Over the past ten years, an ambiguous situation concerning Russian gas companies has been observed. On the one hand, companies' reports represent conservative policies and sustainable growth in the coming years. On the other hand, companies' fi nancial performance suggests another situation because of the insuffi cient level of fi nancial indices that refl ect the inconsistency of existing sustainable growth approaches. This situation indicates the relevance of the research concerning Russian gas companies' fi nancial sustainable growth in the conditions of the global economy, "economic sanctions" and investment policy implementation. The primary purpose of the research is to analyse Russian gas companies' fi nancial growth strategy employing Geniberg Z-matrix as well as enhanced fi nancial sustainability indicators system indices by identifying which indicators have a greater infl uence on sustainable growth rate. We found that return on fi xed assets ratio, net profi t growth ratio, debt equity ratio infl uence on Russian gas companies' sustainable growth rate and recommended for the system of fi nancial sustainability indicators (FSIS) usage. We associate the concept of Russian gas companies' fi nancial sustainable growth with environmental protection, energy savings, and social factors. Thus, we added to the fi nancial model non-fi nancial factors. As a result of the analysis, we have obtained the dependence of Sustainable Growth Rate to Environmental Ratings as well as Return on social responsibility costs. We recommend paying more attention to the energy, social, environmental, and economic determinants that could contribute to sustainable growth. We also found that Russian gas market companies could improve Financial Strategies according to sustainable growth point of view. We suggest ways to enhance the fi nancial strategy of Russian gas companies.
Over the past ten years have seen ambiguous situation concerning China and Russia gas companies. On the one hand, companies’ reports show conservative policies and sustainable growth in the coming years, on the other hand, companies’ financial performance suggest another situation because of insufficient level of financial indexes that reflects the inconsistency of existing sustainable growth approaches. These indicates relevance of the research concerning China and Russia gas market companies’ financial sustainable growth in conditions of global economy and investment policy implementation. The main purpose of the Research is to analyze China and Russia gas market companies’ financial growth strategy by means of Geniberg Z – matrix as well as enhanced Financial Sustainability Indicators System indexes by identifying which indicators have a greater influence on Sustainable Growth Rate. It is found that ROCE, ROFA, CR, DOL, ROL influence on Russian gas market companies’ SGR, and ROCE, WACC, ROL, CG Dummy influence on Chinese gas market companies sustainable growth.
In the context of development of service theory, scientists pay growing attention to need in terminological definition. In this article we examine theoretical models of the term "service", discover the essence of the category "service", renderings of which are characterized by variability. Functional direction and functional peculiarities of services have been defined. Main directions for development of service sector have been detached.
The West Siberian economic region remains a territory with high potential of liquid hydrocarbons production, which serve as a reserve for long-term development not only for this region, but for Russia as a whole. Experts claim that Western Siberia provides 70% of Russia’s oil production and accounts for 61% of the mineral extraction tax revenues. According to forecasts of the Ministry of Energy, if oil production is not stimulated, then by 2035 the volume of oil production will significantly reduce and budget revenue will decrease by 4.1 trillion rubles. At present, in order to increase the investment attractiveness of the industry, changes in tax and customs legislation are being introduced. However, the effects of the reforms are not obvious. Employing scenario analysis, the case method and financial modeling on the basis of publicly available information, we assess the impact of changes in tax and customs legislation on the investment attractiveness of oil field development projects. The main hypothesis of the study about the positive impact of the tax maneuver on the attractiveness of projects was partially confirmed. However, in all considered scenarios the internal rate of return does not exceed 13%. This is significantly lower than the global average rate of return for oil and gas industry. This points to the need for further adjustments to the tax and customs legislation to ensure sustainable growth and development of the oil and gas industry. The model created to assess the impact of alternative tax regimes on the investment attractiveness of hydrocarbon exploration and development projects can also be used to identify potential benefits and tax consequences for both the investor and the state.
The paper aims at determining the principles of participative management and the nuances of their implementation into integrated e-learning, which complements the traditional forms of education in emergencies, such as the COVID-19 pandemic. The research uses a semi-structured questionnaire adapted from Dashkova for the education sphere and developed with the consideration of participative management principles. The survey involved 289 students and 293 university teachers. The study found that participative management is the best approach to integrating e-learning into the education process.. It ensures effective communication contributing to the uniting of objectives of all participants by expanding their engagement in the management of the education process. Assessment and recognition of participative management in university may be one realistic scenario for more rapid adaptation and effective implementation of diverse learning trajectories. Keywords: e learning, education, governance, integrated education system, participation, student-centered learning transformation.
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