The author investigates theoretical sources of state policy in the field of planning proposed within the frames of institutional trend by using works by J. K. Galbraith as an example. Theoretical research on arising of the phenomenon of technostructure as economically important factor was conducted. The mutual interrelation between technostructure and state planning system was identified and empirically confirmed. Functions of the state planning system in scientific-technical and investment policy were analyzed as important in aspects of stimulating labour productivity. The article studies practical experience of functioning of systems of macro-economic planning. The acute nature of the thesis about the necessity of economic convergence in today’s conditions was confirmed.

The article analyzes the impact of subject news flows on inflation expectations in Russia in respect of two separate groups of agents, i. e. the professional audience (finance market participants) and the population within two time periods – before 2022 and after the date. For the professional audience prescribed inflation (BEIR) estimated on the basis of profitability of federal loan bonds is used as the indicator of inflation expectations; for the population it is data of ‘inFOM’ surveys. As news data the research used the block of nearly 3M texts from the biggest Russian media. The subject content of news is identified by regular expressions and for each subject daily indicators are built. The research used Bayesian version of AR-X-GARCH-X model, which provides an opportunity to assess the impact of news both on expectation levels and their volatility. The findings show that before 2022 inflation news increased the level of inflation expectations of professional participants, while news on politics reduced their uncertainty. After 2022 serious drop in influence was caused by news about the Bank of Russia, which can testify to the rise in confidence to its communications policy. As for the population neither news indicator turned to be considerable, which can demonstrate adaptive nature of their expectations and agrees with previous investigations.

The article studies certain problems of governing sustainability of innovative integrated corporate structures in electric-power engineering in regions. It is evident that issues of providing economic growth of Russia in new technological and world-economic structures require deep theoretical comprehension and scientific substantiation. Their resolving is possible only through analyzing managerial systems at the level of state, researching innovation activities of the most important corporate structures making up the framework of current national economy. By using methods of modeling activities of economic organizations the authors could identify pre-conditions of integration transformations and ground genesis of integrated corporations of power complex, priorities of their development in unstable economic environment, characterize models of modernizing integrated industrial corporations of electric-power engineering and demonstrate the importance of their restructuring. It was shown that integrated corporate structure is a complex of interconnected economic structures running joint activities on the basis of asset consolidation or contracts on reaching common goals and includes three organizational- managerial phenomena: an elaborated idea, implementation of innovation solution, spreading innovative products on market. The research includes analysis of ‘TNS Energo Yaroslavl’ company operation that introduces innovation methods of developing in order to ensure safe and continuous supply of electric power to customers of the Yaroslavl region and provide a full set of services connected with power supply. It is evident that the initial point of developing innovative integrated corporate structures in electric-power engineering shall include identification of needs of the region and population in realization of concrete innovation products.

The article investigates views of home scientists concerning the content of terms ‘technological independence’ and ‘technological sovereignty’ as an integral part of economic security of the country. The authors studied national projects dealing with a rise in the level of technological independence of Russian economy. With regard to regulatory and legal acts adopted in Russia it was proved that in conditions of global economy transition to a new technological foundation leadership in the development of science and technology becomes a key factor in raising competitiveness and providing national security. On the basis of the proposed system of indicators characterizing different aspects of this sphere the authors prepared a forecast of indicator dynamics, whose values can show the availability of certain threats. In the final part of the article proposals aiming at raising technological independence were given, which build the complex approach to improving competitiveness and drop in technological dependence.

In conditions of growing internal and external challenges problems dealing with provision of well-balanced development of municipal entities became an important element of spatial development of Russian territories. Bio-metrical analysis of publications proved the close interrelation between global economic shocks and increasing academic interest in issues connected with provision of economic security on the regional level. Topicality of the research is envisaged by expediency of transition from general regional assessment of economic security to analysis on municipal level, which can give an opportunity to identify spatial disproportions between them on the basis of statistic comparison of economic security indicators. As a principle method of the research the authors have chosen the method of spatial analysis on the basis of two methodologies showing key aspects of economic security. The authors classified municipal regions and city districts in the Udmurt Republic, which helped identify prosperity clusters and zones of strategic threats caused by social and economic risks. Findings of the research give a chance to range municipal entities by degree of risk, which can be used by bodies of regional and municipal authority to work out targeted support or eliminate cases of misbalance and to increase general sustainability of regional economy.

The article provides findings of the research dealing with methods of resolving an academic problem connected with logics of shaping an effective system of economic security risk management on sectoral level. Topicality of the subject is stipulated by the absence in the academic field of the universal approach to building a structure of economic security risk management in respect to certain industry. At the same time elaboration of the respective model can help shape a conceptual core of such system and envisage an opportunity to possess its characteristics of regularity and complexity. On the basis of the research findings the authors put forward architecture of the system of economic security risk management in trade, which was preceded by identification of its criteria, specification of its certain elements and choosing landmarks of developing industry being studied. Logics of the proposed model building was based on the principle of engagement in the process of providing sectoral economic security of all key entities of social and economic relations. Conclusions and findings of the research can be useful in practical aspect by acting as a logical-structural model in preparing documents of strategic planning in context of providing sectoral economic security and developing theoretical basis of the respective field of research.

The article studies the role of finance control in elaborating the effective system of digital asset insurance. Special attention was paid to analyzing regulatory barriers hindering the development of crypto- currency and search for insurance solutions to minimize finance risks of digital economy. Key problems were analyzed, including fragmental nature of legal regulation, absence of unique standards in defining crypto-assets and poor coordination between national and international regulatory approaches. The focus was made on institutional problems, such as drawbacks in court practice, shortcomings in KYC/AML procedures and deficit of specialized compensation mechanisms for investors. On the basis of comparative analysis of regulatory practices in different countries the authors proposed ways to harmonize finance control, including elaboration of unique standards of digital asset insurance, working-out cross-border platforms to exchange information concerning cyber-incidents and introduction of ‘regulatory sandboxs’ to test innovation insurance products. The importance of adapting international recommendations FATF and IOSCO to specific features of decentralized finance systems was underlined. Practical significance of the research consists in advancing mechanisms, which can reduce legal uncertainty, strengthen confidence of investors and integrate crypto-insurance in the global finance infrastructure. Implementation of these steps can give an opportunity to raise sustainability of digital economy to cyber-risks and create conditions for developing insurance solutions of the new generation, such as parametric insurance and decentralized autonomous insurance organizations (DAIO).

Today’s system of managing public finance demands from the Federal Treasury not only to register violations but also to prevent and forecast them. However, transit to pro-active risk-oriented model is hindered by a number of systemic problems: uncoordinated data, high operational load on employees and insufficient flexibility of control methods. The article put forward an approach to resolving these problems through elaboration of intellectual system of informational support of treasury work. Complex analysis of Federal Treasury functions were carried out and expanded classification of destructive factors was proposed, which was split into external (regulatory and legal problems, micro-economic risks and behavior of budget process participants) and internal ones (organization – managerial, technological restrictions, personnel and methodological problems). To appraise the total impact of these factors the integral indicators – index of treasury control (IEKK) was worked out. Its estimation is based on sigmoidal function, which allows us to take into account nonlinear nature of managerial process: improvement of problematic factor provides a bigger growth in efficiency than upgrading of favorable trend. The key result of the research was a functional model of informational support presented as an oriented graph. It describes the movement of multi-channel data flows from the multitude of external sources through nodes of verification, analysis and decision-making to end customers. The model helps mathematically formalize the impact of destructive factors: external ones distort the in-put data (additive error) and internal ones slow down treatment in nodes (temporary delays). To calibrate these parameters it was proposed to use digital double of control processes. These solutions offer applied value: they form the foundation for projecting the real intellectual informational system of the Treasury of Russia that could cut the load on employees, minimize ‘blind zones’ in control and provide transition to controlled budget risks on the basis of big data and predictive analysis.

Every year the Bank of Russia elaborates principle trends of single state monetary and credit policy, where monetary and credit conditions for national economy functioning shall be formulated for the coming and the two following years. The principle trends are approved by the State Duma of the Russian Federation and have a status of strategic document that shall set landmarks for citizens and business-community for their own perspective economic planning. Results of the analysis showed that for many years the Principle Trends gave wrong forecasts of key macro-economic parameters, i. e. inflation rate, GDP and key interest rate. Proposed scenarios are hardly realistic. Due to the fact trustworthy attitude to the document on the part of the population, business representatives, federal and regional bodies of power can result in their disorganization and false decision-making. There are other signs of non-transparency of monetary and credit policy, which are studied in the present article. Among them the following facts can be mentioned: no information about partial loss of possibility to pursue monetary and credit policy (MCP) irrespective of the Bank of Russia, about institutional agreements between the Central Bank and the Government and about discussions of errors made in monetary and credit policy realization.

The article provides a general approach to resolving tasks of providing data (information) value in conducting internal control (of quality, accuracy and usefulness) based on process analysis of data. Process analysis of businessprocesses gives a new approach to collection of data by auditors and internal controllers by automatic consideration of the whole totality of event logs recorded in information and technological system of the company. In other words business-processes of the company and steps of its employees are fixed chronologically in the event log for analysis. The goal of the research is to study how internal controllers and auditors can use process analysis of businessprocesses during internal control and audit, especially in testing means of internal control over the company accounting. The article also mentioned necessary and sufficient conditions of resolving tasks of providing value of data (information) in conducting internal control.

Digitalization influences all spheres of life. Moreover, the banking field in the majority of cases acts as a pioneer in developing and introducing digital solutions. Striving to retain and expand their client base in conditions of digitalization banks transform into ecosystems and become more oriented to the end consumer of services. Bank policy keeps transforming: from opening retail offices they pass to on-line services, external environment becomes more complicated and clients change, as they want to get the service quickly, with high quality and conveniently on the principle ‘here and now’. Having realized the situation banks give up traditional structures and strengthen their innovation component, move in the direction of setting-up ecosystems around their own brands, introduce nonfinance services and buy shares in services and IT-companies. Availability of a wide range of non-finance services in banks can raise client loyalty and expand the client base. Finance issues lose their priority and the bank becomes an everyday matter, which is not so important in client’s life. In the context of shaping ecosystems in the banking field issues dealing with business-process organization acquire their specific features. The article identifies vector of the further development of process management: typology of business-processes in the context of business-ecosystem functioning was provided; digitalization trends in home finance sector were identified; the approach to businessprocess organization was highlighted, which according to the authors, is the most appropriate one with regard to diversity of activities carried out within the frames of banking ecosystem.

A rise in finance efficiency of company activities is possible due to risk cutting. On the basis of research synthesis the author’s notion of ESG-risk conceptualization was formulated, which implies not only identification and assessment of risks, but also their integration in the system of strategic planning and management aimed at a rise in organization activity efficiency. The author completed conceptualization of developers’ risks with regard to using ESG- and finance indicators. Practice of developers’ functioning shows that one-sided analysis of ESG-factors or finance indicators and their impact on the company cannot provide a full vision of its activities. The research found interconnection between ESG-factors and finance indicators and formulated the idea about conceptualization of ESG-risks for developers. The article provides values of finance indicators in conceptualization of ESG-risks, grounds the necessity to include finance figures in the model of ESG-risk assessment. It is especially important for developers in order to raise efficiency of their finance activities and provide positive effect for economy in Russia. It the future it can cause a growth in investment appeal of developers’ projects and developers themselves for market participants and in general can foster acceleration of processes of ESG-agenda realization in Russia.

The article is devoted to the development of the principles of the budgetary and tax mechanism of the environmental agenda. The relevance of the study is due to the fact that in the context of increasing environmental requirements and limited budgetary resources, there is an increasing need for a unified approach to their analysis. In the literature, individual requirements for subsidies and tax benefits are considered in fragments, and the system of principles applied to the entire range of instruments remains undeveloped. The purpose of the article is to substantiate and systematize the basic principles that ensure a comparable assessment of budgetary and tax instruments, taking into account the specifics of the environmental component. The methodological framework includes the analysis of scientific literature, regulatory and methodological documents, as well as the generalization of approaches to assessing state support, environmental regulation, and the effectiveness of using budget funds. The article results in the formation of a system of principles applicable to the tools of the budgetary and tax mechanism. The practical significance of the study is determined by the possibility of using the proposed approach for further development of criteria and methods for assessing state environmental policy measures.

In today’s world digital transformation becomes a key factor of developing the banking sector. Introduction of digital technologies provides an opportunity to banks to raise efficiency of work, improve the quality of client servicing and extend the range of services being rendered. However, in spite of serious progress in the field of digitalization in banking processes, there are a number of factors that can hinder further development of this trend. The goal of the research is to assess the current standing of digitalization in banking, to identify key factors hindering its development and to elaborate lines of upgrading strategic development of the digital sphere in banking. The author analyzed available investigations and publications dealing with digital bank transformation and comparative analysis of current strategies of digitalization in the Russian banking sector and worked out stages of upgrading strategic development of the digital sphere in banking. The research used the following methodology: comparative analysis, benchmarking and collaborative tests. The author came to the conclusion that overcoming today’s barriers on the way to digitalization requires a complex approach that includes building a personnel reserve of IT-specialists, increasing the degree of import substitution of banking software, teaching clients to work with new technologies, making-up effective systems of cyber-security, optimization of costs and raising additional financing.

The article deals with the research on the impact of economic uncertainty, especially uncertainty of economic policy, on the development of small and medium business. Topicality of the research is stipulated by the drastic role of small and medium business as a driver of growth, employment and innovation in economy of developing countries with higher vulnerability of this segment to instability because of limited resources and access to financing. On the basis of theoretical approach systematization and analysis of empiric data the key channels of negative impact of uncertainty on small and medium enterprises were identified. On the sample of Russian enterprises the author empirically proved statistic change of financial cycle elements within periods of high uncertainty. Special attention was paid to the impact of uncertainty on managing working capital: it was shown that uncertainty increases financial cycle, aggravates the need in liquidity and weakens the link between efficiency of working capital management and profitability. The author proposed the lines of coordinated policy of developing countries to provide sustainability of the development of small and medium business, including measures aimed at optimization of working capital management, raising macro-economic stability and improving access to financing. The research underlines the necessity of adaptive approaches to managing working capital in conditions of volatility with regard to institutional specificities of developing economies.

Figures of productivity and efficiency of business-processes are interconnected and represent the key indicators of any enterprise, as they impact directly on its economic effectiveness. In case the trend on the data drops, the enterprise can face extra costs in production processes or service rendering, higher outlays and poorer competitiveness. At the same time effectively shaped business-processes can help the organization reach better figures in productivity growth and thus meet requirements of internal and external clients by raising service quality. Therefore, the goal of the research is to identify opportunities to raise efficiency and productivity of labour through optimization of business-processes. The article provides key stages in developing the model of assessing the factual condition of processes shown by appraisal of labour efficiency of the administrative - managerial personnel (including executives, experts and employees) and approaches to increase in labour efficiency through vertical optimization of business-processes. The advanced approaches and tools were tested at mining and steel works and can be used to raise efficiency of workers’ labour at other enterprises.

The article deals with researching the opportunity of optimizing processes of strategic management in conditions of intensifying sanction pressure on Russian restaurant business. In today’s situation import substitution is becoming a key factor of sustainable development of the enterprise, which requires revision of approaches to management and introduction of in-country solutions. Apart from that we can observe a problem of highly qualified personnel shortage, especially in the field of informational technologies, which can decrease efficiency of business-processes in restaurant business. Analysis of the limited company Galery-Alex work showed that re-engineering of the strategic management process can give a chance to cut costs, raise the speed of operation execution and improve the quality of client servicing. The goal of the research is to optimize the strategic management process in restaurant business with regard to realities of import substitution and higher personnel qualification. Research findings helped the author choose concrete steps aimed at optimization of the strategic management process, including automation of planning functions by home CRM-systems, redistribution of load among processes, transferring planning to E-format and upgrading IT-competences of staff. Finally the conclusion was drawn that Russian restaurant business can seriously improve its business-processes at the expense of gradual transfer to Russian software, elaboration of new menu variants without using sanctioned products and rise in staff qualification. It could reduce the cost of business-processes, raise speed of their execution and improve clients’ satisfaction. The research used the following methodology: analysis of accounting records and finance standing of the enterprise, building the Boston Consulting Group (BCG) matrix, method of goal tree and matrix analysis.

The article studies blockchain-platform potential as a tool of managerial mechanism transformation in organization in conditions of digital economy. The authors relying on principles of decentralization, record invariability and use of smart-contracts show that distributed register integrated into corporate information environment can simultaneously raise transaction safety, cut operational costs and improve confidence between stakeholders. The advanced two-tiered model of management (on-chain providing cryptographic regulation observance and offchain coordinating interaction of ecosystem participants) is considered in the context of private, public and consortium architecture, each of them presupposes a different balance of access and control. The empiric basis of the analysis is made up by Russian solutions Waves Enterprise, Masterchain and ‘Confident’ as well as international platforms Hyperledger Fabric and Ethereum, whose application helped speed up crediting of small business, optimize delivery chains and improve accuracy of resource accounting. The found effects are shown in reducing time of operations, decreasing risks of request duplication and cutting administrative costs, however they are accompanied by legal uncertainty and the necessity of business-process restructuring. The conclusion was drawn that strategic use of blockchain-technologies can build competitive advantage of the organization, which requires complex estimation of technical, institutional and organizational pre-conditions of introduction.

Lately serious attention has been attached to issues of human resource management. Problems of personnel management is becoming principle ones in conditions of new challenges to economy and public relation transformation. Managing personnel processes is a significant objective in enterprise work. The system of personnel resource management consists of numerous elements one of them is personnel training. The article provides key trends of training on today’s stage, including the system of corporate training. The author studied the major trends of training development, i. e. transit to training ecosystem, which replaced the directive hierarchical model of training and analyzed its main components. Challenges of introduction and elaboration of corporate training system were described, as well as methods and ways of personnel training. In conclusion prospects of developing corporate training system were put forward with regard to developing economic and public relations.

The article studied key aspects of digital transformation of HR-processes in today’s organizations, analyzed advantages and potential risks of introducing automated systems, as well as advantages of successful digitalization implementation in the field of personnel management. The authors research the development of personnel management system under the influence of digital technologies and demonstrate how automation becomes a key factor of raising personnel management efficiency. On the basis of historic analysis of HR-functions evolution (from administrative objectives in the 20th century to strategic HR-management in the 2020-s) the authors reveal benefits of digital tool introduction and showed that HR digitalization is not just a trend but the necessity for organizations eager to cut costs, improve the quality of solutions and strengthen competitive positions. Introducing digital tools into personnel management can allow companies to automate routine processes, raise efficiency of recruiting, employees’ training and adapting and optimize personnel paper-turnover. Key technologies, such as ATS, LMS, HRchats and systems of E- paper-turnover reduce time costs, improve analysis and foster strategy of data-driven decision-making. However, HR-digital transformation is connected with risks, including cyber-security, personnel resistance, legal restrictions and possible de-humanization of processes. Companies that can harmoniously integrate digital tools without losing human-orientation can get serious competitive advantages.

The article analyzes the evolution of the legislative framework of public-private partnership (PPP), identifies the main stages of the formation and transformation of regulations. The author characterizes the current regulatory framework, identifies the main problematic aspects related to the uncertainty of concepts, limited subject composition, a closed list of facilities, an insufficient incentive system for private partners, poor elaboration of risk allocation mechanisms, restrictions on the participation of state-owned enterprises and insufficient integration of ESG principles. Based on the analysis of scientific literature and law enforcement practice, the directions of improving the regulatory regulation of PPPs are proposed, in particular, clarifying definitions, expanding the range of participants and facilities, formalizing the incentive system, introducing risk management standards, development of special regimes for specific areas and integration of sustainable development and ESG criteria into PPP projects. The implementation of the proposed measures will improve the efficiency, transparency and sustainability of partner projects, promote the development of innovation infrastructure and strengthen trust between government and business.

The article deals with ecologic and economic appraisal of the project on replacing 835 diesel buses by electro-buses in Moscow. The subject of the research is the impact of introducing electric transport on figures of sustainable development with regard to cutting green-house gas emissions and improving population health. The goal of the research is to compare classical finance and economic criteria of efficiency (NPV, IRR) with extended indicators (ENPV, EIRR) that include monetization of ecologic externalities. Methodology of the research is based on the model of discounted cash flows with integration of social value of carbon and estimation of prevented early deaths. To evaluate consequences of air pollution concentration-response functions (HRAPIE, VOZ) were used as well as the indicator of statistic value of life (VSL) adapted to Russian conditions. Apart from that COPER 5 data and statistics of Moscow transport sector were taken into account. Obtained findings showed that introduction of ecologic externalities can seriously change the appraisal of public return of the project. In the basic finance scenario the project is characterized by NPV figures on the level of 2.378B rubles and IRR within the limit of 1.15%. In case ecologic externalities are included in the model (drop in deaths caused by air contamination, cutting green-house gas emissions) extended indicators of efficiency grow considerably. ENPV can make up 3.820–4.338B rubles, while EIRR can reach 2.76–2.99%. It confirms high public value of city transport electrification. Scientific novelty consists in complex adaptation of international methodologies (HRAPIE, intake fraction, VSL) to home data. Practical usefulness is proved by opportunity to use results in issuing green bonds, elaboration of transport policy and development of ESG-investment market. The research conclusions demonstrate that integration of ecologic externalities can form more objective basis for making investment decisions in the field of sustainable transport.

The article deals with elaborating and testing a methodological approach to quantitative estimation of market potential of introducing unmanned air systems (UAS) into civil sector of Russian economy. In conditions of limited statistic base and high uncertainty typical of emerging highly-technological markets a functional-sectoral approach based on demand decomposing by key functions of UAS in consumer-branches with further use of scenario and imitational modeling was worked out. Within the frames of the research the authors identified priority trends of UAS application in agriculture and timber industry, construction, mineral resource extraction, cadastral activities and map-making. For each function a system of initial parameters was formed that show technological, production and organizational characteristics and ranges of their possible values up to 2030 were fixed. The interval of possible values of demand for UAS was identified by modeling that takes into consideration different levels of technology penetration in the branch. The obtained results show that in case of maintaining favorable institutional and economic conditions the potential of UAS use in key sectors can reach 40,000-100,000 units. Provided tools can give an opportunity to identify quantitatively grounded land-marks for state economic policy, correct steps of branch support and evaluate consequences of managerial decisions. The advanced approach can be adapted for analysis of other segments of highly-technological markets with limited statistic information.

In the article the author studies different definitions of the category ‘labour forces of hotel enterprise’ and provides his own interpretation of this notion necessary for further identifying ways of raising its efficiency. The structure of labour forces of hotel enterprise was put forward and focus was made on such form of their use as outsourcing, which can help cut costs of hotel enterprise necessary to save funds of payroll bill and spend finance resources more efficiently. The author came to the conclusion that efficient use of labour forces of hotel enterprises can become an important factor of ensuring competitiveness and functioning. Legal labour regulation of certain categories of hotel enterprise workers shall be considered in accordance with the Labour Code of the Russian Federation.

The article provides a comprehensive analysis of credit risks in leasing activities with an emphasis on methods for mitigating them in an unstable economic environment. The relevance of the study is due to an increase in delays in lease payments caused by a drop in traffic volumes and a decrease in revenues of transport companies. The paper considers the main categories of risks, including credit, operational and market risks, and presents methods for assessing the financial condition of lessees using financial coefficients such as coverage and liquidity ratios. The research methodology includes an analysis of the financial and economic indicators of leasing companies for the period 2022–2025 and comprehensive due diligence of clients in order to identify factors contributing to the growth of credit risks. The article describes debt minimization and portfolio management strategies for leasing equipment aimed at preventing a collapse in prices on the secondary market due to the simultaneous release of used equipment. The results of the study demonstrate the effectiveness of using comprehensive methods of risk analysis and control, including modern tools for predicting cash flows based on artificial intelligence and optimizing credit conditions. The author provides practical recommendations for leasing companies and credit institutions on improving financial stability and reducing the risk of non-payments. It is noted that it is important to adapt risk management methods to changing macro-economic conditions in order to ensure the long-term stability of the leasing sector.