Вестник Самарского государственного экономического университета

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

2025 №8 (250)

ECONOMIC THEORY

Blinichkina N.Yu., Kosimov Z.A.

Cluster import substitution policy as a direction for ensuring economic security of Tajikistan: application of the Russian experience

Abstract. Implementation of import substitution policy is important in the context of ensuring economic security of countries. For Tajikistan, which is in strict dependence on imports, the development of an effective import substitution policy is necessary to solve the strategic objectives of economic development facing the country. Given the peculiarities of the economic situation in the country and the world, it is most promisingto use the Russian experience of implementation of the policy of cluster import substitution, since it largely differs from the realities of Tajikistan and allows solving existing problems. Relevance of the article due to the need for revision of foreign economic and domestic production policy of Tajikistan in order to bringthe country`s economy out of stagnation. The paper considers the most promising directions of cluster import substitution policy in the Republic of Tajikistan, and identifies instruments and measures of such policy based on the Russian experience of clustering the economy. Due to the peculiarities of conducting statistics in Tajikistan, the basic method of research is comparative analysis. Based on the results of the study, five clusters of light and food industry in Tajikistan with potential for development were identified, as well as proposed measures to improve the state policy of cluster import substitution, In particular, the establishment of cluster development centres and the fight against bureaucracy and corruption.
Keywords: economic security, foreign economic activity, industrial development, economic clustering, import substitution, import dependence, economic policy, strategic interests of the state. Highlights: - ensuring the economic security of the Republic of Tajikistan directly depends on solving the problem of its import dependence and creating conditions for the development of domestic production of those goods for which the country has the resources and opportunities to produce. These measures will broaden the tax base, partially solve the problem of unemployment and provide the population with cheaper and more accessible goods; - Tajikistan during the existence of the Soviet Union specialized in the production of light goods and food industry. At present, production in these areas has declined sharply, but the potential for expansion and self-sufficiency in manufactured goods remains. Given the experience of Russia, the best solution to eliminate the problem is the implementation of a policy of cluster import substitution; - the main obstacles to the effective implementation of the cluster importsubstitution policy are the high level of bureaucracy and corruption in Tajikistan and the lack of reliable sources of financing. Solving these problems will create conditions for the active development of import-substituting clusters in the republic.

Email:	n.blinichkina@mail.ru; kosimov_zufar@mail.ru
Сведения:	Nadezhda Yu. Blinichkina - Samara State University of Economics, Samara, Russia; Zufar A. Kosimov - Tajik State University of Law, Business and Politics, Khujand, Republic of Tajikistan

Zhironkin S.A., Gasanov M.A., Gasanov E.A., Krasota T.G.

The development of e-commerce in the digital economy in the context of the fourth industrial revolution

Abstract. In modern conditions, e-commerce is increasingly conqueringthe mass consumer market. The availability of digital technologies and the ubiquity of the achievements of the Fourth Industrial Revolution are increasingthe number of visitors to the global network. At the same time, digital technologies make it possible to create virtual commercial processes, including the organization of virtual shopping malls, shops and other similar structures. An important feature of digital technologies is the ability to bring producers and consumers together in real time. Producers are able to forecast demand and adapt to its rapidly changing structure. The specificity of e-commerce is instantaneous action in all global information space, which allows carrying out stimulating activities at any point of the global network. Electronic commerce has both original features and features of traditional ways to promote goods and services. The digital economy is a strategic parameter that influences consumer choice and behavior. The main task here is to meet the needs and demand of consumers.
Keywords: e-commerce, market, digital economy, digital technology, Internet, fourth industrial revolution. Highlights: - the intensive development of the digital economy has led to a significant increase in data volumes and the creation of a single global information field. In the digital economy, there is a tendency to increase the use of information resources while decreasing the importance of traditional production factors in the creation, exchange, distribution and consumption of goods and services. In the new situation a new set of factors of information model of economic growth is formed; - technological advances in electronic commerce have become an important part of the technological foundation of the digital economy. Modern digital solutions are most widely used in the e-commerce sector, covering interactions between manufacturers, suppliers, distributors, agents and partners. These interactions include automation of the processes for ordering, invoicing and payment processing; - the development of the digital economy has led to a variety of commercial uses of the Internet -from promoting information about products and services to providingthese products and services remotely. The uniqueness of the Internet lies in its ability to move instantly into a global information space, which allows for quick marketing actions at any point of the network and easy access to shoppi ng malls such as e-shops; - there is now a rapid growth of e-commerce at the global level. Annual increase in e-commerce revenues compared to previous periods. The main players in this «virtual market" are companies specializing in the sale of computers and other high-tech devices. Significant new e-commerce sectors covering almost all economic areas; - artificial intelligence can be applied in various aspects of e-commerce to improve the consumer experience, optimize processes and increase sales of goods and services. With the advent of artificial intelligence technologies, e-commerce enthusiasts are findingand developing new and profitable niches in the market. In modern conditions, artificial intelligence is implemented into the work of most companies.

Email:	zhironkinsa@kuzstu.ru; maq@tpu.ru; economic@ael.ru; tatyana_karpenko@bk.ru
Сведения:	Sergey A. Zhironkin - T.F. Gorbachev Kuzbass State Technical University, Kemerovo, Russia; Magerram A. Gasanov - National Research Tomsk Polytechnic University, Tomsk, Russia; Eyvaz A. Gasanov - Pacific State University, Khabarovsk, Russia; Tatiana G. Krasota - Amur State University named after Sholom Aleichem, Birobidzhan, Russia

WORLD ECONOMY

Romanova A.A., Perepelkin V.A., Romanov P.A.

ESG ratings and investment efficiency

Abstract. The article presents the assessment of the impact of ESG standards on investment efficiency by analyzing the dynamics of stock indices characterizing the efficiency of securities, both those that meet ESG requirements and those that do not take these conditions into account as a criterion. The position on the greater efficiency of sustainable investing compared to the traditional approach in the medium and long term is substantiated. An analysis of the development trends of the ESG segment of the stock market made it possible to identify and characterize the risks associated with sustainable financing as well as to predict the transformation of the mechanism for compliance with ESG principles in decision-making by transnational corporations.
Keywords: ESG principles, investments, sustainable finance, stock index, anti-ESG ETF, greenwashing, green taxonomy. Highlights: - a comprehensive analysis of the issues of using ESG standards in making investment decisions as a tool for implementing the concept of sustainable development has been carried out; - the possibility of applying ESG standards to evaluate the effectiveness of investment decisions has been studied; - the correctness of the hypothesis about the greater effectiveness of sustainable investment in comparison with the traditional approach in the medium and longterm is statistically substantiated; - a forecast is made regardingthe importance of ESG principles for investment decision-making by multinational corporations.

Email:	romanova.osu@yandex.ru; slavaap@rambler.ru; r-peter@yandex.ru
Сведения:	Anna A. Romanova - Orel State University named after I.S. Turgenev, Orel, Russia; Viacheslav A. Perepelkin - Samara State University of Economics, Samara, Russia; Petr A. Romanov - Yandex LLC, Moscow, Russia

REGIONAL AND SECTORAL ECONOMY

Andreev S.V.

Regional support and its place in the development of small and medium-sized businesses

Abstract. This article is part of a study aimed at studying the impact of regional support on the activities of small and medium-sized enterprises (SMEs). Research - elements of the SME support system: SME actors; development institutions; public organizations supporting SMEs; significant external factors influencing SME development. The aim of the study is to develop a model for regional SME development, to identify factors influencing the activities of SME entities and their degree of influence, to conduct scenario analysis and to determine the place and importance of regional support in SME development. The impact of state support on the activities of SME entities is studied by many investigators, different methods of analysis are used, in the same article it is used methodology, atypical for this field of research. It is proposed to use fuzzy cognitive mapping to assess the impact of support on SME development and scenario analysis. This work presents a developed model and scenario analysis of the development of SMEs in the Samara region. The resulting model is based on expert assessments and scientific work of other researchers. The main factors influencing SME development were identified and their impact assessed. Modelling the SME scenario not only allows assessing the contribution of support to this development, but can also be used as a decision-support system such as the design of new support measures and regional socio-economic policies, as well as in the allocation of budget funds between support areas.
Keywords: small and medium-sized enterprises (SMEs), regional support, fuzzy cognitive model, cognitive map, scenario analysis. Highlights: - the system of socio-economic relations in which SMEs existand develop is a complex, poorly structured system; - fuzzy cognitive modeling makes possible the analysis of complex systems and problem situations, and can be used to support decision-making; - the development of SMEs in the Samara region depends on many factors; using fuzzy co-cognitive modelling, it is possible to construct different scenarios for the development of SMEs, use them in the formulation of regional economic policies and budget allocation, includingsupportfor SMEs.

Email:	svandreevl@yanclex.ru
Сведения:	Sergey V. Andreev - R Institute of Finance, Economics and Management of Togliatti State University, Togliatti, Russia

Vaskova Yu.I.

Assessing the efficiency of an enterprise based on an analysis of equity capital: practical aspects

Abstract. Effective management of the enterprise`s own capital plays a key role in ensuring its efficient functioning. In this article, different approaches to the evaluation of the efficiency of use of own capital on the basis of an integrated analysis of its structure, dynamics and profitability are considered. Research papers on the subject are studied, including methods of vertical, horizontal, coefficient and factor analysis. Special attention is given to the practical application of these methods on the example of LLC «Samara Meat Factory». In conclusion, conclusions and recommendations are provided for improving the management of the enterprise`s equity capital.
Keywords: equity, efficiency, analysis, profitability, capital structure, capital dynamics, ratio analysis, factor analysis, financial leverage, return on sales. Highlights: - analysis of an enterprise`s equity is a basis for assessing its effectiveness; - an integrated approach to calculations covers analysis of the structure, dynamics and profitability of equity capital, as well as its factor analysis; - the efficiency of using equity capital is determined by various factors, including return on sales, asset turnover and financial leverage.

Email:	rygyk@list.ru
Сведения:	Yulia I. Vaskova - Samara State University of Economics, Samara, Russia

Zotikov N.Z.

Problems and directions of improvement of special tax regimes

Abstract. Taxes are the main tool to stimulate and regulate any sector of the economy. Currently, 2 main functions of the tax are implemented: fiscal and regulatory (manifested through the mechanism of tax benefits, special tax regimes aimed at developing small and medium-sized businesses). Through special tax regimes, an enabling sub-function of the regulatory tax function is implemented. The extent of this function is determined by the share of taxes in GDP. Today, small and medium-sized businesses in Russia are significantly inferior to developed foreign countries, particularly in terms of GDP (in Russia 21.0%, abroad - more than 50%). This is the relevance of the chosen topic of research. Subject of study is taxation within the framework of special tax regimes. The object of research is the tax system of the Russian Federation. The objective of the study is to examine the problems and directions of improvement of individual tax regimes on the basis of an analysis carried out of each individual tax in the system of special tax regimes. The study uses common methods: analysis, synthesis, generalization, grouping, comparison, tabulation, etc. The study is based on normative acts of the Government of the Russian Federation, data of Rosstat, report of FNS on tax base and structure of assessments under special tax regimes, etc. In the article special tax regimes are considered systematically, in their development, changes introduced into the legislation on taxation of small and medium-sized enterprises. The study found that every tax paid under special tax regimes has both advantages and disadvantages, which makes it necessary to further improve them.
Keywords: special tax regimes, conditions and restrictions for their application, microenterprises, single agricultural tax, simplified taxation system, minimum tax, insurance premiums, patent taxation system, tax on professional income, automated simplified system. Highlights: - the SME sector significantly lags behind the basic indicators of SME development until 2030 in terms of turnover share, employed population, share in GDP; - SME entities in terms of the number of employees, turnover per enterprise significantly lag behind the criteria for classifying them as small and medium, established by Federal Law No. 209-FZ; - the share of the tax on total income paid by SME entities related to the use of special regimes in the tax revenues of the consolidated budgets of the constituent entities of the Russian Federation is insignificant; - the share of the unified agricultural tax, patent tax system in the amount of tax on total income is insignificant, more than 90% falls on the simplified tax system; - in SME entities, the wages of employees of organizations are lower than the indicator for the economy as a whole; - there are significant differences in the criteria and conditions that make possible the application of one or another tax regime.

Email:	Zotikovcontrol@yandex.ru
Сведения:	Nikolay Z. Zotikov - Chuvash State University named after I.N. Ulyanov, Cheboksary, Russia

Kirakosyan M.Zh.

Digital transformation in staff training as a factor in preserving the human resources potential of the regional economy

Abstract. Located between the two NATO and EU countries - Poland and Lithuania - the Kaliningrad region has become Russiaёs most vulnerable region in the sanctions war. The regional economy has to change taking into accountthe factor of regional budget deficit, changes in logistics flows and bank rates. The deficit affected not only the budget of the region, but also personnel. Finding and retaining professional specialists to ensure the competitiveness of companies has become one of the main challenges in regional business. In this context, the training of employees as a factor for staff retention is one of the priority areas of labor market development, especially small and medium-sized enterprises in the region. The article is devoted to digital technologies in the field of training personnel, rapidly replacing traditional training. The use of digital technology allows an organization to automate a lot of personnel-related tasks in a context of limited financial resources, as well as to develop.
Keywords: personnel shortage, sanctions, digital technologies, construction platforms, chatbot, staff, qualified employees, online learning. Highlights: - in recent years, there has been a growing interest in using design platforms in staff training, especially in small and medium-sized businesses, where there is no financial opportunity, as in large companies, to conduct face-to-face training; - digitalization of training has a number of advantages: it improves skills in a certain aspect of staff activities; it is accessible to all categories of employees; it is familiar to the modern generation; it saves money for the organization; it individualizes the learningtrajectory; design platforms do not require programmingand make it possible to customize trainingfor a specific organization; - taking into account the realities in which a lot of organizations in the region exist today, the digitalization of education has prospects for further development.

Email:	Kirakosyan@mail.ru
Сведения:	Marine Zh. Kirakosyan - Institute of Industrial Economics and Management, Kaliningrad State Technical University, Kaliningrad, Russia

Kudelya E.S., Rynkova A.A.

Assessment of the impact of key factors on agriculture in Krasnoyarsk using mathematical modeling methods

Abstract. The aim of the work is to identify the main trends, problems and prospects for the development of the agricultural sector in the Krasnoyarsk region, as well as to develop a program of activities aimed at increasing its efficiency and competitiveness. SWOT analysis was carried out, strengths and weaknesses, opportunities and threats for the agriculture of Krasnoyarsk were identified. Analysis of production dynamics, trends and factors affectingthe volume of production of agricultural products. Built a mathematical model to estimate the influence of key factors on production. A set of activities aimed at solving the identified problems and achieving the stated goals is proposed. The results of the study make it possible to identify priority areas for the development of agriculture in the Krasnoyarsk region and form effective strategies for its sustainable growth and increase of competitiveness.
Keywords: mathematical model, development, agriculture, Krasnoyarsk Region. Highlights: - SWOT analysis of agricultural production in Krasnoyarsk was carried out; - the strengths and weaknesses of the industry, as well as opportunities and threats caused by external factors, have been identified; - a set of measures aimed at improving the efficiency and competitiveness of the industry is proposed.

Email:	katyakudelya@yandex.ru; rynkova@yandex.ru
Сведения:	Ekaterina S. Kudelya - Financial University under the Government of the Russian Federation, Moscow, Russia; Anna A. Rynkova - Moscow Financial and Industrial University «Synergy», Moscow, Russia

Mayorov O.V., Guseva M.S.

Assessment of the impact of projects to create an innovative educational environment using the public-private partnership mechanism on the socio-economic development of regions

Abstract. The article considers methodological issues of evaluation of impact of projects for creation of modern university campuses on the basis of public-private partnership mechanisms on social and economic development of localization regions. The work presents a comparative analysis of domestic and foreign experience in the implementation of PPP projects in the field of higher education for the period 2010-2023. A methodological approach to assess the impact of campuses on social and economic development indicators of the region based on an integral indicator is justified. The influence of the largest Russian university campuses on social and economic development of regions was evaluated.
Keywords: campuses, university, territory, regional development, assessment, public-private partnership (PPP), innovative infrastructure. Highlights: - modern university campuses are being transformed from traditional education centers into multifunctional drivers of regional development, necessitating a rethinking of their role in socio-economic systems; - study of mechanisms of public-private partnership as a tool for the implementation of projects to create modern university campuses is particularly important for the Russian Federation, where urbanization and regional development processes have their own specificities; - there is a lack of both foreign and domestic scientific works, comprehensively examining the influence of university campuses on key indicators of socio-economic development of territories their localization from the standpoint of evidentiary approach, It limits the possibilities for developingscientifically based recommendations on the development and effective application of campus model in Russian regions; - a methodology is proposed for calculating the integral index of the impact of a project to create and develop a modern campus on the socio-economic development of the territory of its localization (the campus impact index (СИ)), which allows quantifying the contribution of the campus to the development of the region in four key areas: economy, human capital, innovation, infrastructure; - the results of the testing of the proposed methodology have confirmed that projects to create modern university campuses have a complex impact on the economy, human capital, innovation and infrastructure of the regions in which they are located; - the key findings of the study emphasize the need to develop comprehensive methodologies for as-sessingthe impact of projects to create modern university campuses.

Email:	maiorovov72@mail.ru; gusevams@yandex.ru
Сведения:	Oleg V. Mayorov, Maria S. Guseva - Samara State University of Economics, Samara, Russia

102

Oborin M.S., Trubina I.V.

A systematic review of approaches to defining educational services in the digital economy

Abstract. The article presents a systematic review of approaches to defining educational services in the digital economy. The analysis of more than 1,000 publications over the past 23 years has made it possible to highlight the main conceptual directions in the interpretation of educational service as a process, system, activity and product. The scientific novelty of research is to identify and systematize the main potentials of educational services (personalized, digital, adaptive, competence, integrative, network, inclusive and innovative), which are presented for the first time in a single structured classification reflecting current trends and needs of the digital economy. The methodological basis of the study was based on the PRISMA protocol, which ensured strict selection and qualitative evaluation of relevant literature sources. The results of the survey highlight the need to rethink traditional approaches and demonstrate directions for the development of educational services in the digital economy. The trends and problems identified serve as a basis for further research and improvement of educational policies aimed at creating a flexible and competitive educational environment.
Keywords: educational services, digital economy, systematic review, personalization, potential. Highlights: - a significant diversity in approaches to defining educational services in the digital economy has been demonstrated, influenced by differences in methodological frameworks and contextual factors; - key characteristics that determine the competitiveness of educational services have been identified and ranked. In particular, high priority was given to aspects such as course flexibility, access convenience, content personalization, and networking opportunities. These criteria form a basis for setting modern requirements for educational services and assessing their quality in the context of digitalization; - the systematic review methodology makes possible the assessment of existingapproaches to defining educational services in various academic works, enabling the identification of main trends in the understanding of educational services on an international level.

Email:

recreachin@rambler.ru; trubina@pspu.ru

Сведения:

Matvey S. Oborin - Perm Institute (branch) of Plekhanov Russian University of Economics, Perm, Russia; Perm State National Research University, Perm, Russia; Perm State Agrarian and Technological University named after Academician D.N. Pryanishnikov, Perm, Russia; Irina V. Trubina - Perm State National Research University, Perm, Russia; Perm State Humanitarian and Pedagogical University, Perm, Russia

115

FINANCE, MONEY CIRCULATION AND CREDIT

Melnikova N.S.

Theoretical foundations of the emergence of financial engineering, definition of its essence and development directions

Abstract. In today`s dynamically developing world, it is impossible to improve the economy without the use of advanced management approaches offered by financial engineers. Despite a significant amount of research in this area, a single and clear definition of the concept of «financial engineering" has not yet been unified. There are different points of view, sometimes contradictory, on its essence, tools and technologies that are used in practice. This creates difficulties not only for the scientific community seeking to develop a theoretical basis, but also for practitioners who need reliable methodologies for making informed management decisions. Thus, research work aimed at studying the theoretical foundations of the emergence of financial engineering is necessary to form a clear conceptual apparatus that will contribute to a deeper understanding of its essence and key areas. An important aspect of the study is to identify incentives and factors that determine the development of financial engineering as a separate area of financial science. The purpose of the study is to study the theoretical foundations of the emergence of financial engineering and determine its essence and directions of development. The following research methods were used in the work: literature analysis, content analysis, problem-oriented analysis, as well as graphical and tabular methods of reflecting the research results. Based on the study of theoretical approaches to understanding the essence of financial engineering, a content analysis of a number of existing opinions of famous scientists was carried out, their generalizing characteristics were established, and the author`s definition was formed. Taking into account the modern features of economic development, both at the macro and micro levels, the directions for the development of financial engineering were determined, identifying incentives for its further development as a separate area of financial science. The obtained author`s conclusions can be used for the further development of financial science in terms of substantiatingcommon and different structural units in the concept of financial engineering with the identification of general trends and its features.
Keywords: financial engineering, technologies, tools, directions, development, science, management, profit. Highlights: - the author`s interpretation of the essence of financial engineering has been clarified based on the analysis of various scientific opinions, based on the generalization of existing views using content analysis methods; - the key directions in which financial engineering can develop have been identified, which will allow it to become a full-fledged industry within the framework of financial science; - the recommendations presented by the author have the potential to become a starting point for future research in the field of financial engineering, allowing us to identify general trends in its development and the specifics of interaction with other financial concepts; - the article not only generalizes existing scientific experience, but also forms new approaches for the practical application of financial engineering in the management and strategic planning of commercial structures.

Email:	melnikova_n@bsuedu.ru
Сведения:	Natalia S. Melnikova - Belgorod State National Research University, Belgorod, Russia

128

Panfilova O.V., Babin E.I., Spekhov N.I.

The impact of forced inclusion: how ESG strategies are changing the gaming industry and cultural values

Abstract. Companies are currently seeking to improve their ESG ratings to attract interest from investment funds and investors whose current and long-term active and passive investment programs are focused on sustainable development. This trend is particularly noticeable in the video game industry: companies are increasingly engaging specialized agencies to strengthen their social and governance component of the ESG rating by introducing inclusive components. However, their forced introduction without taking into account cultural differences and audience preferences can lead to contradictory results. The purpose of this article is to consider how this practice affects the investment attractiveness of gaming companies and their financial performance in the long term. To solve the objectives of this study, certain aspects of the activities of Sweet Baby Inc., a company that the largest players in the video game industry turn to make their content more inclusive in terms of gender, race, and sex, as well as to improve their ratings to attract large investments from funds such as BlackRock or Vanguard. The study addresses the question of how far gaming studios can go to attract audiences, including rewriting stories and destroying social norms, values, and morals. The scientific novelty of this study lies in the fact that for the first time, a comprehensive analysis of the impact of ESG strategies, in particular inclusivity, on the gaming industry is conducted, taking into account the cultural differences of the audience. Unlike previous studies, which focused on traditional industries such as energy and finance, this work considers the unique aspects of the gaming industry, where interaction with the audience plays a key role.
Keywords: values, ESG, inclusivity, destructive influence, gaming industry, video games, investments, gamingsphere. Highlights: - companies that now actively implement various inclusive elements in their content achieve higher ESG scores in recognized ratings, which in turn helps them attract capital from major investment funds; - forcefully embedded in the product, inclusive topics can cause quite diverse re-action among consumers from different regions. For example, in countries where conservative prices prevail, such measures can lead to a decline in sales and company reputation, and conversely, in liberal countries inclusiveness is viewed positively; - forced balancing between investors` demands to maintain the rating and the main audience`s compliments forces companies to be more effective in managing and minimizing reputational and financial risks, attracting consumers; - for the successful implementation of inclusive elements, companies use tools such as regional content adaptation, pre-testing in focus groups and active interaction with the audience; - despite the potential positive results of introducing inclusive elements into their product, companies risk long-term losses that are reflected primarily in loss of reputation in the eyes of consumers.

Email:	ov27vp8@yandex.ru; edgarness03@gmail.com; nekita.ukhov@mail.ru
Сведения:	Olga V. Panfilova, Edgar I. Babin, Nestor I. Spekhov - St. Petersburg State University of Economics, Saint Petersburg, Russia

139

ECONOMIC THEORY

WORLD ECONOMY

REGIONAL AND SECTORAL ECONOMY

FINANCE, MONEY CIRCULATION AND CREDIT