The paper considers classical models of human capital through the lens of further professional education. We specify the model of individual returns from investment in human capital (G. Becker), offer new tools to retain an employee after training for their subsequent use in a model of firm’s investments in human capital (G. Becker). We supplement M. Spence’s theory of educational signals with new educational stage and expand the scope of application of the model of human capital reproduction over the life cycle (J. Ben-Porat). These modifications allow us to confirm the expediency and profitability of investments of workers in further professional education.

The development of productive forces in time predetermines qualitative change of industrial relations that creates a basis for contradictory property relations involving the division of the range of powers of the owner and their partial transfer to an additional subject of ownership or a hired top manager. The article describes the conflicting interests of a hired manager and owner in relation to ownership object and the implications while realizing these interests which entail the emergence of “agency problem” or “agency relations”. We study the concept of “agency costs” and their essence. We propose to use the method of business value management as a basis for a model of long-term motivation of the top manager and, thus, try to reconcile the interests of the owner and the top manager in the course of company expansion.

In recent years the Eurasian Economic Commission (EEC) pursues a policy aimed at improving cooperation among the Eurasian Economic Union (EEU) member states in pension area. Creation of a single financial market, to which pension funds are also parties, is expected to be completed in the EEU by 2025. The purpose of this paper is to make recommendations for further reforms of the EEU pension systems and their possible integration. The scope of the study refers to existing arrangements in pension area among the EEU member states and their pension systems. The theoretical framework of research relates to works of national and international organizations and scientists in pension area as well as relevant normative legal acts and agreements between the EEU member states. The results of the study can be used by EEC and member state executive authorities for further cooperation in pension area.

Studies the experience of cooperation between the Global Environment Facility (GEF) and Russia with the focus on the planned and already implemented environmental projects of the Global Environment Facility in Russia. Analyzes the main activities of the Fund and the features of GEF’s environmental projects in Russia, evaluates the prospects for further cooperation. Presents the classification of environmental projects supported by the GEF depending on the scale of funding. Examines the mechanism and the degree of participation of stakeholders (Russia and GEF) in financing environmental projects in our country. It is pointed out that Russia is of great investment interest for the Global Environmental Facility, especially in the implementation of projects on biodiversity conservation, combating global climate change and protecting international waters. Considers the prospects for a possible development of Russia’s cooperation with the GEF in addressing ecological problems.

This article considers the development of modern services sector based on interdisciplinary approach. The author reveals the restrictions of a classical disciplinary research and shows the possibility of interaction of economy of a service sector with other sciences and disciplines. He then proves the expediency of assessment of a services sector development by means of combining on the one hand the share of contribution to GDP, employment of the population, replenishment of the state budget, and on the other hand – availability of various goods to the population as a basis for higher living standards. The research provides a comparative regional analysis the results of which can find application in justification of federal target programs and specification of state policy on life quality improvement.

This article examines the Ohlson model as an alternative way to explain the dynamics of public companies’ market quotations in emerging countries of Europe. In general, Ohlson model is an econometric model that takes into account companies’ financial statements and parameter of “other” information. The purpose of this study is to conduct a comparative analysis of the ability of Ohlson model to estimate the value of companies in emerging markets of Europe. The scientific novelty lies in the following fact: this paper is the first empirical research that simultaneously tests the significance of Ohlson model in emerging countries of Europe. Panel data analysis for seven consecutive years demonstrates the significance of Ohlson model for the whole region of emerging European economies and for markets of Poland and Russia. The results obtained are comparable to findings of the authors who have examined the emerging markets of Latin America and Asia.

The article discusses the methodological issues related to the formation of accounting policies for innovation active enterprises. The aim of the work is to study the process of assessing the innovation activity of enterprises in Russia using an improved system of indicators and analyzing the impact of accounting policies on them. An improved system of indicators is defined as a set of financial indicators characterizing innovation activity and serving as anadditional database for the formation of accounting policies in an enterprise. The article substantiates the benefits of accounting policies elements in accounting areas in order to attract their own or leveraged funds to increase the innovative activity of enterprises. The improved system of indicators of innovatively active enterprises in Russia makes it possible to comprehensively analyze the innovative activity and the scope of innovative activities of an organization, to evaluate its innovative potential and contribute to the formation of accounting policies that enhance the efficiency of innovation processes.

Rigidity and inertia of formalized analytical approaches toward a strategy development process do not facilitate strategic improvisation of enterprise management that is crucial in modern dynamic state of turbulent markets. Further improvement in the development of enterprise strategy is associated with creativity, strategic thinking, and intuition of managers. The article provides: (1) a two-level systemic mental model of future development determined by strategist’s understanding; (2) a model of the strategic thinking of a strategist; (3) a model of the integrated process of creation and operationalization of the strategy that stimulates the thinking of managers. The models are aimed at increasing the strategic adaptable capacity of an enterprise to the dynamically developing future by shifting the focus from formal analysis on activating and engaging the strategic thinking of managers.

The article addresses the Giffen paradox as a significant aspect of the consumer choice theory, which receives considerable attention in microeconomics at introductory, intermediate and advanced levels of studies. The authors are expanding on a textbook interpretation of the Giffen paradox by analyzing the results of empirical studies conducted by R. Jensen and N. Miller early in the XXI century, as well as describing the “Giffen behavior” through characteristic preference approach and incorporating the subsistence constraint in the neoclassical theory of consumer choice. Drawing on the idea of maintaining a minimum level of consumption by relatively poor individuals, the article proves the unity of a textbook approach to explaining the “Giffen behavior” and its modern versions presented in scientific literature. The article can be useful to teachers and students of microeconomics, as well as to all those willing to get modern understanding of the Giffen paradox.