Throughout the entire history of stock market, market capitalization accumulating the influence of a wide range of financial and non-financial factors has been of interest to shareholders, investors, corporate management, and other stakeholders. Growth in market capitalization detached from fundamental value is associated with increased risk, which also confirms the importance of capitalization factor modeling. The article reports the results of a correlation-regression analysis of more than eighty Chinese listed non-financial companies over a seven-year horizon of 2018-2024. The emphasis is on identifying the specifics of market capitalization dynamics of companies adhering to sustainable development principles with shares included in the Shanghai Stock Exchange ESG Index. Drawing on the statistical analysis, the authors identified more than thirty factors influencing the companies' market capitalization, which allowed to develop a model of market capitalization growth of Chinese companies depending on ESG practices implementation. The methodology of the research incorporates analysis, synthesis, and statistical methods – correlation-regression analysis. The results of modeling the financial indicators of market capitalization growth indicate an advantage for successful long-term development of ESG-oriented companies. Among the main growth factors, the authors identify reduced debt burden, increased profit and profitability, growth of liquidity, and others. The rise in market capitalization of ESGneutral companies is mainly driven by other factors and is accompanied by a growing debt burden, decreasing profit and profitability, indicating high risks. The findings assess the relationship and dynamics of financial factors in the context of market capitalization growth. The paper does not address the aspects of ESG development related to environmental and governance components of sustainable development concept, which could be the subject of further research.

Carbon capture and storage (CCS) projects using CO2 to enhance oil recovery (CO2EOR) are a promising area for reducing greenhouse gas (GHG) emissions, however, their implementation is associated with high costs. Not only oil and gas (O&G), but also other industrial companies usually become participants in CCS technological chains, and one of important issues is the formation of economic relations among them. The purpose of the study is to develop a conceptual and methodological approach to building economic relations in the “emitter – O&G company – government” system as part of implementing CO2 utilization projects with separated stages of the technological chain (capture, transportation and CO2EOR). The key research methods are content analysis, conceptual, technical and economic modeling, analysis and synthesis, decomposition, analogy. The main results of the study include the developed methods for determining the marginal price of 1 ton of CO2, at which O&G company purchases it from the emitter, and the rate of tax benefit received by O&G company from the government. Testing the proposed approach on the example of a field in Western Siberia shows the price limit of 10 614.10 rubles/ton of CO2 and a tax benefit rate at 705.08 rubles/ton of CO2, with zero total integral net present value for O&G company and the government. The findings can be used by businesses in planning CCS projects and by the government in forming a carbon market in Russia, implementing measures to support lowcarbon projects in the context of emerging climate policy.

The value of this study is determined by the ongoing transition of Russian regions towards a circular economy in conditions of an exhausted traditional linear resource-based development model, increasing anthropogenic pressure on the environment, and the implementation of the federal project “Circular Economy” requiring the development of regional programmes and monitoring tools. The article addresses the task of developing and testing a regional system of indicators that enables a robust assessment of progress in the transition to a circular economy, taking into account the sectoral structure, characteristics of the resource base and institutional constraints. The theoretical and methodological framework relies on a systemic approach drawing on contemporary concepts for assessing circular economy at macro, mesoand micro levels, and incorporates the principles of sectoral correspondence, problem orientation, phased feasibility and alignment with the Sustainable Development Goals. The research methods incorporate critical analysis and synthesis of existing methodological approaches to circular economy assessment, sectoral and resource analysis of Krasnodar Krai economy, as well as the development and classification of indicators with the specification of their key characteristics, including units of measurement, data sources and quality requirements. On this basis, the authors propose a three-tier system of indicators (basic, derivative and prospective), focus on key resource flows, energy and water intensity, waste management and related socio-economic characteristics, adapted to the conditions of Krasnodar Krai and comparable with national and international targets. In doing so, the proposed system provides a more accurate and context-sensitive assessment of circular transformation processes at the regional level, helps to identify institutional and informational constraints, and can serve as an instrumental basis for regional authorities in designing and monitoring the programmes of transition to a circular economy.

The article examines the increasing efficiency of the system for monitoring socio-economic development of the region in the face of growing digitalization, territorial heterogeneity and higher socio-economic risks. Despite the formation of a regulatory and institutional framework for monitoring, its practical implementation is limited by a narrow set of indicators, insufficient consideration of sustainable development principles and limited analytical capabilities. The study aims to conduct a comprehensive assessment of the existing system for monitoring socio-economic development of the Chuvash Republic and develop methodological recommendations for its improvement, taking into account modern challenges, including digitalization, spatial differentiation, demographic and economic risks, and the principles of sustainable development. The research relies on the theory of strategic and public administration, the concept of sustainable development, as well as institutional and systemic approaches to the analysis of regional socio-economic processes. The study uses methods of statistical and comparative analysis, normalization and aggregation of indicators, an index approach, as well as elements of structural and functional analysis. The authors compare key indicators of regional monitoring to all-Russian values and assess the efficiency of authorities. The findings show that at present the system monitoring the socio-economic development of the Chuvash Republic is an institutionally designed and functionally built regional management mechanism. It provides a systematic tracking of key socio-economic indicators, being integrated into strategic and program planning processes and is used to assess the effectiveness of public policy.

The purpose of this study is to explore the influence of pre-revolutionary industrial specialization, the legacy of Soviet industrialization, and post-Soviet adaptation to global trends on the formation and development of industrial clusters in Russian regions. The research hypothesis is that the success of cluster formation and development in Russian regions is greatly influenced by their historical economic trajectory and pre-existing industrial clusters. The object of the research is the integration processes of production, formation, and development of clusters in the Volga region. The subject of the study is the influence of historical economic development trajectories on modern clustering processes. The methodological basis for the work is based on modern theories of innovation cluster formation and development, as well as a range of methods, including comparative historical and institutional analysis. We consider the evolution of original Marshallian industrial regions in Great Britain and find similarities in the development of industrial centers in present-day Volga region following a similar model. We examine the institutional aspects of cluster policy implementation in the Volga region, identify the prerequisites and constraints of clusterization during the Soviet era, and analyze the industrial specialization of clusters in the Volga Federal District and its correlation with the Soviet-era industrial units. We discuss the dynamics of indicators related to cluster policy implementation in Russian regions between 2008 and 2024, including the number of cluster initiatives implemented and the number of organizations participating in these initiatives. The study highlights the historical features of cluster development in the Russian economy, such as its high dependence on government support through departmental programs and spatial unevenness in production distribution. Finally, we present the dynamics of cluster initiatives within a federal district, and explore the prospects for future cluster development, including the use of digital technologies, strengthening interregional cooperation, and adapting historical experience to current economic realities.

In the context of rapid progress in information technology, digital entrepreneurship is of particular importance as a factor in sustainable regional development. The growth of digital entrepreneurship stimulates competition, increases economic efficiency and contributes to the diversification of regional economies. However, the development of this sector in Russia is characterized by significant heterogeneity: some regions demonstrate a high level of digital maturity and innovative activity, while others face infrastructural limitations, lack of personnel and financial support. This necessitates a systemic analysis of the state of digital entrepreneurship at a regional level to identify best practices and barriers, as well as the formation of effective support measures. The purpose of the work is to assess and classify the regions of the Russian Federation by the level of digital entrepreneurship development, identify typological features of digital economy of the regions and develop recommendations for regional economic policy to stimulate the balanced development of digital sector. The research methodology is based on official statistical data from the Federal State Statistics Service and includes multivariate statistical analysis using the hierarchical agglomerative method and the K-means method for clustering regions. The analysis revealed five clusters that differ in the level of digitalization, innovative potential and infrastructure. The obtained results are used to develop targeted recommendations aimed at reducing digital inequality of the regions and supporting innovative clusters. The findings confirm sustainable positive dynamics in the development of digital technologies and IT infrastructure in the leading regions with significant interregional differences, which requires adapted measures of state support and investment.

In modern economic space there are significant transformations that affect most economic systems. In regional context territories feel the ongoing transformations as a result of transformation processes of global economic space. The situation has changed for bordering regions, which for a long time actively used this borderline position as a factor of economic growth. Positive aspects of cross-border location incorporate the opportunities for developing foreign economic cooperation, forming directions to arrange and develop economic relations. Negative impact is determined by a competitive flow of goods and services, which narrows the opportunities for local producers. Negative manifestation may include territorial remoteness, which reduces the possibility of market coverage and accessibility to other regional markets. The study determines the significance of various socio-economic factors on the process of development of border regions. The research methodology includes comparative analysis based on the use of statistical data on Russian bordering regions. Factor analysis assesses the impact of remoteness from the center of the Russian Federation and determines the influence of transport accessibility on the development indicators of a bordering area. The study rests on growth rate indicators, which provide a comprehensive assessment of indicators dynamics. The study uses cluster analysis and ranking assessment in the context of typological groups: central and bordering regions. The findings demonstrate the inequality in the context of the considered groups of regions, and the dependence of regional development indicators on the level of accessibility of the territory. The study determines a significant impact of the territorial economic potential on the development indicators. The study may serve as a methodological basis for program and strategic documentation on economic regional growth.

Effective youth employment is one of the key factors contributing to the improvement of living standards and sustainable socio-economic development. Despite the increased attention paid to employment issues by governments and researchers, the problem of employing young people in accordance with their qualifications and professional skills remains highly important. The article examines the theoretical aspects of the concept of effective employment and analyzes the main factors influencing the employment level of young specialists. The purpose of the study is to assess the effectiveness of youth employment and identify the main barriers preventing young people from a successful integration into the labor market. The methodological basis of the research includes the works of domestic and foreign scholars devoted to employment, labor market development, and vocational education. The study employs observation, sociological survey, comparative analysis, statistical data analysis, generalization, and logical reasoning methods. The findings demonstrate that the employment rate of university graduates is 56.9%, whereas the employment rate among graduates of secondary and primary vocational education institutions reaches 67.5%. It also shows that more than 30% of university graduates work outside their field of specialization, mainly in trade sector, which indicates a low level of effective youth employment. The study concludes that major causes of this problem are inappropriate career choice, mismatch between professional training and labor market demands, and an insufficient number of jobs corresponding to graduates’ qualifications. The author substantiates the necessity to improve career guidance systems, enhance the quality of professional training, and strengthen cooperation between educational institutions and employers.

This study addresses the demographic determinants of nutrition adaptation of international migrants in host countries in the context of global and regional socio-economic, demographic and food processes. Migrants with families are more likely to adapt their diets to the nutritional standards of a host country, while single students mostly retain traditional ethnic eating habits. The differences identified are due to the level of social vulnerability of migrants, current legal restrictions, limited access to the labor market, and insufficient effective integration programs into the host society. Globalization, demographic changes, urbanization and political crises are exacerbating the imbalance in access to high-quality and safe food, which is especially noticeable among the most vulnerable groups of migrants. The authors analyze the impact of demographic, social, economic, and institutional factors on changing eating habits of international migrants and, based on the dynamics of food consumption, as well as indicators of food production, distribution, and trade, develop demographic scenarios for international and interregional cooperation, food system reforms, and support for migrant communities with a focus on the Russian context. Ensuring equal, sustainable and culturally adapted access to food is considered as a key element of food security, social justice and quality of life for migrants, contributing to economic growth and reducing social exclusion. The practical potential of the results obtained is related to the development of targeted food programs focused on migration flows, as well as developing interstate and interregional strategies aimed at reducing malnutrition, preventing related diseases and strengthening the physiological and psychological health of migrants in the context of modern global and regional challenges.

Initial public offerings (IPOs) of unicorn companies are characterized by a high degree of uncertainty: by the time they go public, such companies are typically highly valued by investors and widely represented in the media, while their level of financial transparency remains limited. Under these conditions, the news background becomes particularly important, as it can influence investors’ expectations and their perception of the fair value of shares. The study aims to assess the relationship between the tone of media publications and the level of underor overpricing of US unicorn companies’ shares during IPOs. The empirical basis of the study consists of data on 117 US unicorn companies that went public in 20112024, as well as 483 news publications released no later than three days before the IPO. At the first stage, news sentiment is assessed using ChatGPT, FinBERT, and XLNet models; with ChatGPT demonstrating the best classification results. At the second stage, the authors construct a linear regression model, where the dependent variable is the level of underpricing or overpricing of shares on the first trading day. The explanatory variables include average news sentiment, deal size, number of underwriters, company age, industry characteristics, and macroeconomic indicators. The results show that a more favorable news background is associated with a higher valuation of unicorn companies’ shares during IPOs. In addition, the study identifies a negative and statistically significant effect of deal size, as well as more pronounced underpricing among companies in the health technology sector. The hypothesis concerning the effect of the number of underwriters is not statistically confirmed. The study concludes that media sentiment is one of the factors shaping IPO pricing for unicorn companies; however, its role should be considered in combination with financial, industry-specific, and market characteristics of the offering.

Financial market bubbles often lead to crises, so identifying them early and taking timely action improves the well-being of economic agents. This article aims to identify the existence of a real estate bubble in Russia (particularly Moscow) in 2023 and compare the situation with the development of the 2004–2007 real estate bubble in the United States. The study draws on a sample of rental and purchase prices of houses in Moscow compiled for the period of 20162022 including. The hypotheses of the paper include the existence of different causes of price growth in the two countries and the assumed absence of a bubble on the Moscow market. The IVX and PSY methods used by Tomal show that until now we cannot speak about a bubble on Moscow housing market. Currently, there is no evidence that Russia (particularly the Moscow market) is about to repeat the US scenario. The article provides a qualitative description of the differences and similarities between the two periods to demonstrate the current state of the Russian economy, its risks, and future developments. Finally, the author identifies greater differences in qualitative relationships within the economy and a low probability of repeating past developments. The uniqueness of this study lies in its application of the methodology to a little-studied subject — the Moscow real estate market — and its adaptation of the model, variables, and interpretation of the results in Russian context compared to the 2004–2007 period in the United States. In practical terms, the study provides an understanding of current market situation in Russia and a rationale for measures to regulate the economy and real estate market.

In today's highly competitive global economy, maintaining stability and international competitiveness of vital components within a nation's economic framework, such as the Russian audit and consulting (RAC) sector, is of paramount importance. This study explores the qualitative and quantitative metrics that define the present condition of RAC, examining its correlation with past strategic oversights. The paper seeks to identify the most effective areas for refining RAC development, drawing on past experience, to ensure enduring and forward-looking advance in audit and consulting practices. Employing the Uppsala theory of business internationalization and the principles of Russian audit development and regression analysis, the study forecasts the likelihood of objects fitting into multiple categories. The study of public energy companies indicates that correcting managerial influence on RAC requires aligning development strategies with related industries, balancing market opportunities for Russian and foreign auditors, and promoting Russian audit on a global scale. These findings are of value for federal bodies involved in auditing and consulting, self-regulatory organizations, and corporate management of Russian audit companies, assisting the correction of managerial influences, coordination of remedial measures, and comprehensive problem-solving.

In many project-orient companies, attempts to manage according to the set strategic goals often fail. The main problems relate to staff burnout and loss of control over costs, which undermines trust in management and negatively impacts the success of business as a whole. The reason lies in a number of omissions, such as: lack of obligatory regulatory documents, chaotic project management, the goals of which differ from the strategy; absence of methodical approaches to planning and balancing human resources of companies and contractors. The objective of research is to upgrade the methodological approach to solving this problem (implemented by the author in 2016) through forming a holistic project portfolio model based on human resource planning (forming a necessary quantity and quality of project teams). The author improves the calculation model for balancing human resources and forming balanced project teams by combining the psychological and professional qualities of project participants. The main focus is on the integration of project roles according to PMBOK and team roles according to R.M. Belbin, including for employee grading. The main research method is a three-stage synthesis of strategic, operational, project and IT management tools from the Company’s strategy to a balanced portfolio of IT projects based on key performance indicators (time, costs and human resources) and availability of project participants. The research map presents a company in the energy sector with a project-oriented approach. The subject of research is a balanced portfolio of cost optimization. The practical significance of the research lies in the possibility of using the proposed methodology in companies with a project-oriented approach that implement a strategy aimed at optimizing costs. The key result of the research is the development of a project management system implemented by the author in a subsidiary IT company in the energy sector with a major focus on the resource planning subsystem.

This paper analyzes discrepancies between direct and mirror data in Russia's foreign trade statistics over the period of 2003-2024. Special attention is given to assessing the impact of sanction policies on the level of statistical discrepancies, which reflect trade costs, manipulations in customs and tax reporting, as well as structural changes in logistics and the organization of international trade flows. To achieve the research objectives, the authors employ panel regression methods with fixed effects, logit models for estimating the probability of significant discrepancies, and the Chow test for identifying structural shifts in data. The analysis is based on data from Trade Map, the Federal Customs Service, and the Central Bank of Russia, allowing for the identification of both long-term trends and short-term crises associated with the introduction of sanctions in 2014 and 2022. The findings indicate a persistent increase in statistical discrepancies, confirming that sanction measures and related changes in accounting methodologies significantly affect the accuracy of trade flow reporting. The results have practical implications for improving statistical control systems, developing measures to reduce trade costs, and ensuring a more accurate assessment of foreign trade activity amid the expansion of sanction policies. Additionally, the findings are crucial for enhancing statistical monitoring methodologies, increasing transparency in trade operations, and effectively countering manipulations in foreign trade under economic restrictions. They also emphasize the need to account for the identified trends of increasing discrepancies when using mirror statistics as a substitute source of information on foreign trade flows.

The paper traces the rise of one of the leading departments of the Faculty of Economics of Moscow State University — the Department of the History of National Economy and Economic Studies. We pay special attention to the initial stage of department formation, explore social composition of its first employees, whose scientific and pedagogical contribution laid the foundations and traditions of a university level in teaching historical and economic disciplines. The first stage is associated with an outstanding organizer, head and founder of the Faculty of Economics and the Department, Professor I.D. Udaltsov, whose biography illustrates the prerequisites for the emergence of a new division at Moscow University. We explore the process of forming scientific potential of scholars and teachers who stood at the very beginning of the country's only department engaged upon this subject.