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.