Вестник Самарского государственного экономического университета

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

2025 №4 (246)

ECONOMIC THEORY

Alborov Ya.Z.

Mechanisms of economic behavior of firms in the context of the formation of digital economy institutions

Abstract. The article invesigates mechanisms of economic behavior of firms in the context of the formation of digital economy institutions. An organizational and economic mechanism for digital interest rate swap contracting of high-tech companies under partial state guarantees is proposed and substantiated, al-lowingsuch business entities to obtain credit resources from Internet banks at favorable interest rates (lower than those they could receive on a general basis, without using this mechanism) for the implementation of innovative projects and programs.
Keywords: firm behavior, marketing, digital economy, shared consumption, irrationality. Highlights: - the process of digitalization of the activities of modern Russian organizations in various sectors of the economy is associated with a number of specific risks, the management of which requires the formation of special mechanisms within the framework of the economic behavior of specific firms; - interest rate swap is a fairly common mechanism for financial support of the activities of American and European companies, which allows to significantly reduce risks typical for the traditional model of bank lending, and, accordingly, to reduce the level of interest rates for potential borrowers. The demand for the use of interest rate swap mechanisms has increased significantly in the context of the global pandemic crisis.

Email:	yasikalborov@gmail.com
Сведения:	Yason Z. Alborov - Togliatti State University, Togliatti, Russia

Soloviev A.A.

Types and models of economic growth in various types of economic systems

Abstract. The pa per shows that the main conditions for transformingthe growth of firms into the efficiency of their development are a sustainable excess of the rate of profit increase over the rate of change in the company`s revenue, rational specific transaction costs, the presence of a transparent system and organizational structure of firm management, scientifically sound investment policy and funding policy. In turn, the efficiency of firm development forms objective conditions for economic growth at a new stage of their development. The main principles of ensuring economic growth that are relevant to modern economic conditions are identified, such as objectivity, consistency, balance and synergy of managingeconomic growth processes, preventive planning, comprehensive consideration of institutional factors, systematic use of the digitalization potential in the process of ensuring intensive economic growth.
Keywords: efficiency, profit, costs, funding, transaction costs, economic growth. Highlights: - in the paradigm of neoclassical economic science, a number of economic and theoretical approaches to the issues of optimizing the capital structure of firms and its impact on the rate of economic growth were formed. In the 1940s and 1950s, two alternative theories of capital structure were argued to explain the impact of borrowed capital on the cost of capital used and, accordingly, on the current market valuation of assets of firms of various profiles: 1) the so-called traditional approach; 2) the Modigliani-Miller theory. Before the works by Miller and Modigliani on the theory of capital structure, there was an approach based on the analysis of financial decisions. Practice has shown that with an increase in the share of borrowed funds to a certain level, the cost of equity did not change, and then increased at an increasing rate; - the traditional approach assumes that a company with borrowed capital (up to a certain level) is valued higher on the market than a company without long-term borrowed funds; the Modigliani-Miller theory assumes the presence of a number of assumptions; - based on a critical analysis of specialized literature, the content of ICO as an innovative mechanism for funding the development of firms, aimed, among other things, at ensuring the intensive growth of the latter, has been clarified.

Email:	mkonoval@mail.ru
Сведения:	Artem A. Soloviev - Samara State University of Economics, Samara, Russia

WORLD ECONOMY

Iouhi Paolo Nicholas Takayama Constantini

The evolution of protectionism in the United States in the period XVIII - 1930

Abstract. Knowledge of the economic evolution of developed countries is necessary to understand how they reached their current stage of economic progress and how this contrasts with the current political discourse. The economic policy adopted by a country in a given historical period indicates its priorities and fundamental economic values, goals. The purpose of this research article is to describe and analyze the evolution of the US protectionist policy in order to identify the key elements of the country`s economic development and how this policy is manifested nowadays. Official documents and data from government organizations were analyzed. The scientific literature on the topic under consideration was studied. The research methods include descriptive and comparative-historical methods, revealing the US protectionist policy from 1789 to the early 20th century. In conclusion, it was found that the US protectionist policy at the beginning of the crisis was very tough, and as soon as the country`s competitiveness reached an undeniable level compared to the rest of the world, the United States opened its borders and began to promote a similar discourse towards developing countries.
Keywords: economic security, economic development, USA, protectionism, tariffs. Highlights: - the issues of protectionist policy, which largely determines the contours of international trade and international relations, are considered; - the problems of usingthe tools of US protectionism presented by the author demonstrate the patterns of formation of the country`s hegemony on the world stage; - the conclusions of the continuity of the policy of protectionism at the present time are substantiated, which leads to the formation of certain restrictions on the development of competition in the global market.

Email:	ntakayamac@gmail.com
Сведения:	louhi Paolo Nicholas Takayama Constantini - Kazan (Volga Region) Federal University, Kazan, Russia

REGIONAL AND SECTORAL ECONOMY

Gafurova D.A., Korneeva T.A.

Non-financial reporting: the concept, regulatory standards and issues of the formation process

Abstract. Commitment to achieving sustainable development goals, focus on solving environmental and social problems reduce business risks, improve corporate image and increase the value of the organization. Non-financial reporting allows economic entities to present information on the desire for sustainable development to various groups of interested users. However, the regulatory framework and scientific literature do not form a single approach to the essence of non-financial reporting, and therefore in practice there are several of its types, such as an integrated report, a sustainable development report, social and environmental reports. Also, the process of preparing non-financial reporting is not regulated; each economic entity builds it independently, which complicates the formation, analysis and subsequent certification of reporting. The article is devoted to clarifying the definition of non-financial reporting, considering existing international and national standards for its preparation, characterizing the distinctive features that directly affect the procedure for its formation, as well as highlighting the functions that are revealed through the benefits received by companies due to its publication. As a result of the study, a model of the process of preparing non-financial re-portingwas formed, which allows the company to identify significant topics for disclosure, taking into account its business model, the reporting perimeter and the interests of the parties involved.
Keywords: non-financial reporting, sustainable development, stakeholders, economic entities, standards, reporting, assurance. Highlights: - the concept of non-financial reporting as reporting on the economic, environmental and social prospects for the development of a company has been clarified; - the practice of forming non-financial reporting by Russian companies has been analyzed; - international and national standards for the preparation of non-financial reporting have been characterized; - a model for the process of preparing non-financial reporting has been proposed.

Email:	dianagafuroval897@gmail.com; korneeva2004@bk.ru
Сведения:	Diana A. Gafurova - Samara, Russia; Tatiana A. Korneeva - Samara State University of Economics, Samara, Russia

Ezheliy S.M.

Agro-industrial complex of the Russian semi-exclave in the Baltic: economic stability of the complex and development prospects

Abstract. Factor analysis of the existing system of economic relations in the agro-industrial complex, ensuring state interests in food security, vital interests of people, analysis of economic activity of agricultural producers and their needs determine the relevance of research into the regional economy, which operates on the territory of the Russian semi-exclave. The purpose of this study is to assess the state of the Kaliningrad agro-industrial complex, the impact of the most significant negative factors on it in the dynamically changing conditions of the market situation. Based on the grouping of market and non-market factors, detailing the identified economic threats and extrapolation of their action, a forecast of the development of the situation in the agro-industrial complex for the short term was made, proposals in the field of state economic policy were developed. The identified problems and challenges for the local agro-industrial complex are shown. A short-term forecast of the development of the situation is proposed, taking into account the current factors and developing economic threats.
Keywords: agro-industrial complex, crop production, regional economy, deterministic factor analysis. Highlights: - overthe past 10 years, the role and importance of the agro-industrial complex in the economy of Russia and its regions have increased; - the Kaliningrad Region is a unique Russian semi-exclave, whose agro-industrial complex was more closely linked to foreign markets before the introduction of anti-Russian sanctions in 2022; - sustainable agriculture has developed in the region, guaranteeing self-sufficiency in most basic food products; - a number of interrelated market and non-market factors generate economic threats to business entities in the agro-industrial complex, affecting the prospects for economic development; neutralization of threats requires changes in economic policy.

Email:	sergey.ezheliy@klgtu.ru
Сведения:	Sergey M. Ezheliy - Institute of Industrial Economics and Management of Kaliningrad State Technical University, Kaliningrad, Russia

Strizhak A.Yu., Volokobinsky M.Yu.

Selecting a sportswear brand on a marketplace based on the process of hierarchy analysis

Abstract. The relevance of the research topic is due to the increasing role of e-commerce, in particular marketplaces, in the formation of new consumer preferences related to the choice of goods and services of many competing brands. The purpose of the article is to study the problems of choosing goods of a certain group (sportswear) on the marketplace based on the method of hierarchy analysis. The theoretical basis of the study was the works of domestic and foreign scientists in the field of digitalization of markets, development of marketplaces, as well as motives of consumer behavior. When conducting the empirical part of the study, the methods of sociological survey and hierarchy analysis were used. Well-known brands of sportswear acted as alternatives in constructing the hierarchical structure. Based on the sociological study, the criteria that respondents focus on when buyingsportswear were determined: accurate size chart, stylish design, ergonomics of materials, price and loyalty programs, availability of very large and very small sizes, a large line of accessories, sports equipment. Using the hierarchy analysis method, the authors constructed pairwise comparison matrices of brands based on rankingthe importance of factors that respondents use when making a purchase. The most significant factors were ergonomic materials and stylish design. The resulting matrix with weight criteria can be useful for both sportswear manufacturers and marketers involved in the sports industry.
Keywords: brand, marketplace, digitalization, alternatives, selection criteria, sportswear, hierarchy analysis method, multi-criteria choice. Highlights: - an analysis of the buyer`s choice of a sportswear brand among many relevant ones was conducted based on a multi-criteria approach; - the most significant factors when buyingsportswear were identified and ranked: ergonomic materials, stylish design, price and loyalty programs, a large range of accessories, sports equipment, an accurate size chart, as well as the availability of very large and very small sizes; - the weighting coefficients of preference for each of the four sportswear brands studied were determined, which allows the brand with the most significant criterion to take a leading position in the market.

Email:	strizhak.a86@mail.ru; volokobin@mail.ru
Сведения:	Anna Yu. Strizhak - Peter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russia; Mikhail Yu. Volokobinsky - Saint Petersburg University of State Fire Service of EMERCOM of Russia, Saint Petersburg, Russia

Suvorova N.A., Tabak L.V.

Pricing in design: a comparison of market and regulatory approaches

Abstract. The relevance of the research topic is due, on the one hand, to the active development of creative industries both in the world and in Russia, and on the other hand, to the insufficient development of practical tools and mechanisms of normative pricing corresponding to market mechanisms. The authors proposed a classification of market pricing methods in the domestic sphere of interior design, compared market and normative methods, presented a methodology for taking into account the regional specifics of pricing in the market of domestic interior design services through coefficients. The subject of the study is the analysis of market and normative pricing methods in design and a comparison of the results of their practical application. The object of the study is domestic methods of normative and practice of market pricing in the design environment. The purpose of the work is to analyze the results of applying normative and market pricing methods. The methodological basis for the study of market and normative pricing in design was such scientific research methods as comparison and classification methods, analysis (normative and positive), synthesis, induction and deduction methods, etc.
Keywords: interior design, the cost of developing a design project, market value, regulatory cost, methods of regulatory and market pricing, disadvantages and advantages of pricing methods. Highlights: - the features of the practical application of domestic regulatory methods for pricing designer services have been determined: the method proposed by the Union of Designers of Russia, according to its structure, is more in line with the market conditions for design services and takes into account the specifics of the market segmentation of services, while the method approved by the Government of Moscow is more scientific and theoretical in nature, and the results of its practical application are less in line with the prices that have developed on the market; both methods require modernization in order to bringthem closer to real market conditions; - an analysis of the features of existing market pricing methods in domestic interior design made it possible to classify them (hourly, piecework, fixed forms, pricing based on the value of the project, hybrid model); - a comparative analysis of the results of calculations of the cost of developing specific interior design projects using normative and market methods allows us to state the main directions for improving normative pricing methods: 1) the Recommendations of the Union of Designers should be defined as the basic document, since they correspond to the market situation as much as possible; 2) when making calculations, it is necessary to take into account the regional specifics of the price level by using a regional coefficient (regional price index).

Email:	arwa2006@rambler.ru; larisatabak@mail.ru
Сведения:	Nataliya A. Suvorova, Larisa V. Tabak - Sochi State University, Sochi, Russia

Talalaeva N.S., Litvinova A.V.

The assessment of innovative import substitution effectiveness in Russia

Abstract. The transition of the Russian economy to innovation-oriented growth is impossible without innovative import substitution, in which products and services with new consumer properties, lower cost and high added value are produced, improved and exported based on innovative ideas and knowledge, using new high technologies. Intermediate and final results of the assessment of innovative import substitution form the basis for developing measures aimed at adjustingthe taken course, which determines the significance of the study, the purpose of which is to analyze the dynamics of innovative import substitution processes based on the formed set of evaluation indicators and criteria for their effectiveness. Dynamic analysis of changes in the indicators of the effectiveness of innovative import substitution, conducted based on official statistical sources for 2000-2022, showed that the effectiveness of import substitution innovation processes in Russia is below average. Correlating this dynamic with changes in the total volume of domestic production, exports and imports, it can be noted that the stability of growth (in the case of imports - decline) is not maintained, and the performance indicators, expressed in relative values, do not reach the criterion values or take them only at certain time intervals.
Keywords: import substitution, innovation, assessment, effectiveness, innovative import substitution, performance criteria, measures of effectiveness, trends in innovative import substitution. Highlights: - the practice of assessing the effectiveness of import substitution processes lacks methodologically sound analytical tools that allow for reliable diagnosis of the effectiveness of innovative import substitution at the macro level; - the developed group of indicators, criteria and scale for assessing the effectiveness of innovative import substitution allow for a comprehensive determination of its status at each point in time and identification of change trends; - the process of innovative import substitution is accompanied by multidirectional trends; according to the developed scale, the effectiveness of import substitution is below average.

Email:	talalaeva@vgi.volsu.ru; litvinova.av@vgi.volsu.ru
Сведения:	Natalya S. Talalaeva, Alia V. Litvinova - Volgograd State University, Volzhsky branch, Volzhsky, Russia

Tegetaeva O.R.

The role of the tourism industry in the socio-economic development of the North Caucasus Federal District

Abstract. The article considers the role and significance of the tourism industry in the socio-economic development of the North Caucasus Federal District, improving the standard of living of the population of this region. As a result of the analysis, the possible effect, both budgetary and social, that can be obtained by activating and increasing the volume of the tourism services market is presented. It is noted that tourism in the region should be developed through the implementation of a cluster policy and the provision of a wide range of tourism services, as well as the provision of a comprehensive product that meets modern world standards.
Keywords: tourism, tourism cluster, North Caucasus Federal District, tourism industry, tourism product. Highlights: - the basis for sustainable development of the tourism industry in the North Caucasus Federal District should be cluster policy; - the role of the tourism industry in the socio-economic development of the North Caucasus Federal District is expressed in three effects - social, budgetary and economic; - to reveal the tourism potential, it is necessary to structure the tourism cluster by types of tourism, attract new residents of the cluster by providing various benefits, including preferential loans, preferential land lease, etc.

Email:	ortegetaeva@fa.ru
Сведения:	Oksana R. Tegetaeva - Financial University under the Government of the Russian Federation, Vladikavkaz branch, Vladikavkaz, Russia

102

FINANCE, MONEY CIRCULATION AND CREDIT

Kuzmina S.N.

Cryptocurrency as a complex economic system with integrated management with human participation

Abstract. The article analyzes the main properties of cryptocurrencies in interaction with the external environment from the point of view of perceiving their circulation as a complex economic system with built-in management with human participation. The specificity of the new approach to assessing cryptocurrencies has expanded the possibility of obtaining knowledge about them. As part of the study, the author formulated the concepts of cryptocurrencies and the cryptocurrency system, considered the main elements of the latter. The results of the analysis showed that the functioning of cryptocurrencies in a decentralized monetary system is carried out through the unification of its main elements into a single complex cryptocurrency system, each element of which is an independent subsystem with its inherent characteristics. An opinion is formulated that by the nature of origin, the main elements of the cryptocurrency system correspond to the interacting subsystems of a complex economic system with built-in management with human participation, which allows us to further consider cryptocurrency within the framework of its functioning. At the same time, the cognitive resources of people and their interaction with spatio-temporal resources play an important role in the state and functioning of the cryptocurrency system, because thanks to them, the possibility of obtaining previously unknown, newly invented knowledge about it is formed.
Keywords: cryptocurrency, technology, financial sector, socio-cyber-physical system, integration, society. Highlights: - the use of human resources in the system management circuit is a distinctive feature of complex economic systems with built-in management with human participation; - the concept of cryptocurrency should be understood as a modern complex cryptocurrency system consisting of many elements that form a certain integrity of relationships between themselves; - the main properties of a cryptocurrency system, acting as a special complex economic system with built-in management with human participation, are interactivity, information content and territoriality.

Email:	ksnl994@mail.ru
Сведения:	Svetlana N. Kuzmina - Baikal State University, Irkutsk, Russia

113

Svetkina I.A., Sakhchinskaya N.S.

Tax security in case of risks of business fragmentation by retail entities

Abstract. The article is devoted to the study of business fragmentation issues in the system of economic security of retail trade organizations in order to minimize the tax burden. Small enterprises, related to retail trade accordingto OKVED, form the most common business cluster and, as a rule, apply a special tax regime. Large trade turnover in the retail business currently allows the state to increase the tax burden for it. It is the increase in the tax burden that gives impetus to entrepreneurs to fragment their businesses and apply various "gray" taxation schemes. The authors present an economic interpretation of the tax consequences for economic entities in retail trade and an analysis of the fiscal burden with an increase in the tax burden.
Keywords: business fragmentation, economic security, control, tax burden, retail trade. Highlights: - problems were identified in the application of special tax regimes for economic entities in the retail trade from January 1, 2025, upon reaching revenue of 60 million rubles for 2024; - reporting indicators of economic entities in the retail trade were analyzed and a map of tax risk assessment of the economic entity was compiled; - tax solutions were proposed for the formation of a tax security system for retail entities in terms of business optimization and minimization of the fiscal burden in conditions of economic uncertainty.

Email:	svetkinairina@yandex.ru; snatl980@yandex.ru
Сведения:	Irina A. Svetkina - Samara State University of Economics, Samara, Russia, Natalya S. Sakhchinskaya - Samara State University of Social Sciences and Education, Samara, Russia

121

ECONOMIC THEORY

WORLD ECONOMY

REGIONAL AND SECTORAL ECONOMY

FINANCE, MONEY CIRCULATION AND CREDIT