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Boards of directors in Russian publicly traded companies: the gender aspect

Garanina T.A., Muravyev A.A.

This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998-2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.

Defining the boundaries of an economic discipline: A content-related approach

Volkova Olga N.

The paper is devoted to modeling the subject field of academic discipline basing on the case of accounting. It is shown that interdisciplinary approach, interpretative and critical studies, constructivist paradigm are now popular in accounting studies. In addition to traditional financial and organizational aspects, accounting, in the new interdisciplinary framework, is also studied as a socio-economic institution.

Institutions and production material-intensity: A new look at the old problem

Shastitko Andrey E., Shabalov Ivan P., Filippova Irina N.

The article proposes an approach to investigation of opportunities, conditions and restrictions of changes in production resource intensity as a correlate of institutional changes in the industry linked with technological innovations. Analysis of the large-diameter pipes industry demonstrates tight institutional restrictions (comparing with technological ones) during the transition to a less resource-intensive production with lower material reliability factor. In addition, the question of the possibility of implementing institutional changes supporting the introduction of technological innovations in the industry, due to the interest groups’ costs and benefits analysis, is being explored.

On scientific validity of Russian science policy

Tambovtsev V.L.

На основании анализа большого числа эмпирических исследований, где выявлены последствия мер научной политики, реализуемой во многих странах, в статье показано, что проводимая в России государственная науч- ная политика включает инструменты, препятствующие достижению декла- рируемых в ней целей. Установлено, что лишены научных оснований такие компоненты отечественной научной политики, как механизмы повышения публичной подотчетности науки, намерения финансировать исследования в основном на конкурсной основе, стремления развивать науку преимущест- венно в университетах (силами преподавателей), а также тренд к укрупнению исследовательских организаций.

On the effects of monetary policy in Russia: The role of the space of spanned shocks and the policy regime shifts

Pestova Anna A.

This paper investigates the influence of monetary policy shocks in Russia on the basic macroeconomic and financial indicators. To identify the shocks of monetary policy, the Bayesian approach to the estimation of vector autoregressions (VARs) is applied, followed by extraction of the unexplained dynamics of monetary policy instruments (shocks) using both recursive identification and sign restrictions approach. The estimates show that the monetary policy shocks, apparently, cannot be attributed to the key drivers of cyclical movements in Russia, as they explain only less than 10% of the output variation and from 5 to10% of the prices variation. When applying recursive identification, no restraining effect of monetary policy on prices is found. Respective impact on output is negative and statistically significant in all identification procedures employed; however, the relative contribution of monetary shocks to output is not large. In addition, no significant effect of monetary policy tightening on the stabilization of the ruble exchange rate was found.

Restrictions of competition: The case of Russian public procurement

Ostrovnaya Maria V., Podkolzina Elena A.

Detailed fixing of contract terms allows procurers to get a service that fits their interests, but can reduce competition in auctions. We examine which combinations of conditions lead to restriction of entry in public procurement and subsequent increases in price. Using data on public procurement in Nizhny Novgorod region in 2008-2013, we show that the requirement to locate gasoline stations in different districts of the city/region most strongly limits the attractiveness of procurement for potential suppliers. While restrictions are often seen as an instrument of favoritism, we show that they may be used due to the nature of the activities of procurers.

The decline of neo-liberalism

Buzgalin Alexander V.

The author proves that the decline of neo-liberalism and the growth of a new conservative wave are objectively conditioned. The prevailing model of late capitalism that has led to the domination of the market of simulacra, financialization and stagnation, called the ‘new normality', cannot ensure the progress of the productive forces that are on the verge of not just another technological revolution, but a qualitative change - the genesis of the economy in which a decisive role will be played not by reproductive, but by creative work. Not just re-industrialization - the coming creative revolution - necessitates at least a deep reform of the currently dominant social and economic system. The non-realization of these changes is fraught with conservative regress of both the economy and society. The article provides a substantiation of this conclusion based on the updated classical Marxist methodology and systematizes the main directions of reforming the system of economic relations that respond to the challenges of the progress of the productive forces.

GLOBAL NEW COURSE VERSUS THE NEW NORMAL: THE TRANSITION TO SUSTAINABLE AND INCLUSIVE ECONOMY? (IV SEMINAR OF EURASIAN ECONOMIC COMMISSION, INTERSTATE BANK AND UNCTAD, MOSCOW, NOVEMBER 2017)

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