Вестник Самарского государственного экономического университета

Вестник самарского государственного экономического университета
Vestnik of Samara State University of Economics

2017 №8 (154)

THEORY OF ECONOMICS

Khmeleva G.A.

SCIENTIFIC APPROACHES TO RESEARCH OF ECONOMIC SANCTIONS: THE PROCESS APPROACH AND THE CONCEPT OF ECONOMIC CYCLICITY

The purpose of this article is to justify the expediency of applying the process approach and the concept of economic cycles in the study of sanctions as the economic phenomenon from the point of view of the country`s innovative development and its regions. Economic sanctions, despite the controversial effectiveness of their application, have been widely used in the last century as an instrument for achieving political goals. Because of its political nature, this phenomenon has not been sufficiently studied from the point of view of economic theory, which has led to the formulation of the objective of this research. The main methods of research were the logical method, analysis and synthesis. It is revealed that economic sanctions along with innovations serve as a factor in the cyclical nature of the economy. If innovations, according to Kondratiev, contribute to the upward trend, then economic sanctions are aimed at increasing the depth of the economic decline and the length of time at the "bottom" of the cycle, preventing the upward trend when the economy leaves the recession. As a theoretical basis for investigating reactions of innovation systems in the regions to the impact of sanctions, as well as in the adoption of government countermeasures, it was suggested to rely on the process approach to the development of innovation in regions, and the concept of the cyclical nature of the economy. The author presents conclusions on the impact of economic sanctions on short, medium and long cycles of the economy.
Keywords: economic sanctions, innovations, innovative activity, process approach, economic cycle. Highlights: economic sanctions are a factor in the cyclical nature of the country`s economy and its regions; the effect of economic sanctions is aimed at increasing the depth of economic decline and the length of time spent on the "bottom" of the cycle; the potential of the impact of economic sanctions on the dynamics of the country`s development is proportional not only to the size of economies of subject countries (according to Hofbauer), but also to the duration of the validity period of sanctions measures; the process approach allows considering the impact of economic sanctions on certain stages of the innovation process in the regions (the creation of new knowledge, the transformation of knowledge into technology, the production of the innovative product).

Email:	galina.a.khmeleva@yandex.ru
Сведения:	Galina A. Khmeleva, Doctor of Economics, Professor, Samara State University of Economics.

Maltseva A.A., Klyushnikova E.V.

KEY FEATURES OF TRANSFORMATIONS IN SCIENTIFIC ORGANIZATIONS USING MODELS OF CHANGE MANAGEMENT

At the state level, a policy is actively being developed to increase the effectiveness of the activities of scientific organizations. Within the framework of change management in order to increase the effectiveness of their activities, taking into account its specifics, optimization of used methodological principles and management models is required. The purpose of the study is to identify models of change management that are most acceptable for scientific organizations. Key methods: theoretical analysis, generalization, grouping, content analysis, method of expert assessments. The study analyzed a sufficient number of existing models of change, in most cases of a practical nature and based on a study of transformation in organizations. As a result, the characteristics that are present in the models studied, on the basis of which the classification of these models was carried out, are revealed. The advantages of choosing a particular model for practical implementation in scientific institutions are revealed. In order to achieve the objectives of managing scientific organizations both at the micro and macro levels, when choosing tools for implementing any organizational changes, it is advisable to take into account the specificity of the activity, and for practical use, a combination of different types of models is required in the conditions of the particular institution. The recommendations proposed in the article on the choice of the model of change management for the selected research object - scientific organizations - are new and obtained using theoretical and content analysis.
Keywords: scientific organization, organizational changes, level of changes, factors of changes, models of change management. Highlights: changes in scientific organizations are the objective necessity, dictated by both state policy and internal current problems; there is a wide range of practical models of change management that can be used by scientific organizations; when choosing tools to implement changes in scientific organizations, it is advisable to take into account the specificity of their activities, and for practical use it is advisable to combine different models in the conditions of a particular organization.

Email:	80179@list.ru, stanislav219@yandex.ru
Сведения:	Anna A. Maltseva, Candidate of Economics, Associate Professor, Director of the Scientific and Methodological Center for Innovation Activity of the Higher School named after E.A. Lurie; Elena V. Klyushnikova, a senior research assistant - Tver State University.

Vlasova N.Yu., Molokova E.L., Karkh D.A.

METHODOLOGICAL POTENTIAL OF THE STAKEHOLDER APPROACH IN RESEARCH OF THE HIGHER EDUCATION MARKET

The relevance of the research is related to the fact that higher education is considered as one of the leading factors for increasing the competitiveness of the country, accordingly it is necessary to understand the patterns and tendencies of its development for the formation of regulatory mechanisms and determining the prospects for development. The purpose of the study is to review existing studies on the application of the stakeholder approach to the analysis of the higher education market. This article focuses on the macro level - on the study of the Russian market of higher education as a whole, leaving behind the analysis of meso- and microlevels (the regional market and individual educational institutions). A retrospective view on the formation of the stakeholder theory and its application to the analysis of the higher education market is given. The authors’ view on the composition and qualitative characteristics of stakeholders in the higher education market is suggested. The consideration of public institutions and employers as the main stakeholders justifies the creation of monitoring and public control tools, as well as the participation of business in the implementation of educational programs, which provides the possibility of external control over the quality of higher education. The higher education market is viewed as a network of neoclassical and relational contracts, which gives a deeper understanding of the mechanisms of interaction with state and public institutions.
Keywords: higher education market, stakeholder, methodology of stakeholder approach, externalities, contract network. Highlights: the stakeholder approach considers the higher education market as a network of stakeholder contracts, which in turn makes it possible to assess the density of formal and informal stakeholder relationships, identify institutional voids, and determine the place and role of the higher education system relative to other participants in the education market; the interpretation of the higher education market as a network of stakeholder contracts allows justifying the need for monitoring, public accreditation and the same activities on the part of all stakeholders, including public institutions and employers; the stakeholder approach allows more efficiently developing coordinating mechanisms for satisfying the interests of all participants in the higher education market, reducing the possibility of their rent-seeking behavior.

Email:	nat-vlasova@yandex.ru, elmo.sm@mail.ru, dkarh@mail.ru
Сведения:	Natalia Yu. Vlasova, Doctor of Economics, Professor; Elena L. Molokova, Associate Professor; Dmitry A. Karkh, Doctor of Economics, Professor - Ural State University of Economics, Yekaterinburg.

Shcherbakov I.V.

FORMATION OF MOTIVATION OF ECONOMIC ACTIVITY IN THE GLOBAL ECONOMIC SYSTEM

On the basis of methodological tools of the new institutional economic the-ory, the changing structure of incentives in the process of functioning and decay of the economic system of slavery is analyzed. The paper demonstrates that a change in the structure of the main economic incentives leads to transformation of motivation of the person`s economic activity. Based on the transactional ap-proach, the dependence of the influence of changes in the structure of incentives on motivation of economic activity is justified. Motivation of the person`s eco-nomic activity is represented as a balance of imperative external influence and internal sources of activity. External motivation is formed by a considerable amount of costs of agency relations, and the person`s internal motivation is en-sured by the rights of property. Based on the established relationship, the methodological approach is proposed to assess the change in motivation of economic activity in the process of trans-formation of economic systems. The proposed approach makes it possible to es-tablish the main directions for increasing motivation of the person`s economic activity, common to various economic systems.
Keywords: costs of agency relations, internalization, motivation, slaveholding management system, specification of property rights, incentive structure, eco-nomic activity. Highlights: Based on methodological tools of the new institutional economic theory, the formation of human motivation in the economic slavery system is analyzed. Based on the data of the analysis, the approach is proposed to identify and jus-tify the patterns of evolution of motivation of economic activity in the process of transformation of economic systems.

Email:	yan.scherbackow2016@yandex.ru
Сведения:	Igor V. Shcherbakov, Candidate of Economics, a doctoral student of the Department of Philosophy and Methodology of Economics, Faculty of Economics, Lomonosov Moscow State University.

WORLD ECONOMY

Fakhrutdinova E.V., Kolesnik ova Yu.S.

INTANGIBLE PROPERTY CONCENTRATION OF NON-MATERIAL ASSETS IN THE RUSSIAN FEDERATION AND IN THE WORLD: COMPARATIVE CHARACTERISTICS

The concentration of intangible assets by regions of the Russian Federation is considered, it is revealed that more than 90% of intangible assets in the country are concentrated in the Central Federal District, and during the crisis in the economy, there is also an increase in the concentration of intangible assets. In the conditions of the crisis, the concentration and share of intangible assets increase, as companies set the task of increasing the volume of assets. Intangible property is an instrument for capitalizing the company`s assets. The authors analyzed the balances of companies included in the list of the best global brands, according to the version of Best Global Brend. The share of intangible assets, the share of reputation and the total share of the intangible component (intangible assets and reputation in the total volume of assets) were analyzed. Both companies - leaders in the concentration of the non-material component are producers of consumer goods, and companies engaged in information technology and consulting services. The characteristic feature for the Russian rating of intangible companies is the presence of representatives of the banking sector (Sberbank and the Bank of Moscow), the petrochemical complex (Lukoil) and companies involved in transportation (RZD) in it.
Keywords: intangible property, intangible assets, brand, concentration, capitalization. Highlights: the tendency of increase in capitalization due to the inclusion of intangible property in the structure of assets is characteristic both for Russia and for the world; more than 90% of intangible assets in the Russian Federation are concentrated in the Central Federal District; in the period of crisis phenomena in the economy, there is also an increase in the concentration of intangible assets (2007-2009); the most intangible companies are manufacturers of consumer goods due to the recognizable brand and reputation; the characteristic feature for the Russian rating of intangible companies is the presence of representatives of the banking sector (Sberbank and the Bank of Moscow), the petrochemical complex (Lukoil) and the companies involved in transportation (RZD) in it.

Email:	efahr@mail.ru, hulia_k@mail.ru
Сведения:	Elena V. Fakhrutdinova, Doctor of Economics, Professor, Head of Human Resource Management Department; Julia S. Kolesnikova, Candidate of Economics, Associate Professor - Kazan Federal University.

REGIONAL ECONOMY

Ermolina A.A.

THE ANALYSIS OF THE STATUS OF SMALL AND MEDIUM-SIZED ENTREPRENEURSHIP IN ACCORDANCE WITH THE REGIONAL INNOVATIVE DEVELOPMENT

The article illustrates the methodology for assessing the innovative development of the subjects of the Russian Federation with a view to further analyzing its impact on the state of small and medium-sized enterprises and on the innovative activity of small enterprises. The study uses the index approach to the comprehensive assessment of the innovative development of Russian regions. The tables of contingency are at the heart of the analysis of the relationship between the indicators of small and medium-sized enterprises and the innovative development of the region. As a result of the analysis it was established that with the growth of the regional innovative development, the contribution of small and medium-sized enterprises to the economy is increasing, but this relationship is weakening with the transition to smaller size groups of enterprises.
Keywords: small and medium-sized business, small and medium-sized enterprises, innovative development, innovative activity. Highlights: the level of development of small and medium-sized enterprises is higher in Russia`s innovation regions, but the relationship between the state of the business and regional innovative development is weakening with the transition to small size groups of organizations; the innovative infrastructure contributes to the development of all size groups of enterprises, whereas resources and results of innovative activities have a positive relationship only with medium-sized enterprises; the innovative activity of small enterprises is influenced by all components of the regional innovative development.

Email:	aaermolina@yandex.ru
Сведения:	Anna A. Ermolina, a post-graduate student, Plekhanov Russian University of Economics.

Volchkova I.V., Votyakova I.V., Vorobyova E.S., Nedospasova O.P.

EVALUATION OF INNOVATIVE CAPACITY OF MUNICIPALITIES IN THE TOMSK REGION

The relevance of the proposed study is due to the need to measure innovative capacity of municipalities in the conditions of the territory formation of advanced social and economic development in the Tomsk region. The conceptual scientific problem is the lack of updated methodological foundations necessary for the assessment of innovative capacity at the municipal level. The aim of the work is to adapt the available methodological tools for assessing innovative capacity of municipalities in the Tomsk region. The authors used the method of the correlation-regression analysis and a rating method. The factors determining innovative capacity of the region are analyzed; specialization of the innovation subsystem of the regional center is considered. The correlation-regression analysis of innovative capacity of several municipalities is carried out; a rating assessment of the level of their innovative capacity is presented, a conclusion is made on the degree of their differentiation.
Keywords: innovative capacity, municipal formation, Tomsk region, correlation-regression analysis, rating evaluation. Highlights: the study carried out a correlation-regression analysis of innovative capacity of several municipalities in the Tomsk Region, which allows determining the level of influence of factors on the result of innovation activity, expressed in the use of innovative potential; a rating assessment of the level of innovative capacity of the studied municipalities is presented on the basis of the calculation of the integral indicator; the degree of differentiation in the levels of innovative capacity of the studied municipalities is revealed.

Email:

volchkovairina@bk.ru, vivkart3h@yandex.ru, esvorobyeva@mephi.ru, olgaeconomy@mail.ru

Сведения:

Irina V. Volchkova, Candidate of Economics, Associate Professor, Tomsk State Architectural and Construction University; Ekaterina S. Vorobyeva, Candidate of Economics, Associate Professor, Seversk Technological Institute – a branch of the federal state autonomous educational institution of higher professional education “National Research Nuclear University” MEPhI”. E-mail: Esvorobyeva@mephi.ru; Irina V. Votyakova, Doctor of Economics, Professor, Seversk Technological Institute - a branch of the federal state autonomous educational institution of higher professional education “National Research Nuclear University “MEPhI”; Olga P. Nedospasova, Doctor of Economics, Professor, Tomsk National Research Polytechnic University. E-mail: olgaeconomy@mail.ru.

Sheresheva M.Yu., Oborin M.S., Pakhalov A.M., Kostanyan A.A.

METHODOLOGY FORMATION OF SMALL CITIES DEVELOPMENT IN RUSSIA

Relevance of the topic. The article illustrates issues related to the methodology formation of questionnaires of the socio-economic development of small cities in Russia. The current statistics for small cities are incomplete and do not cover all the significant aspects of the development of municipalities. The problem of low quality of life of the population in small cities is noted against the background of the favorable potential of the territories for the development of the economy, its diversification. Thus, the problem lies in the effective use of internal marketing tools to enhance the effectiveness of comprehensive measures aimed at improving the social and economic space of small cities and regional centers. The purpose of the article is to develop the method of questioning, intended primarily for representatives of local government bodies and affecting a wide range of issues related to the current socio-economic situation of municipalities and the directions for its improvement. Methods. To develop the structure of the questionnaire, sociological methods, approaches of the regional economy and the theory of public administration are used. The novelty of the study is to include a number of questions in the questionnaire, information on which has never been collected at the municipal level (in particular, the block of questions on the network interaction of cities). The methodology of the questionnaire developed in the article is tested on small cities in three regions of Russia - the Vladimir and Tula regions and the Perm Territory), and in the future it can be used in all constituent entities of the Russian Federation. Results. As a result of the study, the questionnaire was compiled, which included unique survey blocks related to the network interaction of small cities. The approach to the survey of heads of small cities and representatives of local authorities, proposed in this article, provides a comprehensive assessment of the current situation of these cities, factors and prospects for their development. Representatives of local governments regularly face many factors, both limiting and stimulating the development of cities. Such information is not available in statistical compilations and is not available to external experts. The main conclusions: the approach to the survey of heads of small cities and representatives of local authorities, proposed in this article, allows obtaining a comprehensive assessment of the current situation of these cities, factors and prospects for their development.
Keywords: small cities, questioning, social and economic development, local self-government, network interaction. Highlights: a comprehensive assessment of the current socio-economic situation of small cities on the basis of the questionnaire; a presentation of limiting and stimulating factors of small cities development; the developed questionnaire can become a basic tool that can be adapted for internal marketing of territories, municipalities; on the basis of the proposed range of issues, the range of respondents whose opinion is significant can be expanded.

Email:

m.sheresheva@gmail.com, recreachin@rambler.ru, pakhalov@gmail.com, ani.kostanyan@yandex.ru

Сведения:

Marina Yu. Sheresheva, Doctor of Economics, Professor, Lomonosov Moscow State University, Director of the Center for Network Economics Studies, Head of the laboratory of institutional analysis of the Faculty of Economics; Matvey S. Oborin, Doctor of Economics, Associate Professor, Perm Institute (branch) of Plekhanov Russian University of Economics, Professor, Perm State National Research University; Alexander M. Pakhalov, a research scientist at the laboratory of Institutional Analysis of the Faculty of Economics, Lomonosov Moscow State University; Ani A. Kostanyan, a post-graduate student, Lomonosov Moscow State University.

ECONOMICS, ORGANIZATION AND MANAGEMENT OF ORGANIZATIONS, BRANCHES, COMPLEXES

Paley T.F.

THE MESO-ECONOMIC ANALYSIS OF THE DEMAND FOR SERVICES ON INFRASTRUCTURAL PROVISION OF INDUSTRY

World statistics show the growing activity of private investors. Instead of debating about the growing demand for infrastructure and the adequacy of its financing, it is more urgent to find effective mechanisms for attracting investments in infrastructure assets. The meso-economic analysis of the demand for infrastructure support services for organizations that form priority clusters in the Republic of Tatarstan was carried out in order to focus on the existing need when creating infrastructure for the industry, taking into account the financing of transport and other infrastructure on a parity basis. The distribution factors of productive forces in the clusters are ranged. It is determined that the quality of transport connections plays a paramount role. It is established that in all investigated clusters the transport services are increased. It was revealed that the enterprises of the oil and gas chemical cluster are ready to finance the development of the transport infrastructure from profit (possibly on a parity basis with the state) in order to lift the restrictions of its industrial growth. For the marginal evaluation of the effectiveness of investments in the development of the transport complex, a regression model of "investment-profit" has been obtained. It shows that with the growth of industrial capitalization, its profit increases at an accelerated pace, each additional ruble of investment makes a big return.
Keywords: infrastructure, investment, industry, cluster. Highlights: on the basis of a survey of the heads of more than 60 large enterprises that provide 48% of GRP of the Republic of Tatarstan, the importance of the factors for locating the productive forces has been determined. It is established that, firstly, this significance depends on the stage of the production cycle, and secondly, more and more enterprises of the republic experience restrictions in the development of transport infrastructure; as a result of the correlation-regression analysis of statistical indicators, it is proved that, firstly, in all investigated clusters there is a tendency to increase the demand for transport services, and secondly, the enterprises of the oil and gas chemical cluster are theoretically ready to finance the development of the transport infrastructure from profit (perhaps on a parity basis with the state) with a view to removing the limitations of its industrial growth; the multiplier effect in the transport sector has been revealed: with the increase in capitalization of the industry, its profit grows at an accelerated rate, i.е. every additional ruble of investment makes more and more returns.

Email:	kmen555@gmail.com
Сведения:	Tatyana F. Paley, Candidate of Economics, Associate Professor, head of the Department of General Management, Kazan Federal University.

ACCOUNTING, STATISTICS

Korneeva T.A., Svetkina I.A., Arkhipov N.A.

ACCOUNTING AND ANALYTICAL SUPPORT OF ECONOMIC SAFETY AT THE ENTERPRISE WHEN PERFORMING THE STATE DEFENCE PROCUREMENT ACQUISITION

Accounting and analytical support of economic security (AASES) of the enterprise (the lead executor) when performing the state defense procurement acquisition (SDPA) is the basis for strategic planning, lean production, continuous operation of the enterprise. The characteristic feature of the activities of enterprises when performing the state defense procurement acquisition is the constant real-time monitoring of information on planned and actual costs, payments and other facts of economic life within the framework of the state defense procurement acquisition.
Keywords: economic security, chief executor, state defense procurement acquisition, separate accounting, costs, bank support, accounting policy. Highlights: systematized approaches and conditions for accounting and analytical support for each state defense procurement acquisition in compliance with the requirements of legislation, supervisory bodies, structural features while performing state defense procurement acquisition; the structural elements of individual stages of accounting and analytical support of economic security while performing state defense procurement acquisition have been determined and justified; the analysis of requirements for the formation of accounting policies and proposals for the analytical reflection of all events, transactions related to state defense procurement acquisition; the adapted methodology for conducting separate analysis of costs and production and financial results for each state defense procurement acquisition from the chief executor; The practical value of the obtained results is determined, and the value is to develop the scientific and methodical apparatus that allows ensuring the economic safety of the chief executor by solving applied problems of accounting, control and analysis of separate analysis of costs and production and financial results for each state defense procurement acquisition.

Email:	korneeva2004@bk.ru, svetkinairina@yandex.ru,arhipova2007@list.ru
Сведения:	Tatyana A. Korneeva, Doctor of Economics, Professor; Irina A. Svetkina, Candidate of Economics, Associate Professor; Natalia A. Arkhipova, Candidate of Economics, Associate Professor - Samara State University of Economics.

Manyaeva V.A., Piskunov V.A., Fomin V.P., Noskov V.A.

ACCOUNTING POLICY FOR OBJECTIVES ENSURING ECONOMIC SECURITY OF THE COMMERCIAL ORGANIZATION

The relevance of the research topic is due to the need to develop theoretical and methodological provisions and to develop practical recommendations on accounting policies of the commercial organization. It is necessary to apply this local normative document in order to realize its financial and production potential and thereby develop prerequisites for ensuring its economic security. The statement of the problem consists in conducting a comprehensive study of the content and structure of accounting policy of the commercial organization while ensuring its economic security, which provides for the formation of accounting data in the integrated information system. The objective of the study is to develop theoretical and methodological provisions and practical recommendations on the formation of accounting policies based on integration of accounting information on the activities of the commercial organization in order to ensure its economic security. In the framework of this study, the following general scientific methods of cognition were used: grouping, analogy, deduction, induction, analysis, synthesis, etc. The modeling method and the system approach were used as the methodological basis. Based on the results of the study, the following results were obtained: conceptual approaches to the role and place of accounting policy in ensuring economic security of the commercial organization were disclosed; organizational, methodical and technical approaches in determining the structure and content of accounting policy on the basis of the integrated approach to the formation of accounting information to ensure economic security of the commercial organization were systematized; the organizational and technical aspects to the content and structure of accounting policies aimed at ensuring economic security of the commercial organization were defined. The materials of the article can be useful for practical and scientific workers in the field of accounting and economic security, teachers, graduate students, undergraduates and students in the areas of Economics, Management and Economic Security of higher education institutions.
Keywords: accounting policy, economic security of the commercial organization, accounting, management accounting, tax accounting, accounting information system, economic security service. Highlights: the structure of accounting policy of the commercial organization is determined, which includes organizational, methodological and technical sections; the expediency of reflecting the composition and order of accounting information based on the requests of internal users in accounting policy, whose professional duties include functions of ensuring economic security is justified; the author`s systematization of accounting information for ensuring economic security of the commercial organization is presented; practical recommendations on the use of accounting policy as a tool for ensuring economic security is justified.

Email:	manyaeva58@mail.ru, piskunov-va@mail.ru, fominvp@mail.ru
Сведения:	Vera A. Manyaeva, Doctor of Economics, Associate Professor; Vladimir A. Piskunov, Professor; Vladimir P. Fomin, Professor; Vladimir A. Noskov, Doctor of Economics, Professor. - Samara State University of Economics.

FINANCE, CURRENCY CIRCULATION AND CREDIT

Kandrashina E.A.

THE OPEN PLACEMENT OF SHARES IN THE CONTEXT OF THE ORGANIZATION’S LIFE CYCLE

A very important segment of the national financial market is the market of profit participation rights. Its capacity is determined by the volume of conducted public offerings of shares - primary and secondary. Since the open placement of shares - both belonging to the original owners and additionally issued shares - spills capital, it is necessary to focus on placement mechanisms that cause different changes in the corporate management system, on the one hand, and the financial potential of the corporation, on the other. The concept of the organization`s life cycle, proposed by I. Adizes and interpreted by S.R. Filonovich, G.N. Konstantinov and I.V. Ivashkovskaya. Within the framework of the concept, a comparative analysis of changes in the system of corporate relations and in the ownership structure was carried out under different arrangements for the placement of shares owned by existing shareholders and additionally issued. On this basis, conclusions are drawn that various arrangements for the placement of shares are ways to resolve key organizational problems, identified as dilemmas of the owner and investor. The conclusions are illustrated using examples of Russian public companies established in the post-Soviet economic period - the retail network "Magnit" and the Internet company "Yandex".
Keywords: agency relations, organization`s life cycle, initial public offering, secondary public offering, corporate management. Highlights: as a result of the placement of shares - and owned by the original owners, and additionally issued, the capital is dispersed: the owners of the company share their entrepreneurial risk with other investors, but at the same time, their corporate rights are fragmented and the level of control over the business is reduced; the fragmented ownership structure, on the one hand, allows the corporation to attract significant amounts of financial resources, but, on the other hand, requires the owners to transfer the function of current control over assets to professional managers, which leads to the development of agency relations in the corporation, and transfers them to a higher level; important stages in the development of corporate management and the development of agency relations are the consistent resolution of key organizational problems identified as dilemmas within the framework of the concept of the organization`s life cycle proposed by I. Adizes; the placement of additional issued shares, being an instrument for attracting financial resources for its further development, acts as a means of resolving the owner`s dilemma; the placement of shares owned by existing shareholders, being an instrument for fixing profits on invested capital, acts as a solution to the investor`s dilemma.