Карминский Александр Маркович

Российские корпорации в новой реальности. Финансовые стратегии на пути к антихрупкости

2024 · BOOK · ru

В книге представлено исследование процессов трансформации и финансовых стратегий адаптации крупного российского бизнеса из различных отраслей в контексте текущего структурного кризиса. Проведена оценка сравнительных условий устойчивости корпораций в условиях санкций. Выявлены и оценены ключевые риски, определены паттерны постсанкционных стратегических, операционных и финансовых практик, а также карты перемещений компаний между паттернами. Изучены изменения в цикле корпоративных финансовых решений от привлечения капитала и инвестирования до выплат акционерам. Рассмотрены возможности и задачи финансового сектора и венчурного бизнеса для обеспечения инновационного развития. Итогом работы является определение лучших практик достижения антихрупкости и разработка дорожной карты для поддержания долгосрочного и устойчивого роста бизнеса. Выводы были сделаны на основе анализа финансовой отчетности более чем 4000 компаний, анкетирования и проведения глубинных интервью с их руководителями. Книга закладывает основу для создания новой национальной модели корпоративных финансов в России и адресована руководителям и специалистам финансово-экономических служб компаний, руководителям и преподавателям вузов и бизнес-школ, а также широкому кругу менеджеров и всем, кто интересуется трансформацией корпоративных финансов в российской практике.О книге на iq-media.ru 01.11.2024

Analysis Of The Industry-Specific Characteristics Of ESG Components In Company Ratings

2024 · ARTICLE · en

The work is devoted to the study of the peculiarities of the influence of the ESG rating components on the financial performance of companies from different sectors of the economy. The purpose of the thesis is to analyze the impact of the ESG rating components on the financial performance of companies in various sectors of the economy and identify the most significant ESG practices. The practical significance of the final qualification work consists in the possibility of direct use of the results of work in the activities of enterprises and organizations from various industries.

The Impact of ESG Indicators on the Financial Stability of Companies

2024 · ARTICLE · en

This study examines the relationship between financial performance and environmental, social and governance (ESG) indicators of companies, and examines differences between EU, CIS and other European countries. The main goal of this study is to assess the financial sustainability of a company based on its ESG indicators during economic shocks and analyze the degree of impact. To complete the following study, we used panel regression and several models were constructed. In all of them the dependent variable is one of the selected financial indicator and the explanatory variable is a combination of different ESG indicators (environmental, social and governance respectively). The financial data and ESG data from database in our study were based on financial and ESG statements published by companies. Sample on which the study is based contains companies from Europe region (EU, CIS and other European countries) and covers the time period between 2019 and 2022. We expect to find the confirmation to the fact that ESG Combined Score can positively affect financial performance of companies. We are also looking forward to identify the components of ESG Score that affect financial sustainability in the most significant way. Also in the end of our study we will make a set of ESG initiatives that can positively affect companies and make them more resilient to economic shocks.

Demographic characteristics as determinants of retail customers’ credit behavior. Evidence from Russian regions

2023 · ARTICLE · en

This paper investigates and defines the concept of "credit behavior". A number of factors influencing credit behaviour of the population were identified. Among them are economic factors, e.g. income and expenses, debt burden, unemployment, interest rates, etc. Another important group of factors impacting credit behavior is social aspects, i.e. level of education, social status, financial and digital literacy, and others. The next important group is demographic factors which include gender and age characteristics, family composition, etc. The research found rigid and positive dependence between the volume of per capita lending with per capita income, which can be explained by the fact that the amount of income directly determines “solvency” of a client. A positive relationship is also observed when assessing the link between the volume of per capita loans and availability of hospital beds.

V Российский экономический конгресс «РЭК-2023». Том XV. Тематическая конференция «Банки, деньги и финансовые рынки» (сборник тезисов докладов)

2023 · BOOK · ru

The Impact of ESG factors on the performance of Information Technology Companies

2022 · CHAPTER · en

The aim of the paper is to investigate the impact of ESG factors on the performance of information technology (IT) companies. The paper analyzes the position of IT companies in the ESG rating relative to other industries, highlights the key strengths and weaknesses in their ESG components. It is shown that IT companies are not currently the leaders in terms of ESG rating, which leads to the conclusion that IT companies have the opportunity to develop their ESG practice, if its development will improve the position of the company and will have a positive effect on its performance. On the basis of the studied literature, the author formulated that market value of the company is the most suitable as an indicator for assessing the influence of ESG factors on it. In addition, the paper formulates hypotheses that can be used to test the influence of ESG on the market value of IT companies, developed a model to assess such an influence and provide recommendations for data sample. The author intends to continue research and test the formulated hypotheses with the developed model.

Ecological, Social and Governance Impact on the Company's Performance: Information Technology Sector Insight

2022 · CHAPTER · en

In the 21st century, following sustainable development trends has become one of the most important factors for effective business. This study focuses on the impact of environmental, social and corporate (ESG) components on the financial performance of IT companies. In this regard, the purpose of the work is to identify the most significant practices in the field of sustainable development that contribute to an increase in the financial performance of organizations of the IT sector. To assess the relationship under consideration, panel data were collected for 43 companies operating in the time period from 2004 to 2020. As a result of the evaluation of the model using the method of OLS regression, a model with fixed individual effects or a model with random individual effects, a list of the most significant practices in the field of sustainable development was formulated. It was found that an increase in the environmental and social scores have a significant impact on financial performance.

When central bank research meets Google search: A sentiment index of global financial stress

2022 · ARTICLE · en

We construct a sentiment-based index of global financial stress (s-GFS index) for the period January 2004-December 2020. It builds on a novel methodological approach, which synthesizes the intensity of Google search for specific terms and word collocations related to financial instability and their prior selection based on the titles and abstracts of more than 2,000 working papers posted on the Basel Bank for International Settlements Central Bank Research Hub. The s-GFS index obtained by means of sparse principal component analysis (PCA) accurately captures major episodes of global financial instability during the observation period, playing a pivotal role for the US financial stress as well as industrial production in the USA, the Eurozone and China. It also Granger causes several well-known measures of global financial instability based on sentiment and “hard” data, e.g. the VIX index, as well as the overall dynamics of the global financial cycle, thereby emphasizing the usefulness of sentiment-based measures in monitoring worldwide financial stress.

Discovering efficient techniques to enhance M&A prediction modelling methods

2022 · ARTICLE · en

Over the last two decades global economy and financial markets have seen many crises with an increasing frequency. Many of them were either unexpected or their effects were unpredictable. Therefore, a lot of conventional and popular investment opportunities have shortened or became less attractive for either private or institutional investors leaving a room for new instruments and products to gain popularity. Unlike new volatile and uncertain markets like cryptocurrency, there are potentially more stable processes such as M&A activity, which can be predicted to earn abnormal returns. In this paper, we study various financial and non-financial indicators of acquired and non-acquired companies to provide a set of variables that can describe a company from different perspectives. Next, M&A prediction model is designed. Then, techniques are discovered to increase its explanatory and predictive power, and flexibility making it applicable for different economic environments without being harder to implement it by a potential user. In the end, its efficiency is measured on a real data to compare it with a result of methods found in earlier papers.

Platform ecosystems and its modelling: Russian evidence

2022 · ARTICLE · en

In the article the notion of an “ecosystem” and its taxonomy are examined as well as an eventual development of the so-called platform ecosystems. Based on heuristics methodology, a formalized model of an ecosystem is built and put into simulation, its results then compared to the status of Russia’s platform ecosystems.