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Managing stocks in crisis is an effective method of providing sustainable functioning of the company and maintaining sales on the necessary level. To arrange this process it is essential to identify groups of products bringing high profit, products being in demand and products, which should be denied, as their sales are no higher than 2% of the total sales. The authors consider management of finished commodity stocks as a method to provide sustainability in crisis, in particular, pandemic. At the same time they highlight the key factors of stock monitoring, including possibility to build-up moderate stocks of free cash, methods of building-up and gaining commodity stocks, keep the balance between stock costs and costs of their maintenance, etc. To raise the efficiency of stock management the authors propose the following solutions for accumulating cash: crediting as the easiest way of raising funds to get stocks, which can affect negatively the finance sustainability of the organization; emergency meeting of proprietors and informing them about the strategy of crisis counteracting, including delay of paying dividends; building-up the urgent reserve and discharging unnecessary employees or transferring them on parttime work; discounts and sales, which can clear stock-houses and get needed funds. The article gives classification of products proceeding from 5 groups: leading products, accompanying products, substitutes, complex products and status products, each of the groups was characterized.

The aim of the study was to find out how strong the impact of intellectual capital, profitability and dividends is on the market capitalization of companies listed on the Indonesia Stock Exchange (IDX) and included in the LQ45 index from 2014 to 2018. The authors employ the multiple linear regression method. They measure the value of intellectual capital by the value added intellectual coefficient (VAIC ™), and the profitability — by return on assets (ROA) and return on equity (ROE). To calculate a dividend per share (DPS), they divide the annual dividend by the number of outstanding shares. The results of this study show that intellectual capital and return on assets (ROA) do not significantly affect the company’s market capitalization, while return on equity (ROE) and dividends do. The authors conclude that by the level of efficiency and effectiveness of the company in capital management, one may see whether investors receive higher profits. Therefore, investors are more interested in companies that have a high level of dividend distribution.

The subject of the research is the improvement of the dividend policy of high-tech companies. The purpose of the work was to develop recommendations for improving the dividend policy to ensure the stable development of companies and increase their value based on comparison of the US and Russian practices. The performance indices of the company’s dividend policy are calculated. Recommendations on improving the dividend policy are given. It is concluded that US companies do not have a positive correlation between the market price of a share and the dividend per share, and the dividends payout ratio has a tendency to decreasing in comparison with the share buyback ratio, which is associated with a high level of return on equity. The borrowed capital costs US companies cheaper, so they actively pursue the buyback policy rather than paying cash dividends. Russian companies that have worse ROE indicators are recommended to reduce their equity by buying back their own shares and reduce the cash dividend payment base.

Установление дивидендной политики является одним из важнейших факторов стабильного развития организации. Поэтому она должна базироваться, учитывая интересы акционеров, а также увеличение инвестиционной привлекательности организации. Актуальность темы заключается в необходимости создания на современных российских предприятиях эффективной дивидендной политики для поддержания финансовой устойчивости предприятия на достаточном уровне, дальнейшего развития и инвестиционной привлекательности. Дивиденд – это форма дохода акционеров, иначе говоря, участников общества, которая проявляется при распределении чистой прибыли организации и имеет прямую зависимость от доли собственников. В приведенной статье были рассмотрены основные способы формирования дивидендной политики. Определены их особенности, преимущества и недостатки. Был проведен анализ дивидендной политики и осуществлена оценка ее эффективности в АО Агрохолдинг «СТЕПЬ» – одного из самых крупнейших участников в сельскохозяйственной отрасли страны с расширенным портфелем активов в растениеводстве, садоводстве и животноводстве., the establishment of a dividend policy is one of the most important factors for the stable development of an organization. Therefore, it should be based on taking into account the interests of shareholders, as well as increasing the investment attractiveness of the organization. The relevance of the topic lies in the need to create an effective dividend policy at modern Russian enterprises in order to maintain the financial stability of the enterprise at a sufficient level, further development and investment attractiveness. A dividend is a form of income for shareholders, in other words, company participants, which is shown in the distribution of the organization's net profit and is directly dependent on the share of owners. In this article, the main ways of forming a dividend policy were considered. Their features, advantages and disadvantages are determined. The analysis of the dividend policy was carried out and its effectiveness was evaluated in JSC Agroholding "step" – one of the largest participants in the agricultural sector of the country with an expanded portfolio of assets in crop production, horticulture and animal husbandry., Актуальные вопросы современной экономики, Выпуск 11 2020

Исторически основной отраслью, формирующей доходную часть консолидированного бюджета Республики Саха (Якутия), является алмазодобывающая отрасль. В последние годы отрасль столкнулась с проблемами как внутриотраслевыми, так и извне, что отражается на производственных и финансовых показателях группы АЛРОСА и что также приводит к неравномерным поступлениямв доходную часть бюджета на основной территории деятельности. В текущем году отрасль столкнулась с кризисом, связанным с пандемией новой коронавирусной инфекции COVID-19. Продажи снизились до уровня кризисного 2008-2009 гг. В статье рассматривается влияние новой коронавирусной инфекции на платежи алмазодобывающей отрасли в консолидированный бюджет Республики Саха (Якутия). Проведен анализ изменения поступления доходов от предприятий алмазодобывающей отрасли в консолидированный бюджет Республики Саха (Якутия) в январе – сентябре 2020 г. по сравнению с аналогичным периодом 2019 г. Для анализа использовалась официальная статистика казначейства и налоговых служб, а также данные самого предприятия, опубликованные на официальном сайте. Анализ показал, что за отчетный период поступления от алмазодобывающих предприятий снизились на 40,5%. При этом аналитики отрасли ожидают восстановление спроса на сырые алмазы в 2021 г., предпосылки наблюдаются уже с III квартала 2020 г. Кроме того, анализ показал, что общие доходы бюджета Якутии сохранили объем за счет увеличения доли предприятий, основным видом деятельности которых является добыча нефти и газа. Что, в свою очередь, также несет риск в связи с увеличением зависимости бюджета Республики от предприятий, экспортирующих сырье., Historically, the main industry that forms budget revenues of the Sakha Republic (Yakutia) is diamond mining industry. In recent years, the diamond mining has been facing various problems, both within and outside the industry, which impacted the production and financial results. This has also led to uneven regional budget revenue. This year the industry has faced the crisis of the new coronavirus COVID-19 pandemic. The sales have fallen to the 2008 – 2009 crisis level. The article examines the impact of the new coronavirus on tax and dividend payments of diamond mining companies to the budget of the Sakha Republic (Yakutia). An analysis of the change in the revenues from diamond mining enterprises to the budget of Yakutia in January – September 2020 compared to the same period in 2019 was carried out. We used the official statistics of the authorities, as well as the data of the Company. The analysis showed that the revenues from diamond producers decreased by 40.5% during the reporting period. Meanwhile, the industry analysts expect a recovery in demand for diamonds in 2021. In addition, the analysis showed that the total budget revenues of Yakutia have retained the volume due to the increased number of oil and gas producers, which, in turn, also carries a risk, due to an increased dependence of the republic`s budget on companies exporting raw materials., Вестник Северо-Восточного федерального университета имени М.К. Аммосова. Vestnik of North-Eastern Federal University. Серия "Экономика.Социология. Культурология. Economics. Sociology. Culturology", Выпуск 2 (18) 2020, Pages 6-11

The article is devoted to the formation of the electrical industry in Russia and its development in the regions, in particular - in the Urals. It is this industry that is innovative for Russia in the context of the country’s transition to economic modernization at the turn of the 19th-20th centuries developed the most intensively. The leading form of association is becoming joint-stock companies, which have shown steady growth in the manufacturing sector. The article discusses the activities of electrical companies presented in the collection: “Joint-stock enterprises in Russia according to the official data of the Ministry of Trade and Industry and the Ministry of Finance” and other statistical collections. These sources contain important information about the founders of joint-stock companies, the amount of capital and reserve capital, dividends paid, etc. The analysis made it possible to establish that on the eve of 1917, out of 54 major enterprises in this industry, six leading electrical engineering firms had their branches or departments, as well as warehouses in the Urals, mainly in Yekaterinburg. It is concluded that electrical engineering enterprises in Yekaterinburg begin to develop quite actively already at the end of the 19th century, which corresponds to the all-Russian indicators. Статья посвящена становлению электротехнической отрасли в России и ее развитию в регионах, в частности на Урале. Именно эта инновационная для России отрасль производства в условиях перехода страны к экономической модернизации на рубеже XIX-XX вв. развивалась наиболее интенсивно. Ведущей формой объединения становятся акционерно-паевые предприятия, которые демонстрировали устойчивый рост в производственном секторе. В статье рассмотрена деятельность электротехнических компаний, представленных в сборнике «Акционерные предприятия в России по официальным данным Министерства торговли и промышленности и Министерства финансов» и других статистических сборниках. Эти источники содержит важную информацию об учредителях акционерных компаний, размерах основного и запасного капитала, выплачиваемых дивидендах и т.п. Проведенный анализ позволил установить, что накануне 1917 г. из 54 основных предприятий этой отрасли шесть ведущих электротехнических фирм имели свои филиалы или отделения, а также склады на Урале, в основном в Екатеринбурге. Сделан вывод о том, что электротехнические предприятия в Екатеринбурге начинают достаточно активно развиваться уже в конце XIX в., что соответствует общероссийским показателям.

Актуальность исследования: с учетом текущих реалий российские компании рассматривают дивидендную политику как один из инструментов управления инвестиционной привлекательностью. В настоящее время компании стараются разработать и придерживаться норм в сфере дивидендной политике, которые закрепляются ее в организационногоправовых документах. В статье оценивается взаимосвязь между дивидендной политикой организации и ее инвестиционной привлекательностью на примере ПАО Россети . Цель исследования: цель статьи заключается в выявлении путей повышения эффективности реализации дивидендной политики компании. Основным методом исследования является системный анализ, наблюдение, системный подход, описание, сравнительный анализ. Информационной базой исследования были законодательные акты, нормативные документы, регулирующие сферу дивидендной политики российских акционерных обществ, доклады, отчеты, статистические данные, научные публикации, методическая и учебная литература. Результаты и практическая значимость: результаты исследования могут быть использованы в практике российских компаний при принятии решений о повышении эффективности реализации дивидендной политики., Relevance of the study: Taking into account current realities, Russian companies view the dividend policy as one of the tools for managing investment attractiveness. Currently, companies are trying to develop and adhere to the norms in the sphere of dividend policy, which are enshrined in the organizational and legal documents. The article assesses the relationship between the dividend political organization and on the example of PJSC ROSSETI. The purpose of the study: the purpose of this article is to identify ways to improve the implementation of the companys dividend policy. The main research method is system analysis, observation, systems approach, description, comparative analysis. This research was based on legislative acts, regulatory documents regulating the dividend policy of Russian joint stock companies, reports, statements, statistical data, and scientific publications, methodological and educational literature. Results and practical significance: the results of this study can be used in the practice of Russian companies when making decisions on improving the implementation of dividend policy. Key words: dividend policy, dividend, dividend payments, net profit, corporate management, investment attractiveness, investment, dividend payments, net profit., №3(19) (2019)

Purpose: the main purpose of the publication is to examine comprehensively the financial and economic aspects of the strategic management of the industrial cluster by the example of the clusters of the Corporation “Rostec” with the participation of enterprises of the defense industry complex. Methods: the methodology of the research is based on the collection and analysis of initial data and information, the article uses a systematic approach to the study of socio-economic processes and phenomena. The research is based on modern theory of competition, innovation, as well as the modern paradigm of cluster development of the economy. In preparing the study, practical materials from Corporation “Rostec”. Results: the article gives the notion of industrial cluster, outlines the the prospects for using the cluster approach in the implementation of import substitution programs. Industrial clusters are considered as a source of preservation of a unique engineering culture, the revival of the engineering class. The creation of clusters is very promising in the defense industry complex, where clusters are identified as the most important source of diversification of the complex. Separate financial and economic aspects of strategic management industrial cluster are discussed in more detail on the example of cluster initiatives of Corporation “Rosteс”. It is noted that for the development of “Rostec” industrial clusters, it is planned to form centers of key competencies by creating conditions for the development of highly effective cooperative and synergetic relationships among the cluster participants. Formed clusters will be able to demonstrate higher rates of economic growth. In addition, focused funding will allow more efficient distribution of federal budget funds, as well as investor funds, aimed at technological development of cluster participants. To achieve these goals, it was recommended to ensure proper selection of key financial and economic aspects of cluster operation. Conclusions and Relevance: the article draws a general conclusion that among the reasons for the failure of industrial cluster initiatives, an inappropriate choice is made of the forms and sources of functioning, the wrong choice of such financial and economic aspects of strategic management as organizational and legal form, organizational structure, the way of organization of joint stock relations, dividend policy of the cluster, etc. The search for effective solutions in terms of the financial and economic aspects of the strategic management of the industrial cluster is largely related to providing continuous and, to the extent possible, a full-fledged (up to 100% of the needs of the cluster) financing from private capital. For this purpose, among other things, the legal and organizational-economic aspects of the relationship between the cluster members and its founders should be thoroughly worked out. To do this, it is recommended to determine the distribution of the burden of financing the cluster, the responsibilities in this area, clarify the system of financial management of the cluster, determine the financial guarantees of participants, including the distribution of financial results (dividends). Given the proper choice of ways to organize joint stock, financial and dividend relations, the concept of cluster-type cluster developed by “Roctec” corporation can ensure the effective and successful strategic development of industrial clusters.

Все большую актуальность для современных российских компаний приобретает такой инструмент управления как дивидендная политика. Все чаще они отходят от режима стихийности и сиюминутности в принятии решений о распределении прибыли в сторону выработки четких правил, процедур и закрепления их в документах внутреннего регламента. Это является важным фактором формирования имиджа, повышения инвестиционной привлекательности российских компаний. В статье рассмотрены теоретические подходы к формированию дивидендной политики публичного акционерного общества и практические решения на примере ПАО Россети. Цель статьи заключается в исследовании подходов современных компаний к разработке положений дивидендной политики. Основным методом исследования является системный анализ, наблюдение, системный подход, описание, сравнительный анализ. Информационной базой исследования стали законодательные акты, нормативные документы, регулирующие сферу дивидендной политики российских акционерных обществ, доклады, отчеты, статистические данные, научные публикации, методическая и учебная литература., Relevance of the study: such management tool as dividend policy becomes increasingly relevant for modern Russian compaines. Increasingly, they are moving away from the spontaneous and momentary made decisions in the distribution of profits towards developing clear rules, procedures and incorporate them in the documents of the internal regulations. This is an important factor in shaping the company image and increasing the investment attractiveness. This article considers theoretical approaches to the formation of the dividend policy of a public jointstock company and practical solutions on the example of PJSC ROSSETI. The purpose of the study: the purpose of this article is to study the approaches of modern companies to the development of dividend policy provisions. The main research method is system analysis, observation, systems approach, description, comparative analysis. This research was based on legislative acts, regulatory documents regulating the dividend policy of Russian joint stock companies, reports, reports, statistical data, scientific publications, methodological and educational literature. Results and practical significance: the results of this study can be used in the practice of Russian companies when making decisions on the development of dividend policy provisions., №18(18) (2019)

Ведение дивидендной политики, влияние на структуру капитала оказывает весомое воздействие на положение компании на рынке финансов, особенно подвергается воздействию цена акций фирмы. В статье приведены основные подходы к формированию дивидендной политики. Поэтому вопросы, освещенные в статье, сохраняют свою высокую актуальность. Целью статьи является рассмотрение вопросов связанных с особенностями дивидендной политики российских и зарубежных корпораций. Методы проведения работы. В статье, в методологическом аспекте, использованы современные теории рыночной экономики, развития и регулирования; методы структурно-функционального анализа и системного подхода, группировки, графический и табличный методы, система экономических законов и научных предположений. Выводы. В ходе исследования обосновано, что основная цель организации порядка проведения дивидендной политики – обоснование оптимальных показателей, соотношений между запланированным развитием компании и нынешним получением прибыли инвесторами, The conduct of dividend policy, the impact on the capital structure has a significant impact on the company's position in the financial market, the share price of the firm is particularly affected. The article shows the main approaches to the formation of dividend policy. Therefore, the questions consecrated in the article retain their high relevance. The purpose of the article is to consider issues related to the specifics of the dividend policy of Russian and foreign corporations. Methods of carrying out the work. In the article, in the methodological aspect, modern theories of market economy, development and regulation were used; methods of structural and functional analysis and systems approach, groupings, graphical and tabular methods, a system of economic laws and scientific assumptions. Conclusions. In the course of the study, it was substantiated that the main objective of organizing the procedure for conducting a dividend policy was to justify the optimal indicators, the relationship between the planned development of the company and the current profit making by investors, №14(14) (2018)

Increasing fixed investments is the main task for the Russian economy. The restriction on the ability of a company to attract external financing demands increasing investments from the company’s own funds. The purpose of the research is to identify reserves for the increase in fixed investments from internal funds. Using data on the economy, in general, I have found that the most part of net profit is used for dividend payments (54 %) and financial investments (38 %) and only 8 % of a company’s net profit is invested into fixed capital. It proves that the financial policy of the Russian companies is focused on a short-term income to the detriment of long-term returns. I have proposed a methodology, which allows to define the company’s reserves for the increase in fixed investments from its own funds depending on an economically reasonable target value for the share of net operating surplus, which is directed to fixed investments. When the target level of net fixed investment is 50 % of net operating surplus, the fixed investments from the company’s own funds can be increased by 1.53 times or by 2.84 trillion rubles that makes 3.3 % of GDP for the total economy. The maximum opportunities for the increase in fixed investments at the expense of own means are available in the oil production (by 1.83 times), metallurgical production (by 1.76 times) as well as wholesale trade of fuel (by 34.6 times). State policy has to stimulate the companies to the greatest possible use of their own funds to invest into fixed capital. The results of the research can be used to select the companies applying for state support. © 2018 Institute of Economics Ural Branch of the Russian Academy of Sciences.