https://www.um.edu.mt/library/oar/handle/123456789/30860 2026-04-15T19:28:42Z 2026-04-15T19:28:42Z Ivanova, Olga Borisovna Kostoglodova, Elena Dmitrievna Galazova, S. S. Prokopenko, I. G. https://www.um.edu.mt/library/oar/handle/123456789/43287 2020-04-28T16:55:34Z 2017-01-01T00:00:00Z

Title: Increasing the budget costs’ efficiency as a factor of state finance stabilization Authors: Ivanova, Olga Borisovna; Kostoglodova, Elena Dmitrievna; Galazova, S. S.; Prokopenko, I. G. Abstract: The article stands for comprehensive system approach in increasing the effect and performance of budget costs, providing the stability and long-term sustainability of state finance. In recent times Russia has gone to considerable lengths in introduction of result-oriented budgeting both on federal and regional level. In a similar vein, we could highlight the fact that insufficient conditions are created to increase the efficiency of budget costs management. The research paid much attention to the issues connected with evaluation of budget costs’ performance in conditions of implementing the concept of budget consolidation and budget constraints. Authors set number of objectives: studying economic essence of “efficiency” and “performance” of budget expenditures; studying the framework of budget stabilization financial support measures; revealing the methodological approaches in budget cost effect evaluation in the framework of program-target budgeting including the regional level. The article concludes with the necessity of improving the evaluation system of criterion-based budget costs’ management as well as highlighting the condition when the positive effect of program-target budgeting is reached: firstly, solving of methodological problem of measuring the planned (target) and actual results of budget funding; secondly, taking measures of strengthening the real responsibility of state authorities for accomplishment of target indicators

2017-01-01T00:00:00Z Albekov, Adam Umarovich Vovchenko, Natalia Medvedkina, Yevgeniya Medvedkin, Taras https://www.um.edu.mt/library/oar/handle/123456789/43286 2020-04-01T14:17:36Z 2017-01-01T00:00:00Z

Title: Green economy and economic growth : trends, challenges and opportunities for the EU Authors: Albekov, Adam Umarovich; Vovchenko, Natalia; Medvedkina, Yevgeniya; Medvedkin, Taras Abstract: This paper substantiates the necessity for studying the complexity and ambiguousness of green economy principles’, opportunities’ and drivers’ influence in a view of the need for maintaining the economic growth in the EU countries and comparing issues of sustainable development in Russian Federation according to the rules of green economy. On the basis of foreign experience review and publications’ analysis, the main dimensions of economic growth philosophy are proposed. These dimensions are related to preserving and expanding the peculiarities of economic growth, forming the post-industrial society with friendly attitude to environment, developing horizontal links and the opportunities of sustainable development. The verification of hypothesis of the dense interconnection between ‘green’ economy efficiency indicators and achieving the economic growth in the framework of individual economic system as well as in human civilization in general is conducted with economic-mathematical tools.

2017-01-01T00:00:00Z Epifanova, Tatiana Bogachev, Taras Alekseychik, Tamara https://www.um.edu.mt/library/oar/handle/123456789/43285 2019-05-21T01:25:54Z 2017-01-01T00:00:00Z

Title: Fuzzy set-based, integrated regions’ (countries) ecological state evaluation technique Authors: Epifanova, Tatiana; Bogachev, Taras; Alekseychik, Tamara Abstract: For many countries around the globe, including Russia and its regions, the following situation is common, when economic growth is accompanied with ecological degradation, exhaustion of natural resources and sever deterioration of environment. Ignorance of ecological factors while preparing the documentation of territorial development doesn't only result in various negative consequences of nature utilization, but also causes deep imbalances between the economic, social and ecological system development. Authors present the methodic of complex valuation of regional ecological conditions, based on the Fuzzy Set theory, that relies on seven ecological variables (release of pollutants; release of polluted water; detection of air pollutants; clean water usage; volume of used water; number of illnesses per 1000 people; regional funds spent on environmental protection).

2017-01-01T00:00:00Z Arvanitis, Stavros E. Stamatopoulos, Theodoros V. Chatzimarkaki, Maria https://www.um.edu.mt/library/oar/handle/123456789/43166 2019-05-16T01:25:18Z 2017-01-01T00:00:00Z

Title: Cash and ownership on firms’ market value : evidence from Greek panel data Authors: Arvanitis, Stavros E.; Stamatopoulos, Theodoros V.; Chatzimarkaki, Maria Abstract: We implement panel data econometrics on non-linear empirical models to investigate how the firms’ market value is related with cash holdings and ownership concentration, on non-financial listed companies in Greece, before (2000-2009) and during the Eurozone crisis 2010-2015. It is confirmed the existence of an optimum level of cash (CASH) and the top 5 major shareholders ownership (OWN5) at which firms’ return on equity (ROE) has been maximized (concave function), especially over the crisis period and the total one. Yet, a convex function of the Tobin’s Q ratio (Q) on OWN5 has also been revealed significant for all sample periods. The findings support the tradeoff theory and the new kind of agency cost literature on expropriation effects of the minority by the majority. Interaction terms have also been found statistically significant, confirming that the special context of the Eurozone has influenced business, in the narrow Athens Stock Exchange (ASE). The estimated averages that maximize firms’ market values (for instance ROE), in relation to either CASH (0.83 of net assets, during the whole sample period 2000-’15, while 0.77 in the crisis one 2010-’15) or OWN5 (0.10 of equity, during 2000-’15, while 0.36 in the crisis one 2010-’15) could be useful for both investors and policy makers in Greece, a member-country of “sui generis” Eurozone, with an unsustainable public debt.

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