European Journal of Economic Studies

62-68

Authors: Ekaterina N. Khachemizova, Marco Cavedoni

During the pre-Olympic years, a great work has been done in different areas of life. Along with the development of transport telecommunication infrastructure, huge volumes of investments enabled the construction and redevelopment of sports venues, boosted the tourist influx and construction of commercial and residential estates. The mail goal of the post-Olympic Sochi is to become a year-round resort, pay off investments made to the hotel complexes. The study features ways for development of tourism sector in Sochi through advantages of business tourism in summer and winter period and low vacation costs.

75-84

Authors: Şerife Özlen

Investment analysis should be carefully performed in stock markets. Therefore, firms take necessary actions according to stock market behavior and macroeconomic variables. Therefore, the predictability of stock market determinants becomes important. This study aims to identify the effects of selected macroeconomic factors (interest rate, exchange rates, inflation-consumer price index, current account deficit, unemployment rates and sector indices) on stock returns of selected 48 companies in 11 different sectors of Istanbul Stock Exchange including electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation sectors. The study employs ARDL approach on the period between the second month of 2005 and the second month of 2012 including 85 monthly observations. According to the results, Sector Indices are found to be quite influential through the selected sectors. Exchanges rate is also significantly influential on almost all the sectors except Communication and Textile sectors. The impacts of Interest Rate, Inflation Rate, Current Account Deficit, and Unemployment Rate are various through the selected sectors. Moreover, the influence of Istanbul Stock Exchange Market on the stock returns of considered companies is significantly clear through the sectors except six companies (two companies from Paper sector, one company from Metal-Main sector, two companies from Stone sector and one company from Textile sector) out of 48 companies. Since it includes a wide range of companies and sectors, this study is expected to be useful for all policy makers and investment decisions.

93-98

Authors: Vladlena V. Siganova, Irina V. Kozhushkina

In modern economic conditions finances play the key role in the management of the enterprise. The indicators of financial stability characterize all activities in general, identify problem areas in cash flow management, planning and distribution. In this regard, the study of factors influencing financial stability, is very important for the financial management and the development of effective strategies. The link between investment activity and financial stability of business entities is not taken into consideration in economic literature, while it is clear that the impact of investment is complex, defining the situation in the industry and its competitiveness, the development and modernization of production. The interrelation of investment and financial sustainability are considered in the analysis of key financial-economic indicators of the leading industrial enterprises of the Russian economy. Research allowed to reveal general regularities of influence of investment activity on the financial stability, the absence of adequate methodological tools for assessing and forecasting financial stability, the need to develop a new system of indicators for measuring financial stability.

107-112

Authors: Garnik A. Simonyan, Igor V. Turitsyn

The article deals with the issues of tourism-recreation sector development in the post-Soviet era. Here we highlight the key issues and solutions.

120-124

Authors: Evgeniya V. Vidishcheva, Irina I. Potapova, I. Kirtskhalia

Building and development of tourist cluster is an important area for recreation zones. The out-of-country research has proved clusters to be a stimulator for innovations and productivity. Strengthening the cluster in the region helps to develop its own brand, which is undoubtedly, becomes a key competitive advantage.