2020. vol. 24. No. 2

The position and behavior of adult individuals in the labor market is usually linked with the presence of children. Numerous studies show that mothers suffer a wage penalty relative to women without children. A less studied issue is whether men’s earnings are somehow affected by children. In this paper, we analyze the relationship between wages and having children among Russian men, using RLMS–HSE panel micro-data of 2010–2018. In this period, fathers earned, on average, 25% more than non-fathers, which suggests a high wage premium for fatherhood in the Russian labor market. Estimating wage equations with individual fixed effects we show, how ever, that this advantage vanishes after controlling for differences between fathers and non-fathers in socio-demographic and unobserved individual characteristics. This means that the observed gap is caused by (self-)selection of initially more productive men in fatherhood. Estimating models that take into account the age and number of children as well as their biological relationship with men still allows to identify a 2,5–3% wage premium for one biological child under the age of 3 years. We show that this premium is not related to a possible reverse influence of men’s wage growth on the decision to have a child and may be partly explained by the increased gender division of labor within the household after the appearance of a child. Additionally, we find that Russian men receive a marriage premium of about 3%.

The article is devoted to the problem of insufficient credit and investment support for small and medium enterprises (SME) and their ineffective interaction with banks. In the sphere of relations between the banking and business sectors, which is the subject of research, two models of cooperation between small firms and banking organizations have been identified: the existing (traditional, “consumer-based”) and modified (“partnership-based”), based on a higher level of mutual trust, which allows reconciling contradictory interests of these agents. The purpose of this paper is to identify methods of transforming the existing model of interaction between SMEs and banks into a “partnership-based” and to justify the need of measuring trust level as an important stage of this study. A comparative analysis of the existing methods of quantitative assessment of trust level between various economic entities has been carried out, their shortcomings have been identified and the conclusion about the lack of adequate approach to the assessment of trust level between small firms and banks has been made. Thereby an integral index that synthesizes economic-statistical and expert approaches and combines economic indicators and the results of surveys (representatives of banking and business sectors) has been proposed. This index has been verified and compared with similar mesoscale indicators that measure trust level. In order to increase the level of mutual trust between market agents a system of adaptive credit and investment consulting (AKIK) has been proposed. The use of AKIK, in comparison with other programs (“Svoe Delo”, “Delovaya Sreda”), is aimed to set stable relations and to consider long-term economic interests of small enterprises and banks. The method, based on the modification of a foreign methodology that manages to measure the influence of trust level on economic growth (P. Zack, F. Kiefer, S. Knack), has been developed. This method helps to calculate economic effects obtained due to this factor for small business and the entire economy.

The phenomenon of capital flight often accompanied by exact figures is widely discussed in the media, mentioned in the speeches of political figures. However there is no direct indicator of capital flight in the Russian official statistics and the use of the term in economic literature varies, resulting in instability of financial flows constituted the phenomenon. The problem of ca­pital flight, in general, characterized by the uncertainty at all stages of the analysis. In addition to the lack of a common terminology, there is no generally accepted definition and an appropriate quantitative indicator. The views of the researches on the place of capital flight within the frame­work of economic relationships, its factors and forms of capital flight, the effectiveness of policies aimed at preventing and reducing undesired financial flows depends on the specifics of a particular economy and the time period considered.

This article addresses the issues of capital flight determinants, it provides a review of publications on relevant topics of both Russian and foreign researches. It clarifies the theoretical and conceptual framework of the phenomenon in order to define its limits. In particular it exami­nes the issues of terminology adopted in the Russian-language economic literature, discusses the issues of «flying» financial flows detection and proposes the definition of capital flight taking into account the undesirable consequences of the process nature. The theoretical basis of the problem is represented by studies defining the investment climate as the key root case of the capital flight, as well as publications linking the capital flight with the existence of asymmetries in the investment risks of residents and non-residents the institutional development problems. The review of applied studies reveals the issues of choosing proper macroeconomic indicators in capital flight models for emerging countries in Latin America, Latin America, Africa and Eastern Europe, as well as for developed economies in Asia and Eurozone.

The paper estimates fiscal multipliers based on models of structural vector autoregression, identified by sign and narrative restrictions. Narrative restrictions enhanced the identification procedure, having narrowed the set of models in line with the fiscal multipliers’ theoretical inference. The models that were predominantly associated with positive impulse responses of output to government expenditures shocks and negative impulse responses to government re­venues shocks were chosen. Narrative sign restrictions only slightly changed the median impulse responses however wiped off outlier models induced by the randomicity of sign restrictions identification. This fostered the more accurate intervals of impulse responses and improved the estimates. In result, point estimate of revenue multiplier is lower in absolute value (–0,38) than the point estimate of expenditure multiplier (0,42). Nevertheless, taking into account, the multiplier of oil and gas revenues is greater than non-oil and gas revenues. Economic expenditures have the greatest impact on GDP during the first year whereas the least have social expenditures. The contribution of national projects to GDP was evaluated using estimated multipliers given the near-2019 economic conditions. It turned out to be slightly positive in 2019 (0,4%), then it grows and raises GDP on 4,0% in 2024 against the scenario with the absence of national projects. Thus, the average uplift to GDP growth rates is 0,67 p.p.

The purpose of this research is to obtain empirical evidence about the relationship bet­ween the effects of leverage, dividend policy, and relational capital on corporate performance of the manufacturing companies listed in the Indonesia Stock Exchange over the period of 2016–2018. This is a quantitative study used secondary data of 117 companies listed on the Indonesian Stock Exchange (IDX) cover period of two years (2016–2018). The study made use of ex-post facto research design . Purposive sampling method employed for selecting data of sample to obtain sample of 117 companies and the unit analyze are 39. Data collection method used in this research is documentation. Methods of data analysis used descriptive statistical analysis and regression moderation with the test of absolute difference value. The data was analyzed using multiple regressions. Three formulated research hypotheses were achieved after tested. The findings from this study show that all the independent variables have effects on corporate performance (ROA) simultaneously (F-test). The t-test results showed that leverage (DAR), which is measured by a debt-to-asset ratio and dividend policy (DPR) which is proxies by a dividend payout ratio have significant effect on corporate performance, while relational capital (RCE) in this study was measured by relational capital efficiency has no significant effect on corporate performance (ROA).