensity of crushing, smelting, chemical regeneration, and sorting processes renders the economics of secondary materials vulnerable to fluctuations in fossil fuel prices. Renewable energy emerges not merely as a means of reducing the carbon footprint, but as a catalyst for technological modernization, enabling the creation of decentralized, autonomous clusters characterized by zero marginal energy costs. Through an analysis of various processing technologies, it is demonstrated that the transition to green energy boosts the profitability of recycling secondary raw materials by 30–40%. The study concludes that a new paradigm of the circular economy is taking shape—one grounded in hybrid energy-material systems.

Keywords: secondary material resources, green energy industry, renewable energy sources, recycling, circular economy, energy intensity.

ECOSYSTEM TRANSFORMATION OF RUSSIAN BUSINESS: A COMPARATIVE ANALYSIS OF STRATEGIES OF SBER AND BEELINE
Author(s): O.V. Shalovinskaya, V.V. Bakharev

The article analyzes the characteristics and results of corporate transitions to an ecosystem model through the lens of Russian cases. A comparative analysis of Sber's successful ecosystem transformation and the failed attempt by Beeline (PJSC VimpelCom) reveals the critical factors determining ecosystem viability. It is concluded that transforming into an ecosystem constitutes a profound strategic restructuring, whose success hinges on the firm's capacity to position itself as a hub for value creation across the entire network of engaged actors.

Keywords: digital ecosystem, ecosystem transformation, ecosystem strategy, ecosystem governance, Russian ecosystems.

THE MULTIFACETED DEVELOPMENT SCENARIOS OF THE DOMESTIC GAS INDUSTRY MAKE IT DIFFICULT TO RESTORE ITS POTENTIAL
Author(s): A.N. Tsatsulin, A.I. Bykov

The article analyzes the economic state of the Russian gas industry, including Gazprom, from the perspective of financial sufficiency to complete the national social gasification / regasification program. It examines the reorientation of gas exports to the East, the development of LNG infrastructure and an icebreaker fleet to access new markets. The study aims at a comprehensive economic assessment of regional development programs based on hydrocarbons: gas liquefaction clusters, deep gas processing, innovative high‑tech production, and environmental protection. The findings rely on non‑public official data on identified industry problems. Research methods include activity‑based comparative studies and statistics; the conceptual approaches have been cross‑reviewed. The article concludes with three interim conclusions.

Keywords: pre-gasification; global market; gas standoff; supply routes; logistics connections; gas chemistry; ESG principles.

PROBLEMS AND PROSPECTS FOR THE DEVELOPMENT OF THE RUSSIAN ENERGY INDUSTRY UNDER RESOURCE CONSTRAINTS
Author(s): M.A. Liubarskaia, D.V. Kirillov

This article provides a comprehensive analysis of key challenges facing the Russian energy sector in the face of resource constraints. Using a systems approach, promising solutions are proposed, including energy service contracts with savings reinvestment, intersectoral investment pools, crowdsourcing of technological solutions, the creation of regional closed-loop energy clusters, the development of small-sized gas turbines and low-power reactors, the integration of renewable energy sources with gas-fired thermal power plants, and the introduction of hydrogen technologies. The article also substantiates the need to shift from an import substitution strategy to the formation of alternative technological alliances with friendly countries and the creation of unique development models that take into account regional specifics.

Keywords: industrial development, energy, resource constraints, asset depreciation, production and consumption imbalance, regional energy clusters.

INNOVATION-INVESTMENT PROJECT IN CONSTRUCTION AS AN OBJECT OF MULTI-CONTOUR MANAGEMENT
Author(s): D.M. Kasatkin

The article substantiates the interpretation of an innovation-investment project in construction as an independent object of multi-contour management. It is shown that a construction project with an innovation component cannot be adequately described only through the classical triangle of cost, time, and quality. Innovation is embedded into the investment architecture, contractual configuration, digital environment, reserve logic, and the life-cycle utility of the facility. On this basis, the paper discloses a multi-contour management system integrating the strategic-investment, design-digital, production-logistics, and operation-feedback contours. Particular attention is paid to stage gates, distributed responsibility, and digital traceability of decisions. It is concluded that the multi-contour approach increases the coherence of the project system, lowers the cost of late corrections, and forms the basis for a subsequent index-based assessment of project sustainability.

Keywords: innovation-investment project, construction, multi-contour management, life cycle, digital maturity, stage gates, project office.

THE ROLE OF THE EVENT INDUSTRY AS A COMPONENT OF THE CREATIVE ECONOMY IN THE DEVELOPMENT OF THE TOURISM AND HOSPITALITY INDUSTRY
Author(s): E.V. Chetyrkina

Creative industries are one of the most important factors of sustainable economic development. This article discusses the relationship between the event and creative industries. It contains information about the legal regulation of the organization and development of creative industries in Russia, as well as a preliminary list of economic activities in the field of creative industries based on the All-Russian Classifier of Economic Activities. It shows the connection of the event industry with different spheres of the tourism industry.

Keywords: event industry, creative economy, tourism, OKVED.

SANATORIUM-RESORT COMPLEX AS THE BASIS OF HEALTH TOURISM IN THE RUSSIAN FEDERATION
Author(s): S.L. Mozokina, D.D.Mozokin

The authors analyze the market of health tourism in the Russian Federation, including the current state of the sanatorium-resort sector in Russia. The article identifies the main trends inherent in the market of sanatorium-resort services at the present time.

Keywords: health and wellness tourism, health resort organization, sanatorium, resort, health, treatment, recovery, tourist flow.

 

SPATIAL DISTRIBUTION OF UNESCO SITES IN ASIA-PACIFIC COUNTRIES: DENSITY ANALYSIS AND IMPLICATIONS FOR THE TOURISM SECTOR
Author(s): A.V.Kuchumov, N.V.Belyakova, P.Yu.Eremicheva

UNESCO World Heritage Sites are key drivers of the tourism sector development, however, their spatial distribution is characterized by significant unevenness. The purpose of this study is to analyze the density of the distribution of UNESCO sites in the countries of the Asia-Pacific region (APR) and to assess their impact on the tourism industry. Based on the data for 2024, two density indicators were calculated: relative to the area of territory and population for 14 countries of the APR. The results of the study revealed a significant imbalance in the distribution of objects, with an extremely high concentration in countries with small areas (Singapore, South Korea, and Japan) and a low density in large countries (China, Australia, and Mongolia). It was found that the high density of objects creates a need for increased coordination of measures to preserve them and develop related infrastructure. This paper also analyzes the key factors that contribute to this uneven distribution, including economic viability, historical and cultural context, and the nomination process. This research concludes that effective management of heritage sites, taking into account their spatial density, is crucial for sustainable tourism development and the associated economic benefits for local communities.

Keywords: UNESCO, tourism, culture, World Heritage, territorial planning, sectoral economy, regional economy, Asia-Pacific region (APR), distribution density, spatial analysis, sustainable tourism, overtourism.

AUDIT OF STAFF TRAINING AND PROFESSIONAL DEVELOPMENT: THEORETICAL ASPECTS
Author(s): I.A.Konopleva, A.V.Gerasimova, V.S. Konopleva

The article is devoted to the study of the issues of audit of training and professional development of personnel in organizations. The authors consider the actual problem of integration of the audit of the training system into the modern practice of human resources management. The theoretical aspects of audit are revealed, its importance is determined for identifying shortcomings and developing measures for its improvement. The necessity of a comprehensive approach to the diagnostics of training and professional development of personnel in the context of audit is substantiated.

Keywords: training, personnel development, professional development, audit, training system audit.

 

DIGITAL TRANSFORMATION OF RECRUITMENT IN THE CONTEXT OF STRUCTURAL SHIFTS IN THE LABOR MARKET OF THE RUSSIAN FERATION
Author(s): D.A.Zhdanova

The present paper contains an analysis of in the recruitment market amid the transformation of the Russian labor market and the active implementation of digital HR technologies. The goal of the research is to identify key factors of competitive pressure and mechanisms for adaptation of recruitment services market participants to changing environment. The theoretical basis of the study is M. Porter's five competitive forces model, adapted to the specifics of the labor market, which allows for an analysis of the influence of the market power of employers and employees, the threat of technological substitutes, and the intensity of competition between intermediaries. The empirical base of the research is based on open statistical and analytical sources characterizing the state and dynamics of the Russian labor and recruitment markets. The paper identifies key imbalances associated with the growing shortage of qualified personnel, the strengthening of workers' bargaining power, and the transformation of traditional intermediary models under the influence of digital platforms and automated solutions. It is shown that classical competitive analysis models require supplementing with tools that take into account the impact of digital technologies and platform solutions on the functioning of the recruitment market.

Keywords: recruitment market, labor market, competitive pressure, structural imbalances, shortage of personnel, digital transformation

FEATURES OF THE USE OF INFORMATION AND COMMUNICATION TECHNOLOGIES BASED ON ARTIFICIAL INTELLIGENCE IN CREATIVE INDUSTRIES
Author(s): E.A. Baikov, V.G.Antonova, A.P. Svyatina

The article identifies the features and specifics of the introduction of information and communication technologies based on artificial intelligence in creative industries based on systemic and resource approaches. The scientific novelty of the research lies in the development of the author's classification and systematization of strategic models for the use of artificial intelligence in creative industries (the "technological breakthrough" model, the "ecosystem integration" model, the "hyperpersonalization" model); in the substantiation of specific Russian strategic patterns that differ from foreign ones; in the introduction of the concept of "hybrid creativity" as a conceptual framework, the framework of interaction between humans and artificial intelligence, allowing to overcome the "replacement – complement" dichotomy. Based on the analysis of Russian and foreign cases (Amazon, Disney, Tesla, Sberbank, Yandex, Okko), the strategic effects of using artificial intelligence are revealed: the formation of sustainable and unique competitive advantages, the transformation and hybridization of business models, and the creation of cross-industry synergies. Ethical, legal and social challenges are identified, and directions for regulating artificial intelligence are proposed. The results can be used in developing strategies for the development of creative industries and in educational training and retraining programs.

Keywords: artificial intelligence, creative industries, information, information and communication technologies, strategic models, hybrid creativity, digital transformation

SPECIFICS OF FORECASTING BUSINESS PROCESSES IN VEGETABLE FARMING IN THE LENINGRAD REGION: ACCOUNTING FOR CLIMATIC AND AGROTECHNOLOGICAL RISKS
Author(s): A.A. Rumyantsev, K.S. Koroleva

The article analyzes the specifics of forecasting business processes in vegetable farming in the Leningrad Region, focusing on accounting for climatic and agrotechnological risks. It considers the need to develop an adaptive methodology that integrates regression analysis and scenario modeling to improve the accuracy of management decisions. The proposed approach aims to reduce uncertainty and transform management into a proactive one by considering unique regional factors.

Keywords: forecasting, vegetable farming, Leningrad Region, climatic risks, agrotechnological risks, regression analysis, scenario modeling.

COMPETITIVE ANALYSIS OF THE INDUSTRY: CURRENT STATE AND DEVELOPMENT PROSPECTS
Author(s): А.D. Potapov, D.V.Khodos

This article analyzes the current state of the gold mining industry and examines the transformation of its competitive landscape under the influence of technological and macroeconomic shifts. To address this issue, it proposes developing key development scenarios for the domestic industry and defining a functional, rationally balanced model.

Keywords: competition, industry, analysis, development, prospects

FINANCIAL MECHANISMS FOR THE IMPLEMENTATION OF SOCIAL ADVERTISING CAMPAIGNS IN REGIONS OF THE RUSSIAN FEDERATION
Author(s): M.A. Liubarskaia, O.V. Rukavitsa

The article systematizes the financial mechanisms for implementing social advertising campaigns at the level of the constituent entities of the Russian Federation, taking into account the current legal and institutional architecture. Social advertising in the Russian model is based on a combination of budgetary instruments (a contractual system and other forms of spending budget funds), mandatory provision of advertising inventory (quota) and extra-budgetary sources, including resources from the non-profit sector and business. Special attention is paid to the institutionalization of social advertising on the Internet through the operator, as well as the role of digital regulatory innovations affecting the parameters of planning and accounting for the volume of social advertising. Based on the analysis of regulations, open reporting data of the operator and academic literature, a typology of financing mechanisms is proposed by campaign stages (production/placement/accounting) and by the nature of the resource (monetary/natural). The results can be used in designing regional information policy programs and in choosing a financial campaign model in the context of budget constraints and the growing share of digital placements.

Keywords: social advertising, region, regional economy, advertising tools, regional information policy.

THE INFLUENCE OF THE ESG (E-K-G) RATING ON THE INVESTMENT ATTRACTIVENESS OF RUSSIAN REGIONS
Author(s): S.V. Fedorova, E.A.Vishniakova

The paper examines the role of the Russian ESG (E-K-G — Environment, Personnel, Governance) rating as a driver of investment attractiveness of Russian regions amid structural transformation of the national economy and a declining share of oil-and-gas revenues in the federal budget. Based on a correlation analysis of data from 78 regions, a weak positive relationship (r ≈ 0.14) between the ESG rating and regional investment attractiveness is revealed. A comparative analysis shows that ESG-rated companies demonstrate significantly lower return volatility (standard deviation 0.02 vs. 0.05 for non-ESG peers). The paper formulates recommendations to stimulate the ESG agenda at the regional level: development of ESG-focused exchange-traded mutual funds, fiscal and administrative incentives for ESG issuers, expansion of public-private partnerships, new green and social finance instruments, and integration of ESG metrics into the KPIs of regional authorities.

Keywords: ESG rating; E-K-G; regional investment attractiveness; sustainable development; green finance; correlation analysis; regional policy; ETF; public-private partnership; decarbonisation.

STRATEGIC APPROACHES TO DIGITAL TRANSFORMATION: SOUTH KOREA'S EXPERIENCE IN MANAGING THE DIGITAL ECONOMY
Author(s): A.V. Soshnikov, A.V. Kuchumov, P.Yu.Eremicheva

This article analyzes key approaches to digital economy governance in the Republic of Korea. The authors identify and compare two main approaches: program-based and system-oriented. The program-based approach examines strategies and long-term programs aimed at developing priority economic sectors, strengthening ICT infrastructure, and supporting innovation. The system-oriented approach focuses on the comprehensive development of the digital ecosystem, including aspects of cybersecurity, intellectual property protection, social inclusion, and sustainable development. Based on an analysis of specific programs and initiatives (such as I-Korea 4.0, the National Great Transformation Strategy, and others), the characteristics and effectiveness of each approach in the context of South Korea's digital transformation are identified. The study's results demonstrate that the program-based approach is implemented through a system of government strategies and long-term programs that focus on developing key economic sectors, implementing digital technologies, and stimulating innovation.

Keywords: digital economy, program-targeted approach, system-oriented approach, digitalization, innovation policy, digital transformation management.

 

MANAGERIAL INTERPRETATION OF CUSTOMER VALUE ASSESSMENT RESULTS IN PROJECT-BASED B2B SALES
Author(s): Medvedev S.B.

This paper addresses managerial interpretation of customer value assessment results in project-based B2B sales. Diagnostic tools - actor-level CVI, channel profile, IPA profile, value map and inter-actor gaps - capture the structure of perceived value yet do not automatically determine a supplier’s managerial response. Managerial interpretation constitutes a distinct stage between customer value diagnostics and the selection of supplier action. A typology of interpretation situations is constructed around four parameters: actor type, gap type, institutional influence and project stage. Drawing on this typology, a managerial impact matrix maps each diagnostic result to a target actor, project stage, priority action and expected outcome. The approach draws on the author's prior MBA research, used as an applied illustrative case rather than a validation of the current actor-channel methodology.

Keywords: customer value; B2B sales; project-based sales; managerial interpretation; decision-making unit; IPA; value map; value-based selling; project business; managerial impact.

A STUDY OF FACTORS INFLUENCING THE EFFICIENCY OF CONTRACT POLICY MANAGEMENT IN THE SPHERE OF PASSIVE OPERATIONS USING THE EXAMPLE OF THE OCTOBER TRACTION DEPARTMENT OF THE OPEN JOINT-STOCK COMPANY "RUSSIAN RAILWAYS"
Author(s): D.F. Zakirova

In the context of rapidly evolving market relations, contract policy serves as a key mechanism for managing the business processes of transport enterprises. It functions as a tool for enhancing financial efficiency and optimizing financial results. However, the mere existence of contractual relationships is not sufficient to ensure the effective functioning of an organization; systematic management of these relationships is necessary in order to maximize benefits and minimize risks for all stakeholders. These circumstances necessitate the study of factors influencing the effectiveness of contract policy management. In this article, an attempt is made to carry out such an analysis in the field of passive operations using the example of the October Traction Directorate of JSC "Russian Railways".

Keywords: contractual policy, management of contractual policy, accounts payable, effectiveness of management of contractual policy, management.

A RETROSPECTIVE ANALYSIS OF THE EMERGENCE AND EVOLUTION OF THE INSTITUTIONAL FORM "CORPORATION"
Author(s): A.V.Gerasenko

Based on an in-depth historical and economic analysis, the article traces the centuries–old evolution of the corporation as an institution – from the early proto-corporate formations of antiquity (Mesopotamia, Phoenicia, Ancient India, ancient Greece and Rome) through medieval guilds, guilds and mining partnerships to classical joint-stock companies of the XVI-XVII centuries. (East India Companies). The key features of a corporation (commercial activity, legal entity status, shared ownership, limited liability, joint-stock company, globalization) are systematized with their chronological and geographical reference. It is proved that the modern corporation is the result of a long-term institutional evolution, and not exclusively a phenomenon of Modern times.

Keywords: corporation, evolution, globalization, legal entity, share, kuks, management structure.

THE INSTITUTE OF JUDICIAL PRACTICE AS A MECHANISM FOR THE PROTECTION OF ECONOMIC COMPETITION
Author(s): A.G. Asadov

The article discusses the current dispute regarding the inconsistency of sectoral regulation with the meaning and content of Federal Law No. 44-FZ dated April 5, 2013, "On the Contract System in the Field of Procurement of Goods, Works, and Services for State and Municipal Needs," using the presented example.

Keywords: economic competition, regulation, socio-economic relations, institutions

 

MECHANISM FOR REGULATING PUBLIC-PRIVATE PARTNERSHIPS IN THE PEOPLE'S REPUBLIC OF CHINA AND THE RUSSIAN FEDERATION
Author(s): E.А. Cherkasova, E.V. Kretov

The article examines the mechanisms of public-private partnership in the Russian Federation and the People's Republic of China: legal regulation, institutional framework, and project implementation practices. The article identifies key challenges in the functioning of PPP models, including legal regulations, access to long-term financing, and sectoral imbalances. Recommendations have been formulated for the development of PPPs in the Russian Federation, including the expansion of their application in the industrial sector, the formation of intersectoral and interregional chains through offset contracts, and the possibility of transforming the forms of cooperation between the government and business during the project lifecycle.

Keywords: public-private partnership, People's Republic of China, Russian Federation, national economy, concession agreements, offset agreements, private investment, infrastructure projects, industrial modernization, technological development.

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