The world's leading energy companies are committed to using cleaner forms of energy to reduce harmful environmental impacts around the world. It is obvious, that the transition to energy production from clean sources is also one of the ways to increase competitiveness and obtain additional financial benefits. Moreover, such environmental implementation is actively supported by government programs. The growing amount of research into the impact of renewable energy generation on the company's financial changes, including the company's value, reflects the promise of renewables as a major source. The article examines the motivation of energy companies to enlarge the volume of power generation from renewables. The main purpose of the article is to identify the factors influencing the decision of energy companies to increase the production of energy. For these purposes, two hypotheses are put forward, raising the issue of the significance of state regulation as a factor influencing the transition to renewable energy sources, and the influence of green energy production on the cost of energy companies. As a part of the hypothesis testing, the Tobin coefficient was also used as an indicator, reflecting the readiness of energy companies to change. Linear models on logarithms, including the most significant regressors with respect to independent variables, were chosen to test the hypotheses.
The article reveals the endowment funds’ formation issues of universities both in Russia and abroad, and compares their quantitative indicators. The review of publications by various scientists on the formation and use of endowment funds given in the article allows us to assess the importance of this type of endowment capital and to clarify their role in the universities’ activities. The article also pays attention to the sources of replenishment and spending directions of endowment funds of Russian universities in comparison with foreign universities. The paper presents a modern practices description of using endowment capital, the authors indicate the changes that have occurred in this way in the practice of Russian universities. As a problem, the authors of the article consider approaches to assessing the use effectiveness of endowment funds. In particular, the article calculates the endowment funds’ effectiveness of Russian universities using the Hansmann model. The result of the calculations showed the endowment funds’ effectiveness of the universities selected for the study, but, at the same time pointed out at difficulties in selecting the information necessary for calculations and serious differences in approaches to the endowment capital use of the universities themselves.
The article discusses the interconnection of corporate social responsibility and sustainable development of companies considering climate changes. Corporate sustainable development imposes attention to environmental problems that makes companies to switch to environmentally friendly technologies, reducing carbon emission, cutting natural sources’ deployment. The main goal of the article is to research if there are different strategies may be applied to shift companies’ activities to environmentally friendly mode. Different opinions and points of view were introduced within the article and confirm the importance of corporate social responsibility. According to corporate cases of corporate social responsibility implementation several principles were elaborated to manage environmental issues. As a result, actual business practices were observed through the principles of corporate social responsibility so, that an average strategy of companies’ sustainable development was described. There is a conclusion in the article, that corporate social responsibility can’t be applied within the company’s activity without dealing with sustainable development, because the responsibility appears as a tool of sustainability, but not the independent purpose. It has been outperformed that social responsibility within environmental issues takes significant place in strategies of sustainable development in present time and even overshadows the issue of financial achievements increase.
The issues of classification and approaches to management of intangible assets of companies have been considered. Main features of intangible assets have been examined, as well as normative regulation of financial accounting of them. The important point of intangible assets management is their classification and distribution to homogeneous groups, that allows us create and clarify intangibles’ management policy in terms of digitalization. In addition, the authors have paid attention in the article to the issues of intangible assets valuation. Basic stages of intangible`s assessment have been analyzed, as well as current problems of estimation of true value of intangible assets.
Modern approaches to assessing the cost of capital of a company in order to choose the most successful structure are considered. The SARM model for estimating the cost of equity is described in detail. The indicator of economic value added was proposed as a criterion of economic efficiency. Modern approaches to assessing the value of a company are reflected, financial instruments and market indices used to assess the cost of capital of companies are studied. The hypothesis of the relationship between the capital structure and value was also evaluated and confirmed on the example of an operating oil and gas company, taking into account the actual results of its activities and industry characteristics.
