The article analyses the socio-economic development of the Kaliningrad Region in 2020—2026 under its exclave position and the external restrictions imposed since 2022. The aim is to assess the region's current state and development trends and to determine the extent to which institutional mechanisms compensate for the structural costs of exclavity. The objectives cover demographic dynamics and regional demographic policy, the labour market and the structure of employment, the staffing of the hospitality industry, industrial production and the region's standing in inter-regional rankings, the Special Economic Zone regime, and the transport and logistics system. The empirical basis comprises Kaliningradstat and Rosstat data, materials of the regional government, agency ratings and scholarly publications; comparative analysis, grouping of statistical data and generalisation were applied. Depopulation is shown to be structural: natural decline reached 5,539 people in 2024, up 20.2% year-on-year, against a migration inflow of 4,524, while the total fertility rate (1.217) is well below replacement level, and most regional support measures target third and subsequent births. A disproportion is identified in the hospitality industry: in 2020—2025 the room stock grew by 56.8%, accommodation establishments by 70.4% and revenues 4.1-fold, whereas employment in large and medium-sized organisations of the sector is 1,857 people — the lowest figure among all recorded activities. The regional industrial production index (108.8% in 2025) exceeds the national one (101.3%), yet this growth is driven by individual large facilities reaching design capacity rather than by a broadening enterprise base. The transport restructuring has not restored the previous connectivity but changed its qualitative nature: the railway corridor has shifted to quota-based access set by an external party, while most freight is carried by subsidised coastal shipping, which grew 2.4-fold in 2021—2024. The region is therefore in a state of partial adaptation, in which compensatory mechanisms reduce but do not eliminate the structural risks of its exclave position.
Starting from 2026, the Federal Customs Service of Russia is transforming its customs risk management system by introducing the "Trusted Control" model based on a dynamic assessment of "declarant + consignment." This raises the need to evaluate the effectiveness of the new framework for small and medium–sized enterprises and to identify the organizational and economic mechanisms enabling their access to the "green corridor" in foreign economic activity. This article addresses these questions. Methods: The study employs a theoretical–conceptual paradigm utilizing systems analysis, synthesis, and comparative analysis. It examines the evolution of customs risk management, the Authorized Economic Operator institution, the specificity of SMEs in foreign economic activity, and cooperative models in logistics. Research results: A three–tier architecture of the model for integrating small and medium–sized businesses into the new customs risk management system is proposed. The conditions for the effectiveness of the new risk management concept are formulated. The logistics aggregator is identified as the key organizational mechanism, consolidating a group of small and medium–sized businesses and performing compliance functions with fixed cost distribution among participants.
In 2026, the Ministry of Finance presented a draft of the FSBU “Biological Assets” for discussion; it provides for new approaches to reflecting living organisms and agricultural products in accounting and reporting. The article examines the issues of generating information about plants and animals in the agricultural activities of an agricultural enterprise in accordance with the current legislation and the norms provided for in the draft standard “Biological Assets”.
This article examines the development of a unified information space (UIS) for accounting. It identifies the factors, principles, and objectives of its formation, as well as the types of information at the current stage of accounting development. The author draws on Chinese theoretical thought and practice, cites the approaches of Chinese scholars, proposes a definition of the UIS, and illustrates the evolution of accounting informatization in China, where the pace and scale of economic digitalization are outpacing those of most developed countries.
The article examines the organizational and economic aspects of the functioning of small businesses in the field of catering in the context of the transformation of consumer behavior, digitalization of service processes and increased competition in local markets. It is argued that small catering enterprises perform not only economic, but also a special socio-economic function, providing employment, urban environment development, expansion of consumer choice and the formation of an entrepreneurial ecosystem in the region. The factors determining the sustainability of enterprises are considered, including the quality of management, the flexibility of the business model, the level of operational efficiency, access to financial resources, human resources and the ability to implement digital solutions. A comprehensive approach to assessing the development of small businesses in this service sector based on a combination of organizational and economic indicators is proposed. The issues of cost optimization, service quality improvement, standardization of business processes and adaptation of enterprises to changing market conditions were discussed. It is concluded that there is a need for systematic interaction between entrepreneurs, the state and the support infrastructure to ensure the sustainable development of small enterprises in the field of catering.
The scientific interpretation of employment naturally evolves in response to changes in the system of social production and the nature of social and labor relations. The aim of this study is to analyze employment through the lens of a scientific worldview that integrates the achievements of scientific and technological progress and theoretical knowledge. This paper analyzes the relationship between concepts of economic development, employment, and the historical stages of societal development within the framework of this worldview approach. The role of conceptual frameworks as a methodological tool in analyzing employment dynamics at various stages of social development is substantiated, with the application of N.D. Kondratiev's theory of great cycles and J. Schumpeter's concept of "creative destruction." Synthesizing these theories allows for the interpretation of long-term trends in the labor market as a process of cyclical "creative destruction" of professions and skills. It is concluded that despite the long-term evolution of labor and employment research methodology, modern conditions necessitate an update of its conceptual core.
The article explores institutional barriers to effective international anti-cartel cooperation in agriculture and proposes management solutions to overcome them. Based on an analysis of the practice of investigating cross-border cartels in the agro-industrial complex, OECD data, ECE reports and decisions on high-profile cases (including the "vitamin cartel" and the seed cartel), the authors identified four groups of institutional barriers: legal (differences in definitions, sanctions and approaches to qualification), procedural (restrictions on the exchange of confidential information, differences in standards of evidence), resource (asymmetry of financing and staffing of antitrust authorities) and political (pressure on regulators, protectionism). Proposed author's classification of barriers and quantitative assessment of their impact at the stages of investigation with differentiation by groups of countries. A management model has been developed for the transition from disparate memorandums of understanding to a systematic global network of antimonopoly response in the agro-industrial complex. The priority of procedural harmonization over the unification of substantive law as the most effective short-term tool for increasing the effectiveness of cooperation is justified. The results can be used to improve the regulatory framework of the EAEU, develop model models of cooperation agreements and form priorities for technical assistance to developing countries.
The relevance of the study stems from the substantial variability of the EV/EBITDA multiple, which reduces the comparability of business valuation results and complicates the selection of comparable companies within the market approach. The aim of the study is to identify the determinants of the variability of the EV/EBITDA multiple through a systematic review of international research. The methodology is based on a systematic review of 36 international studies addressing the application of the EV/EBITDA multiple in business valuation, complemented by comparative, correlation, and statistical analyses. The results demonstrate that industry affiliation is the primary determinant of the variability of the EV/EBITDA multiple, reflecting differences in capital intensity and the economic nature of EBITDA. No statistically significant relationship was found between the value of the multiple and the valuation methodology employed, while firm size exhibited only a weak and statistically insignificant effect. The conclusions indicate that the accurate selection of industry peers is the key prerequisite for the reliable application of the EV/EBITDA multiple, whereas methodological refinements and firm size have a considerably smaller impact on valuation outcomes. The findings contribute to a better understanding of the determinants of EV/EBITDA variability and provide practical implications for improving the market approach to business valuation.
Abstract. As of mid-2026, the domestic e-commerce market has shifted its development paradigm. The extensive capture of audiences has given way to fierce competition for their retention. Because of this, traditional methods of financial analysis, which work successfully in classical offline retail, are rapidly losing their representativeness when auditing digital platforms. This dictates the relevance of a radical rethinking of management metrics. Meanwhile, a clear conceptual contradiction is observed today in scientific discourse and industry practice. In essence, the macroeconomic optimism of official statistics, reporting steady growth in trade turnover, sharply dissonates with the microeconomic reality. Many sellers are balancing on the brink of unprofitability. Their classical unit economics has proven defenseless against the rising cost of traffic and the volatility of commissions from large marketplaces. In this regard, the aim of this study is to develop and theoretically substantiate a system of indicators that comprehensively reflects the specifics of digital retail. In the course of the work, the author decomposed the architecture of an online business into four separate segments: financial, customer, operational, and technological. The proposed matrix integrates cohort analytics and predictive logistics parameters. The author's contribution is manifested in the synthesis of disparate functional indicators into a single dashboard. In addition, a new synthetic criterion has been introduced – the Infrastructure Independence Index (III). It is reasonable to assume that this marker helps to proactively identify the risks of an enterprise's mono-dependence on the algorithms of third-party platforms. As a result, a conclusion is made: the long-term viability of a trading platform today is determined not by the volumes of purchased inventory. It directly depends on the multiple excess of the customer lifetime value over the cost of their initial acquisition, the minimization of the return rate, and the degree of automation of routine warehousing processes.
The article examines the theoretical and methodological aspects of the end-to-end integration of ESG principles into the marketing strategies of modern companies in the context of the transformation of the concept of sustainable development and the strengthening of stakeholders' demands for environmental, social and managerial responsibility of business. The relevance of the research is justified by the changing role of marketing in the strategic management system, the introduction of ESG approaches into the practice of companies, the formation of long-term competitive advantages based on the principles of sustainable development. The authors note that in the scientific literature, ESG principles are most often considered in the context of corporate governance, non-financial information disclosure, and investment attractiveness. At the moment, the issues of integrated integration of ESG approaches into the process of forming marketing strategies of firms remain poorly explored. In the article, the authors consider modern foreign and domestic approaches to the study of the relationship between ESG and marketing activities. The authors note that there are scientific limitations and there is a need to move from partial implementation of ESG practices to their systematic nature at all stages of the development and implementation of the company's marketing strategy. Theoretical and methodological provisions on the implementation of ESG factors in the company's marketing activities are proposed. They cover the full management cycle: analyzing the environment, setting goals, forming a marketing mix, implementing, as well as evaluating the effectiveness and further adjusting the company's strategy. Thus, the proposed approach is cross-cutting. The article reveals the features of the influence of ESG principles on the formation of consumer value, the development of long-term relationships with stakeholders, increasing the level of trust in the brand and reducing reputational risks. It is proved that the end-to-end integration of ESG principles contributes to the alignment of marketing solutions with the goals of sustainable development, increases the adaptability of organizations to changes in the external environment and creates conditions for the formation of sustainable competitive advantages. The results of the study allow us to develop theoretical ideas about the role of ESG in strategic marketing and expand existing scientific approaches to the formation of marketing strategies of companies. The practical significance of the research lies in the possibility of using the proposed theoretical and methodological provisions in the development of marketing strategies of organizations in various sectors of the economy focused on achieving sustainable development goals, increasing the effectiveness of marketing activities and strengthening competitive positions in the long term.
The article is devoted to the analysis of the Russian pre-IPO market from 2022 to 2025. In the absence of special legal regulation, transactions are structured through a combination of regulations on issuance and investment platforms, making this instrument institutionally immature but promising. Based on three divergent case studies (Samolet Plus, SR Space, Whoosh), the paper compares transaction structuring models, investor behaviour, financial performance dynamics, and the factors behind companies’ success or failure. Special attention is paid to the transition from pre-IPO to a full IPO, the role of reputational capital, and operational sustainability. The author concludes that the results of Russian issuers are heterogeneous, yet share common patterns with international practice, which makes it possible to formulate practical recommendations for companies considering pre-IPO as a stage in preparing for a public offering.
A comparative analysis of the production of the main types of agricultural products in farms of all categories of the Russian Federation, including by federal districts, has been carried out. The sectoral features, production parameters, and leading regions of the agricultural sector have been identified. Measures for further sustainable growth of agricultural production have been formulated.
The article examines patterns in the formation, utilization, reproduction and public management of human capital in the agricultural sector under structural and technological transformation. Rosstat data for 2015–2025 are used to analyse employment and hours worked, wages and labour productivity, the age and educational structure of workers, informal employment, investment, energy intensity and the diffusion of digital technologies. The study finds that agricultural modernisation is predominantly labour-saving: declining employment and labour input coexist with higher productivity, wages and technological equipment. The analysis reveals workforce ageing, a low proportion of workers with higher education, extensive informal employment and a mismatch between growing expenditure on digital technologies and spending on staff training. It is argued that sustainable reproduction of human capital requires the coordination of agricultural, employment, education and spatial policies, continuous learning, employment formalisation and improved conditions for retaining specialists in rural areas
The article examines the relationship between employment and income of the rural population and the reproduction of human capital in the agricultural sector. The purpose of the study is to identify territorial, sectoral, and income-consumption disparities and to substantiate a mechanism for their regulation. The information base consists of Rosstat statistical publications. The study applies dynamic, comparative, structural, and ratio analysis, as well as structural-logical modelling. It was found that in 2017–2025 the rural labour force decreased by 2.4%, while employment increased by 2.3% and the number of unemployed persons fell by 57.0%. In 2025, the rural unemployment rate remained almost twice as high as the urban rate. In the agricultural sector, employment declined by 6.5% and hours worked by 11.2% in 2020–2024, whereas nominal wages increased by 92.7% but reached only 67.2% of the national average. In 2023, the disposable resources of rural households amounted to 68.6% of the urban level, and expenditure on services to 49.1%. A multilevel regulatory mechanism is proposed, combining employment diversification, higher returns to and quality of labour, competence and social infrastructure development, household support, and systematic monitoring of reproduction disparities
The article examines infrastructure risk management for the energy security of the NWFD regions under sanctions and fuel and energy complex modernization. The study aims to assess key risks and develop recommendations to improve power supply reliability. Based on indicative analysis, PJSC Rosseti Northwest investment programs, and national power system development plans up to 2031, a matrix of technical, technological, and geo-economic risks has been formed. The most vulnerable local power systems with grid depreciation rates of 62–68% were identified. The study proves a direct dependence of industrial power supply reliability in the NWFD on the stability of gas transportation infrastructure. It is substantiated that implementing domestic smart metering systems and distributed generation reduces economic vulnerability in border and Arctic territories, ensuring the strategic competitiveness of real sector enterprises.
The purpose of the study is to analyze and systematize theoretical and empirical approaches to studying the impact of ESG marketing communications on consumer behavior in the digital environment, identifying contradictions and gaps in existing research. Research methodology: it is based on a systematic review of scientific publications from 2006-2025, a critical analysis of consumer perception theories of CSR/ESG communications and a generalization of empirical research using a comparative method to identify differentiated consumer reactions. The results of the study demonstrate the asymmetric nature of the impact of ESG communications: with low satisfaction with the quality of products, ESG initiatives can reduce the market value of a company, while with a high level of trust they increase loyalty and willingness to pay a premium price; the effectiveness of ESG marketing is determined by the correspondence between the content of the message, consumer characteristics and competitive positioning of the company. The originality and significance of the results: consists in the development of an integrated conceptual model combining the theory of skepticism, the theory of informed action and the concept of competitive positioning to explain differentiated consumer reactions to ESG communications; the paradox of ESG marketing is revealed, according to which an increase in the volume of CSR communications with a low level of trust can enhance skepticism rather than reduce it; Directions for further empirical research are proposed, including studying the influence of the ESG message format in various digital channels and cross-cultural differences in perception.
The capital of an economic entity is not a static value, but a living process reflected in the balance sheet's liabilities. To understand the real state of affairs, it is not enough to simply look at the numbers; it is important to study the structure of capital and how it changes under the influence of market conditions. Managing additional capital is not just about accounting; it is a comprehensive system that requires understanding its origins and how to use it effectively. Due to the lack of a unified federal standard governing the accounting of additional capital, relevant regulations are scattered across various legal acts. Given the fragmented nature of current legislation, this article systematizes the key sources of additional capital formation and the main areas of its use.
The material complies with the requirements of academic journals: it includes an empirical basis, clear logic, references to sources, and measurable effects. The article examines the impact of demographic processes on labour productivity in Russia. The main demographic factors are considered: the dynamics of population size and age structure, migration, birth and death rates, as well as their reflection in the changes in the labour supply and the burden on the working age population. Based on Rosstat data and macroeconomic indicators, a correlation analysis was carried out between demographic indicators and the dynamics of labour productivity for the economy as a whole and for key sectors. The main channels through which demographics affect productivity have been identified: changes in the number of employed persons, shifts in the age structure, dynamics of human capital, and interregional differences. Economic policy measures are proposed to mitigate the negative demographic effects. The research results can be used in developing labour market development strategies, productivity improvement programmes, and demographic policy.
The article is devoted to the assessment of the current state of requirements for the disclosure of information about risks in corporate reporting. International standards (IFRS, ISSB standards) and regulatory acts of the Russian Federation (Federal Accounting Standards, recommendations of the Bank of Russia) are considered. A comparative analysis of approaches to identifying, assessing risks, and disclosing information about them in financial and non-financial reporting is conducted. The article concludes that the conceptual foundations of risk disclosure are converging at the global and national levels. Special attention is paid to the existing problems in the field of regulatory regulation of risk disclosure and the ways to solve them.
The article discusses one of the problems in the rational use and protection of land resources and the special role of land valuation in the land management system. This is especially important in a modern market economy. The proposed mechanisms will allow the state and society, applying them in practice, to form zonal assessment territories, choose a scientifically based land management system, ensure the environmental sustainability of the country's territorial development and, based on the use of land rents, social justice in the lives of the people living on them.
