Sochi Journal of Economy

202-219

Authors: Kowo Solomon Akpoviroro, Akinbola Olufemi Amos, Oyedele Ola Olusegun

The cornerstone of entrepreneurship is Entrepreneurial Orientation (EO) and it is one of the significant predictors of SMEs performance. The concept of EO has been widely discussed through previous studies in entrepreneurship, so it can be considered as one of the main topics in this field, and the most commonly used measure of entrepreneurial behavior or inclination in strategies and entrepreneurship studies. EO has emerged as an area of research, and EO impact studies have become a sub-field in Entrepreneurship Education research. The objectives of the study were to determine the effect of organizational learning (OL) on SMEs performance and also to examine the effect of innovative performance on EO.The study population refers to the managers of SMEs registered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in Lagos State, Nigeria. Analysis of variance (ANOVA), correlation efficiency, and regression analysis was employed. The research found that EO affects organizational learning in an SME context. EO has a strong effect on learning and expands learning scope by encouraging companies to challenge the status quo and to make it more flexible and alter the way they work. There is a significant and positive relationship between entrepreneurial orientation and organizational learning within firms because it was revealed that entrepreneurial orientation has different impacts on the individual components of strategic learning. Moreover, the results of the study indicated that EO affects innovative performance. Entrepreneurialism significantly affects innovation and performance. Innovativeness, proactiveness and risk-taking have a strong impact on creating innovation, and entrepreneurial activity which enhances innovative behavior.The study recommends that SMEs in Nigeria should be more proactive in developing strategies, improving operations, and paying attention to entrepreneurial orientation and organizational learning. Entrepreneurial orientation behaviors should be strengthened within SMEs, and should take advantage of the outputs in order to develop organizational learning processes, creative performance, corporate performance, improved decision-making processes, and adaptation to a rapidly changing work environment. Additionally, managers of these enterprises should encourage risk-taking in new initiatives and project planning processes.

229-235

Authors: Alla Yu. Baranova, Emil L. Varvashtian

Switzerland is one of the world's economic centers, as it occupies the traditional position of an independent and absolutely neutral state in the very core of Europe. Well-established political stability and dynamic growth distinguish the country and attract more and more investments into it. Today, about 35 % of the world's assets owned by individuals are placed on deposits in Swiss banks. At the same time, the economy of the Russian Federation is subject to constant fluctuations and is characterized by a low level of reliability. The Russian ruble is not even close to the Swiss franc in terms of the stability of its exchange rate. Switzerland is fundamentally based on banking, while the banking system of the Russian Federation was chaotically formed after the collapse of the USSR. However, at the same time, the Russian economy is many times larger than the Swiss economy. But taking into account the size of the country's population and the quality of life of the population, Switzerland is in the top of all developed countries, while Russia has been among the developing countries for many years. What determines such a different development of the economies of two truly significant countries on the world market? This article is devoted to the answer to this question.

246-256

Authors: Tatyana E.Gvarliani, Emil L.Varvashtyan

This article reflects the main results of a study devoted to the study of budget revenues of the Krasnodar Krai. During the study, the economic features of the region were taken into account, such as agricultural specifics, the location of the region, the degree of development of various sectors of the economy. This information was used in the analysis of regional budget revenues. The most important task of the state authorities of the territories and local self-government bodies is to perform the functions assigned to them, namely: providing certain services to the population and economic entities, creating conditions for safe life, etc.The condition for performing these functions is the availability of sufficient financial resources in the budgets of various levels. Since the main share of regional budget revenues is tax revenues, and for the Krasnodar Krai this is primarily personal income tax, corporate income tax and corporate property tax, the issue of achieving an adequate assessment of the volume of tax revenues is a priority and relevant, which is reflected in the presented study. The study is based on an economic analysis of the dynamics and structure of regional budget revenues. At the same time, tax and non-tax revenues of the budget, as well as gratuitous receipts, budget revenues of the region in the context of various sectors of the economy were considered. The purpose of the article is to identify the factors that characterize the peculiarities of the formation of budget revenues of the Krasnodar Krai.

264-272

Authors: Vyacheslav E. Konovalov

The article examines the dynamics of e-commerce development and provides statistics on popular trends in online commerce in Russia. According to the data presented in the article, currently online commerce is a rapidly developing industry all over the world, and especially in Russia. Russia ranks 10th in terms of money in consumer e-commerce among all countries in the world, as well as 1st in the world in terms of the growth dynamics of consumer e-commerce. Over the past couple of years, the share of online sales in Russia from the entire retail has grown almost 2 times and occupies not a small part of the entire sales market in the country. This article will identify the reasons for this abnormal growth, as well as consider the calculations of this market from specialists for the next three years. The analysis of data and statistics was carried out, which show why the growth of this market was made, and also the most developing industries and directions of Russian e-commerce were identified. The factors affecting the market due to the coronavirus pandemic and the restrictions associated with it were also identified.

280-287

Authors: Grigory Ya. Ratushnyak, Maria A. Aseeva

In their study, the authors focus on increasing the role of the service sector in the total GDP, both within Russia and globally. The special attention is paid to the development of the tourism business. The article defines the concept of "national tourism". The article describes the current trends in the development of national tourism in the Russian Federation in connection with the new coronavirus infection Covid-19. The main problems of the development of national tourism in the Russian Federation are highlighted and the ways of their solution are proposed. The article deals with the main problems of the low popularity of Russian resorts among Russians, provides a statistical analysis of national tourism market in the Russian Federation, its assessment in the context of the economic crisis and other causes. The article examines the spread of prices for tourist services in different regions of the Russian Federation, as well as the process of forming these prices. The main directions of development of the tourist and recreational cluster of Russia are touched upon. The article analyzes popular tourist destinations in Russia by region. The analysis of the tourist potential of the Karachay-Cherkess Republic is carried out, the potential of the resort of Arkhyz is described. Despite the problems, national tourism continues to develop actively and should bring tangible income to the budget not only of the regions, but also to the consolidated budget of the country.

302-307

Authors: Irina S. Syrkova

Youth is a strategic resource for the development of any country, and therefore, the main engine in expanding the business sector and improving its quality. The development of entrepreneurship among young people can help solve the problem of unemployment, and, as a result, the problem of increasing income levels. At the same time, several unresolved problems in the Russian Federation hinder the acceleration of the progress of youth entrepreneurship. The article discusses these problems, as well as ways to overcome them, associated with the practical implementation of mechanisms to support small businesses in the Russian Federation. In particular, the article examines such mechanisms of state support for entrepreneurship as information, financial, property, educational. The anti-crisis measures related to the pandemic of the new coronavirus infection, including a system of grants, loans, moratoriums, deferrals, and a reduction in various requirements, can also be considered a necessary but insufficient part of solving the problems of youth entrepreneurship development in Russia.

104-117

Authors: Abidemi C. Adegboye, Mohammed Oseni

Fiscal policy in resource-rich country should be consistent with achieving macroeconomic objectives such as macroeconomic stability and an efficient allocation of resources especially whenits role in injecting share of resource rent into domestic economy is considered in Africa. However, reliance on revenue from commodity exports renders fiscal management, budgetary planning and efficient use of public resources demanding. This study thus investigates linkages between commodity prices and fiscal operations among sample of commodity exporters in SSA. Using data for 1992 to 2017 for nine resource-rich countries in SSA region, panel co-integration and and fully modified OLS (FMOLS) technique to determine long run relationship effects. The study finds that elasticity of fiscal policy measures with respect to output gap was significant and positive suggesting that fiscal policy is actually procyclical among our sample of SSA countries. Moreover, it is found that fiscal policy has not performed well in delivering macroeconomic stabilization. The difficulty in applying fiscal stabilization measures is attributable to unstable revenue inflow due to extremely volatile environment of commodity prices in global market. Our policy advice is that governments in commodity exporting SSA countries should track fiscal strategies aimed at breaking procyclical response of expenditure to macroeconomic cycles.

125-133

Authors: Alla Yu. Baranova, Irina D. Mermanishvili

The overall level of financial knowledge of the country's population depends largely on its economic development. In modern society, everyone must have financial knowledge and skills, using modern financial technologies. The main prerequisite for financial literacy of the population is the ability to control personal income and expenses. Illiteracy can cause many emergencies: panic in the foreign exchange market, an increase in the amount of problem loans, an increase in the number of bankruptcy cases of individuals and legal entities, an increase in the debt burden of households and many other problems. Financial knowledge and skills help to plan family budgets, invest and increase income, save money during a crisis to ensure a high standard of living for yourself and your loved ones. Understanding key financial concepts and the ability to apply them in practice allows a person to competently manage his own funds. The article analyzes the trend in the development of financial literacy of the population in Russia and, in particular, in the Krasnodar Territory; reveals the experience of carrying out measures on financial literacy of young people, implemented as part of the federal project "Improving financial literacy and the development of financial self-education in the Russian Federation." The purpose of the article is to determine the level of financial literacy of the population in Russia and to develop proposals for its improvement.

140-145

Authors: Blerim Dragusha, Mic Ukaj

This paper aims to explore the emergence and the evolution of traditional recruitment methods into electronic recruitment or called in different literatures as an online recruitment. The electronic recruitment strategy derives from the human resources management in the organization which defines the main goals of the recruitment process. The advancement of information technologies has influenced the transformation of traditional recruitment into electronic recruitment; the challenges that followed this process were determinants of the development of this sector. E-recruitment is a relatively new phenomenon in the modern recruitment process, which changes the nature of the traditional recruitment process (Dragusha et al., 2019). Therefore, we believed it would be helpful to elaborate on the traditional recruitment by transferring it to modern recruitment, because traditional recruitment methods such as job panels still remain successful and important for the recruitment process. Additionally, word of mouth and references were found to be successful and ongoing in traditional recruitment. The personal connection between the candidate and the recruiter is still essential to the success of an application. The purpose of this paper is to examine whether the traditional recruitment process has been reduced due to the impact of electronic recruitment. Therefore, our research empirically examines the impact of electronic recruitment on the wider choice of qualitative applicants, the cost and time spent on the recruitment process.

154-161

Authors: Vyacheslav A. Lepeshkin, Valentina S. Treskova

Today is the time to take active actions to restore the incoming tourist flow to Sochi after the upcoming lifting of restrictions on the entry of foreign tourists. The main target market for advertising, information and other efforts is Israel, for which there are objective reasons. Israelis were the leaders in the rating of foreign tourists of Sochi in the period preceding the pandemic. This was facilitated by: geographical proximity, the spread of the Russian language in Israel, cultural, historical and human "intersections" of Israel and Russia, etc. For the successful promotion of Sochi resorts in Israel, it is necessary to improve the quality of the tourist product. The introduction of the "Israel Friendly" and "Safe Tourism" systems will contribute to this. It is also necessary to improve the content and expand the number of services of tourist portals, develop a system of specialized mobile applications. Unified "tourist" travel tickets for foreigners are another direction for improving the quality of a regional tourist product. It is possible to solve the related issues of improving the quality of the Sochi tourist product and the effectiveness of its promotion on the Israeli market through the joint efforts of the tourism industry, the expert community, the administration of Sochi and the Krasnodar Territory, federal ministries and departments. Success in solving the problem of promoting Sochi in the target market will work for the development of inbound tourism in our country.

170-176

Authors: Oksana V. Markova

This article is devoted to the problems of the tourist product of hotels located in buildings that are objects of cultural heritage. The article addresses the issues of effective use of cultural heritage objects in the hospitality industry in Russia on the example of Volgograd. Based on the analysis of the hotel market of the city, the historical means of accommodation facilities of the city are identified, their unique characteristics in terms of internal infrastructure, unique and mandatory services in accordance with the requirements of the legislation are investigated. The special interest of the society to the hotel enterprises in the buildings of cultural heritage, their objective role in the development of the hospitality industry as a whole as a real opportunity for economic and cultural recovery for the regions of Russia was noted in recent years. It is the current view at the level of regional policy that allows us to consider cultural heritage objects as a potential asset of cities that can generate income at all levels of the financial system and influence the economic component, guaranteeing jobs to the population, leveling the seasonality of the market and significantly influencing its investment attractiveness, multiplying the development of urban infrastructure. The author believes that the growth of the authority of cultural heritage objects in the social sphere is inseparable from the strengthening of local traditions, the revival of cultural values, and the improvement of the cultural level of the local population and visiting tourists.

183-191

Authors: Tatyana V. Saleeva

In recent years, world tourism has been one of the fastest growing sectors of the economy and has proven its resilience against the backdrop of relatively global problems and crises. However, 2020, according to the World Tourism Organization, was the worst year in the history of international tourism in the last 30 years. At the same time, the high share of domestic tourism in Russia and unprecedented measures of support for the tourism sector by the Government of the Russian Federation allowed the domestic hospitality industry to survive the pandemic year with less losses compared to international tourism. Most experts believe that at the international level, the tourism industry will be able to regain its position after the end of the COVID-19 pandemic no earlier than in 2-3 years. The forecast for the recovery and development of the Russian tourist market is more favorable due to the domestic sector. Restoring the functioning of the global tourism system will require a coordinated and integrated approach at the regional, national and international levels. Improving the level of security of services at tourism enterprises, stabilizing the sanitary and epidemiological situation in the regions, as well as vaccinating the population, necessitate the transformation and modernization of tourism and will contribute to its recovery in the post-pandemic period.

346-354

Authors: Ani G. Arakelyan

As of today, the formation of economic clusters is a necessary condition for ensuring strong competitive positions of countries and individual territories in the field of industrial, innovative, technological and other types of development. At the same time, different types of economic clusters develop differently in different countries, and the priority in this process is usually given to industrial, innovative and, to a lesser extent, transport and logistics clusters. Conversely, service clusters, including tourist clusters, remain less common. The purpose of this article is to present the results of the author's analysis and generalization of the world experience in implementing cluster initiatives, to determine the prerequisites, goals and the most effective tools for achieving them that are characteristic of this process. A hypothesis is put forward regarding the incomplete correspondence of tourist clusters to the goals of industrial, innovative, technological and competitive development typical for cluster policy, and the greater orientation of this type of clusters to solving problems of economic development in the regional and territorial context. The methodological basis of the study was system analysis and synthesis, and methods of comparison and generalization were actively used. The theoretical propositions formulated as a result of the research can serve as a subject of scientific discussion and a starting point for further research works of a fundamental and applied nature. The results obtained may also be of practical interest to state and local government authorities when they regulate economic development processes in the sectoral and territorial context.

360-367

Authors: Evgenia V. Gordeeva, Daria V. Kuksa

The organization of lean production can contribute to achieving surprisingly high results, the experience of the famous Toyota company is an example of this. The technologies and techniques involved in this concept are not particularly difficult to understand, just get familiar with specific terms such as" friction"," value " and others. Nevertheless, it is the introduction of lean production at the enterprise that is a particular problem in both Western countries and the Russian Federation. The difficulty lies in the fact that it is impossible to apply one or two tools included in lean production and get the maximum possible return. The use of the 5S system allows you to eliminate the loss of time (muda) for workers to find the right tools, which are always in the designated places. Well-established preventive maintenance simplifies their use and plays a major role in reducing the time of equipment setup, providing the possibility of using SMED rapid changeover systems.

376-383

Authors: Elena N. Klochko, Victoria N. Mukha

The presented article contains the results of the analysis of opportunities for the development of ethnic entrepreneurship in the Krasnodar Territory, conducted on the basis of the analysis of data on population migration to the Krasnodar Territory. It is determined that, despite some slowdown in migration flows, the region as a whole remains attractive to domestic and external migrants. It was revealed that the multi-ethnic composition of the population and the difficult migration situation contribute to the development of ethnoeconomics in the region, and ethnic entrepreneurship can be considered as one of the promising "growth points" of the region's economy. Consequently, ethnic entrepreneurship acts as an adaptation strategy, that is, a set of practices of social interaction between ethnic migrants and the receiving community. New opportunities for the sector of ethnic entrepreneurship in modern conditions are outlined. Despite the clear advantages, ethnic entrepreneurship had a potential for conflict, since ethnic inequality, labour market competition, shadow employment, income and living standards created inter-ethnic tensions. However, if ethnobusiness is focused on the development of new or untapped economic niches, aimed at diversifying production, etc., then ethnic entrepreneurs are practically not rejected by the host community.

393-409

Authors: Nadezhda K. Serdyukova, Valentina P. Kalinina, Dmitriy A. Serdyukov

This article presents the results of a study of the gastronomic tourism market in Russia. The authors investigate the conceptual apparatus and modern trends in the development of gastronomic tourism, its features, classification. Tourist resources have been allocated for the development of gastronomic tourism in the south of Russia. On the basis of a survey of consumers, the authors analyze the portrait of a consumer in the gastronomic tourism market, preferences for destinations, services and services as part of a gastronomic tour product, draw conclusions about the competitive duration, structure and price of a gastronomic tour. As a result, the authors propose an organizational and technological model for the development of gastronomic tourism, determine the stakeholders of gastronomic tourism projects, their goals, objectives and the basis for interaction as a result of the project. The study used the method of sociological survey, SWOT analysis, PEST analysis, systematic approach, modeling, method of graphic interpretation of data. As a result, the authors come to the conclusion that with an integrated approach to the design and development of gastronomic tourism in the region, the latter can be an important factor for increasing tourist flow to the destination. In the context of the coronavirus pandemic and closed borders, gastronomic tourism can serve as a factor in increasing the attractiveness of Russian destinations in the domestic tourism market, increasing tourist flow and tax revenues.

425-433

Authors: Yuri I. Verbin, Elena К. Vorobey

The Free Economic Society is one of the oldest public organizations in Russia, which unites economists and managers, financiers, educators, and banks. The purpose of the existence of the Free Economic Society is to strengthen the Russian economy as a whole, and individual regions in all sectors of the national economy.The formation of the VEO is associated with the decree of the Empress of the Russian state Catherine II, in which the name of the society was given – "The Imperial Free Economic Society of Russia" and the main principles of its activities were determined: to serve the Russian state, to provide an independent and objective approach, representing various points of view, combining for this constructive forces of the country: from the ruling to the opposition. Today the Free Economic Society of Russia is the spiritual successor and successor of the traditions of the imperial Free Economic Society. This society operates throughout Russia. In the year 255th anniversary of the oldest public organization in Russia – VEO of Russia – one of the youngest regional organizations – the Krasnodar regional public organization VEO of Russia – summarizes its contribution to the educational activities of the society.

234-246

Authors: Okojie Aghedo Lawrence, Anna Tizhe

The study empirically examines the place of foreign portfolio investment in macroeconomic performance of Nigerian economy over period of 1986 to 2017. The methods of estimation implemented in the study include; VAR estimation techniques which included the impulse response functions and the forecast error variance decomposition; and VECM for determination of co-integrating relationship. Concisely, we found insignificant effect of FPI in stimulating macroeconomic growth performance in Nigeria. The core of our analysis is that foreign portfolio investment is not a strong forecaster of itself. The study so upholds that foreign portfolio had exerted somewhat insignificant positive effect on Nigeria’s macroeconomy. This could be pointing towards to lack of buoyancy in Nigerian financial markets. Thus, strategies to be adopted towards foreign portfolio investment in Nigeria should comprise a combination of investment incentives designed to promote foreign portfolio investment inflow as well as regulatory measures aimed at maximizing the country’s net benefits from the investment inflow. Favourable policies as regards foreign portfolio investment inflows should be implemented by the Nigerian government to attract foreign portfolio into the Nigeria.

254-262

Authors: Alla Yu. Baranova, Alina A. Markaryan

When the position of a legal entity reaches a critical point and the organization is no longer able to settle its obligations to founders, employees, partners and counterparties, the best option for resolving debt problems is to declare bankruptcy. In accordance with the Decree of the Government of the Russian Federation of May 29, 2004 N 257 "On securing the interests of the Russian Federation as a creditor in a bankruptcy case and in the procedures applied in a bankruptcy case" by the body authorized to represent the interests of the Russian Federation as a creditor in bankruptcy cases and in procedures bankruptcy is the Federal Tax Service of Russia (FTS). The Federal Tax Service of Russia exercises its powers both directly and through the territorial tax authorities performing the functions of an authorized body on the basis of powers of attorney issued in accordance with the established procedure. Despite the sufficient availability of regulatory legal acts on the insolvency of organizations, the state, due to the annual increase in the number of bankrupts, does not receive billions of tax payments to the budget, remaining a third-priority lender. In this regard, the assessment of the activities of tax services in bankruptcy procedures is relevant. Based on the study of tax authorities as creditors, an assessment of the effectiveness of their activities in bankruptcy procedures is presented.

282-291

Authors: Tatiana E. Gvarliani, Emilia S. Adamova

The article presents the results of the study of the problems of management of enterprises in the hotel business. Three groups of problems related to the management process have been identified. The considered problems of management of hotel enterprises appear as global, since they are found throughout Russia. For this reason, the Russian hospitality sector as a whole suffers, since most of the domestic hotel enterprises cannot provide their guests with the required level of quality necessary for the effective development of this sector in the future. As a solution to the revealed range of problems, the application of the process approach is proposed. This approach in the case of management of hospitality enterprises is recognized as one of the most effective tools for their adaptation to environmental conditions. In this regard, methods are becoming increasingly important that allow hotel enterprises to improve their business processes, which aims to better satisfy their customers.

302-310

Authors: Valentina N. Rashchupkina, Elena N. Obedkova

The article discusses the theoretical and practical aspects of substantiating a methodological approach to the organization of the payment process in order to increase the efficiency of the use of material resources and simplify the organization of the interaction between initiators of payments, the treasury department and the planning and economic department of the enterprise, as well as external participants in the payment process in the framework of formation and execution payments. A methodology for formalizing the business process “Payment Management” within the framework of SAP ERP was developed, taking into account the centralization of treasury functions. The algorithm for organizing the payment process based on the ARIS Express software is modeled, the author substantiates the business stages of the verification process including: identifying conditions and a documentary basis for making payments, establishing the procedure for the formation of the payment register and the timing of formation, approval (authorization) and processing of the agreed register payments.

323-333

Authors: Elena S. Tsepilova

The relevance of the study of this type of special economic zones as tourist and recreational zones (SEZ TRT) is explained by the complexity and ambiguity of the application of this tool of regional policy and strategic development of the region. The subject of the research is the effectiveness of tourist and recreational zones, including the effectiveness of tax incentives applied by the state for tourist activities. The purpose of the work is to analyze the activities of SEZ TRT and improve the methodology for evaluating their effectiveness. The paper used institutional approach to the study of the specifics of the zones' activities, content analysis of the legal framework and research papers on the assessment of their activities, economic and statistical analysis of the dynamics of zones performance indicators since 2007−2019. The practical significance and scientific value of the article lies in the formation of the author's approach to the problem of evaluating the activities of the SEZ TRT. It is concluded that the SEZ TRT cannot yet be called an effective tool for regional development. Since the existing SEZ TRT offer residents similar tax conditions, and the results of the zones' activities differ significantly, it can be concluded that the tax benefits provided are not a key factor in the development of these territories. Changing the scale in effect from 2019 the method of evaluating the effectiveness of special economic zones allowed artificially improving the overall performance indicator of the TRT SEZ without real reasons. Recommendations are proposed for adjusting the current methodology for evaluating the effectiveness of the SEZ TRT.

120-132

Authors: Tatiana Yu. Anopchenko, Natalia F. Voronina, Emil I.Soboleva

In the article the author considers microenterprises as subjects that play an important role in the economy of the country, as they are a kind of intermediaries between a complex system of entrepreneurship and consumers, allowing to identify emerging trends in the markets and quickly satisfy a wide range of consumer needs. Financial activity of enterprises should be based on the analysis of its financial stability. It is proved that the analysis of financial stability in this case is an important tool for determining the optimal structure of sources of financing of assets and the effective use of these resources, enhancing the financial independence of the enterprise, which generally increases its stability in the market. The author has made calculations of the analysis of financial stability on the basis of methodical recommendations of Goskomstat on the example of microenterprise on rendering educational services on the basis of the operational statistical reporting, data of accounting reports. The basic coefficients characterizing activity of the organization are allocated and calculated, the justification of the received results is given. The article presents the analysis of accounts receivable, analysis of current accounts payable, liquidity assessment of the balance sheet, return on assets, as well as a number of factors that characterize the ability of the enterprise to Finance its activities.

142-148

Authors: Alla Yu. Baranova, Azniv A. Erukyan

During the pandemic, some business sectors, mainly in the service sector, suffered many times more than others. Fitness clubs, cinemas, restaurants, tour operators, event agencies, hotels and hotels are simply closed and have not made a profit for a long time. One of the first industries to be severely affected by COVID-19 was the hospitality industry. After Russia closed its borders, hoteliers could only hope for domestic tourism. Some hotels did not meet the requirements and closed, others are looking for sources of income. Under these conditions, it is relevant to study the financial stability of hospitality organizations – this is the purpose of the study. The hotel business all over the world is experiencing an acute crisis. Booking.com shares fell more than 30%, while Hilton and Marriott shares fell more than 50%. In Russia, the situation is no better; all hoteliers are faced with an acute question of how to survive in this situation. The occupancy dropped almost threefold (occupancy of 20% of rooms versus 65-75% in the seasonal month). Events are canceled, reservations are canceled, and this all implies a refund to guests and companies. Not all hotels have a margin of safety to withstand such a steep peak, and a sharp increase in reductions is already being noted. In the future, the number of unemployed will only increase. Hospitality organizations can be advised on the following: optimize costs, revise algorithms for working with suppliers, strengthen sanitary measures, and work with each guest. Customer focus is now the most powerful tool. The pandemic will end sooner or later, but new business connections and effective crisis management will remain.Based on the study of financial stability, the article presents the principles of operation of hospitality organizations in a post-pandemic.

157-165

Authors: Evgeny N. Finadeev, Anastasia A. Finadeeva

In the article, the authors raise the issues of using social anthropomorphic robots in the hospitality industry and their perception by end users of services. Today we see two opposite trends: one trend is aimed at the technical improvement of robots (moreover, we are not only talking about the brains of the robots – the artificial intelligence) and the desire of engineers to create a machine that is as similar as possible to a person both externally and in its behavior, and the second trend tells us that the end user of services has a negative attitude towards robots that he cannot distinguish from humans. The hospitality industry, in contrast to industrial production, which has incorporated robots into its business processes for a relatively long time, has traditionally been distinguished by its focus on people, on the use of such soft skills as empathy, creativity, the ability to solve non-standard tasks, etc. Using robots in this area poses difficult challenges, and not in the least – in connection with the consumer's perception of social robots.

175-181

Authors: Kristina K. Kasayeva

The scale, geographic scope, depth and severity of the consequences of the crisis caused by the COVID-19 pandemic surpasses the crises of previous years. Its causes go beyond standard thinking about financial and business cycles. The COVID-19 pandemic served not only as a "trigger" for the realization of the crisis potential that has already developed in the global stock market, but also acted as a powerful autonomous factor in a sharp deterioration in the macroeconomic situation. The Government of the Russian Federation, the Bank of Russia and local state authorities are implementing a large-scale set of measures to combat the COVID-19 pandemic, to socially protect citizens, industries and sectors of the economy in the most difficult situation. A specific feature of the current crisis is that support for the banking sector at its initial stage is not among the priorities of the state's economic policy. On the contrary, the terms of credit holidays were increased and the terms of credit holidays were liberalized, the regulation of interest-free loans for the issuance of wages, completely unusual for banking activities, was introduced, and programs for lending to systemic enterprises at a reduced rate and preferential mortgage lending were launched. The banking sector is actively involved in the implementation of these measures, ensuring the smooth functioning of the national payment system and customer service throughout the entire perimeter of financial services in an environment of increased risks. New trends and directions of lending to SMEs in the Russian Federation have emerged. The development of SMEs is closely related to the lending activities of commercial banks, since they need external borrowing at all stages of their activities. The problem of bank loans to ensure sustainable economic development has exacerbated in the current conditions of the coronavirus pandemic. The creation of an effective lending system to ensure sustainable economic development is possible only through the joint efforts of the Russian government, financial and credit institutions, the Central Bank and business representatives. Then, with the right approach, sustainable economic development will be ensured by stimulating activities to ensure sustainable economic development.

189-199

Authors: Ruslan V. Kolesnikov, Nelli A. Saveleva

This article identifies areas of primary specialization in the sphere of medical tourism in the Southern federal district based on the analysis of medical profiles of organizations involved in the implementation of the federal project "Development of medical services export". Among them: immunology, coloproctology, cardiovascular surgery, maxillofacial surgery, multidisciplinary surgery, urology and nephrology, cosmetology and aesthetic medicine, oncology, laboratory diagnostics, infectious diseases, endocrinology, dentistry, rehabilitation, therapy and professional medicine, children's health, maternity care, gynecology, traumatology and orthopedics, otorhinolaryngology, cardiology, ophthalmology, gastroenterology, pulmonology, neurosurgery, neurology. Statistical methods, graphical methods, and content analysis are used. The research was based on statistical data and presentations of the russian regions that were involved in the implementation of the federal project. The Southern federal district has the necessary prerequisites and has sufficient potential for the development of medical tourism. In the south of Russia, especially favorable conditions have been created for the development of medical resort tourism. Currently, the commercial sector of medicine in the region has not been involved in the implementation of the federal project. In the public sector, there is a high level of utilization and, in general, a fairly low level of the service component of medical services, which undoubtedly has a negative impact on the level of development of medical tourism.

207-212

Authors: Irina Yu. Potashova, Karina A. Korneiko

Currently, any business entity, regardless of its organizational and legal form, stage of the life cycle, type and scale of activity, both in a dynamically developing economy and in a deep crisis, seeks to achieve such a position in the market that would allow it to achieve the desired image, social, financial result. Achieving such a result requires investments and the development of an appropriate financial policy A well-developed financial policy of an enterprise is one of the most important factors in the profitability of any, including a trade organization. By the financial policy of a trade organization, the author understands a group of activities carried out in the field of financial relations within the enterprise in question. The financial policy of a trade organization is one of the most important components of the overall development policy of an enterprise. Financial policy development is impossible without defining the appropriate management style for a trade organization. The structure of the financial policy of an enterprise has a complex structure consisting of many complex elements. Thus, the purpose of the article is to study the features of the financial policy of a trade organization at the present stage of economic development. In the course of writing the article, methods of analysis, generalization and synthesis were used. The article reveals the concept and objectives of the organization's financial policy. The features of financial policy are analyzed depending on the management style. The characteristic of the structure of the organization's financial policy is given. Based on the results of writing the article, it is concluded that when choosing a certain type of strategic development of an organization, a trade organization must improve all elements of its financial policy.

227-230

Authors: Musaed Sulaiman AlAli

COVID-19 pandemic, which first appeared in China, had a huge impact on the world economy. This negative effect was translated into an unprecedented losses in financial markets all around the world. Literature shows that there is a strong negative relation between stock markets returns and pandemic outbreaks. With number of confirmed infection cases exceeding 13.95 million and 593 thousands death cases, as of July 17th 2020, this study is set to examine the effect of confirmed infection and death cases related to COVID-19 on the financial performance of Asia largest five stock markets. The research is based on the daily returns of Shanghai S.E., Nikkei 225, Bombay S.E., Hang Seng Index, and South Korea KOSPI Composite Index over the period Jan 23rd to May 27th, 2020. Using a panel date analysis to examine the effect of both infection and death rates, as independent variables, and the average markets returns of the five markets under study. Results show that there was a statistically significant inverse relation between infection and death rates related to COVID-19 and Asian stock markets returns. But despite of that, this relation was unable to explain stock markets returns indicating that negative returns in these markets was related to other factors.