Aim. To identify the main directions and peculiarities of formation, development of modern corporate social policy (CSP) of leading international companies.

Objectives. To characterize the priority directions and principles of CSR on management of an international company; to define the principles of corporate social responsibility of an international organization.

Methods. The authors used empirical and analytical methods of research, analyzed the effective- ness of CSR, the level of development of intra-company labor relations on the example of the activities of Apple.

Results. The social policy of an international firm is an important component of its business strategy, which allows it to strengthen its reputation and increase competitiveness in the global market. Intra-firm labor relations are one of the important elements of the social policy of the company of leading international corporations. They strive to create conditions for the maximum development of employees’ potential, providing them with equal opportunities and fair remuneration for labor.

Conclusions. CSR initiatives have evolved today from a voluntary choice of individual companies into comprehensive strategies, mandatory rules at regional, national and international levels. Many international companies prefer to go beyond legal requirements and incorporate the idea of “doing good” into their business development models.

Aim. To develop recommendations on the formation of a national model of sustainable development of the Russian economy based on the identification of its key vectors, components in the conditions of external and internal shocks and changes caused by the transformation of strategic guidelines for sustainable development.

Objectives. To analyze the peculiarities of the implementation of the global concept of sustainable development of the United Nations (UN) under the influence of deglobalization processes; to substantiate the need to transform the established foundations of sustainable development of economic systems in order to ensure the national economic interests of Russia; to propose the author’s approach to the formation of the structure and content of the national model of sustainable development of economic systems; to build a scheme of interaction between different levels of the economic system, ensuring the development of the national model of sustainable development of economic systems.

Methods. In the course of the research we applied general scientific methods and techniques: analysis and synthesis, generalization of practical experience, expert assessments, comparison, abstraction and concretization, monitoring, modeling.

Results. Based on the analysis of modern processes of deglobalization, the necessity of changing the structure and content of the concept of sustainable development of the Russian economy in the conditions of external shocks caused by the transformation of the global agenda of sustainable development was substantiated. The author’s approach to the formation of the structure and content of the national model of sustainable development of economic systems is proposed, which supplements the current triad of sustainable development (economy, ecology and social sphere) with innovation and institutional components and is scalable to the meso(regions) and micro-level (enterprises). The structure of the model sets socio-economic security, innovation security and the quality of the institutional environment in the conditions of external and internal shocks as controllable parameters, focusing on the creation of conditions for convergent convergence of meso-level systems. The scheme of organization of interaction between macro-, mesoand microlevels of the economic system is constructed, in which at the macrolevel the foundations of sustainable development of the country’s economy on the basis of national interests are set, management and control of mechanisms of sustainable development of economic systems of other levels are organized, and at the mesolevel the multiplier effect is provided for in the implementation of economic mechanisms of interaction of all elements of the regional ecosystem; the key task of the microlevel is the implementation of effective management of the regional ecosystem.

Conclusions. Sustainable development of the Russian economy in the current conditions of global challenges is a complex task, the solution of which requires a systemic and holistic approach based on the prioritization of national economic interests. The proposed model, which determines the general guidelines at the macro level, suggests the organization of interaction of all three levels of the economy (macro-, mesoand micro-) with the provision of multiplier effect at the meso level, which requires the elaboration of adaptation mechanisms to the conditions of regional ecosystems and the specifics of business entities, suggests the continuation of the study.

Aim. To consider the key aspects of digital transformation of the financial sector in the context of large-scale changes taking place in the digital financial sphere.

Objectives. To determine the sequence of actions of the Central Bank of Azerbaijan in the direction of cashless economy; to study the change in the architecture of the financial sector in connection with advanced financial technologies; to study the problems of FinTech providers of new financial technologies as a result of the introduction of the concept of open banking.

Methods. The dialectical approach to analyzing the key phenomena and regularities contributing to the development of economic relations, as well as a systematic approach to revealing the main factors of development of digital transformation of the financial and payment sector served as the methodological basis of the research. Along with this, such methods of scientific analysis of socio-economic phenomena and processes as statistical, comparative, fundamental and functional analysis, expert assessments and modeling were used. The theoretical basis was formed by the final results of fundamental and applied research, reflected in periodicals, a number of monographs, materials of scientific conferences.

Results. The Central Bank of the Republic of Azerbaijan with the purpose of expanding the process of application of innovative financial technologies on the basis of advanced technological solutions and thus supporting FinTech activities has started to implement measures on formation of appropriate legislative bases for introduction of open banking and technological infrastructure. The main reason for people’s decreasing attachment to traditional banking is the availability of digital banking services in a convenient and easy way, without wasting time and waiting in long queues.

Conclusions. Azerbaijan has formed a positive trend in the development of digital banking, which can be considered one of the main challenges of modernity. Today, digital banking in Azerbaijan is replacing traditional banking services. The emergence of prominent FinTech providers of new financial technologies as a result of the introduction of the concept of open banking, which allows individual banks and customers to share financial information with third parties, is changing the status quo of the financial ecosystem. This new paradigm has the potential to transform the traditional financial services ecosystem into a dynamic and competitive environment where startups and small innovative companies, competing with larger providers, offer new products and services. A positive trend in the development of digital banking as one of the main challenges of modernity has emerged in Azerbaijan. Today digital banking in Azerbaijan displaces traditional banking services.

Aim. To develop a typology of economic development strategies by groups of grounds and ways to improve strategic planning on the example of the regions of the North-West Federal District (NWFD).

Objectives. To form groups of general grounds for the classification of regional strategies of economic development; to identify the types of strategies within each group of grounds; to carry out the typology of strategic plans of the NWFD regions; to develop recommendations for individual subjects of the NWFD on the improvement of strategic planning in the territory.

Methods. The article uses the method of classification and comparative (comparative) method as a key technique.

Results. The author presents a typology of economic development strategies of the NWFD regions on such groups of grounds as institutional, exogenous and endogenous. According to the institutional basis, the strategies of the regions are classified by a set of norms and rules for strategy formulators. Taking into account the exogenous basis, the typology is based on the correlation between the strategy and the external environment. On the endogenous basis the strategies are divided depending on their content.

Conclusions. The above approach to the typology of regional strategies allows us to formulate recommendations for a number of subjects of the North-West Federal District on improving strategic planning in the territory (in particular, to develop sections on resource endowment in the strategy, to highlight the stages of strategies, to increase the number of key targets, etc.). The prospect of the study may be the development of additional bases for the classification of regional strategies, as well as the types of regional strategic plans.

Aim. To identify the degree of balance of digitalization processes and potential imbalances in the economy of the Leningrad Region.

Objectives. To characterize the sequence of development of digital sectors and technologies at the national and regional level; to consider the threats that lead to imbalances in the digitalization of the Leningrad Region.

Methods. The study of digital transformation of socio-economic systems is based on the structural aspect of the system approach with the use of methods of comparison, analogies, rating, modeling.

Result. Three types of potential imbalances were revealed: the lagging behind at the national and regional level of the “Economy (business)” sector from the “Power” and “Society” sectors (sectoral); a part of digital cross-cutting technologies declared for development at the federal level is not reflected in regional documents of the Leningrad Region (technological); threats to digital development, in particular, dangers associated with the legitimacy of obtaining information, the problems of its use for the purposes of interested groups (legality).

Conclusions. Overcoming these imbalances requires increased investment in the digital infrastructure of the region, development of digital skills of professional staff, strengthening of personal social responsibility for the implementation of management decisions.

Aim. To develop a risk management algorithm that can be used in risk management of innovations.

Objectives. On the basis of the current international standards of risk management and scientific publications to study the existing practice of risk management, highlighting the main elements of the risk management process into a single generalized risk management algorithm; based on the results of the first task, as well as taking into account the identified features of the process of innovation implementation, to develop an algorithm for risk management of innovation projects.

Methods. The work is based on the study of scientific publications in the field of risk management and analysis of international standards on risk management in order to adapt them to the peculiarities of innovation management.

Results. The problem of risk management of innovation projects is one of the most difficult in project management because of the significant degree of uncertainty inherent in innovation. The article reflects the problem of investors’ acceptance of increased risk during the realization of an innovation project. The peculiarity of risk management of innovations is the need to accept increased risk, and in return the opportunity to present a new product or technology to the market. Taking into account the considered peculiarities, an algorithmic approach to risk management of innovation projects is given. The practical significance of the study lies in the possibility of applying the developed algorithm of innovation project risk management by economic entities, which will improve the quality of corporate risk management and increase the efficiency of resource utilization. The authors point out the necessity of selecting a project with positive NPV (discounted cash flow, DCF) and accepting the increased risk of the innovation project in the process of innovation management.

Conclusions. The authors have created a comprehensive methodological approach to innovation project risk management in the form of a sequence of actions algorithm. The purpose of its application is to increase the efficiency of risk management and to achieve a successful result of innovation implementation.

Aim. To investigate the dependence of the effectiveness of the functioning of creative industries on the presence of creative network nodes in regional localization.

Objectives. Collection of statistical information on the number and results of the work of organizations belonging to the complex of creative industries; determination of the fullness of the creative industries network in the localization of the regions of the Russian Federation (RF); correlation analysis.

Methods. The authors used the methods of statistical data processing, comparative and correlation analysis, general scientific methods of comparison, generalization and concretization.

Results. The conducted research confirmed the fact of high connectedness of organizations functioning within one creative network. A high correlation between the performance indicators of the organizations forming the creative product and the presence in the regional location of organizations that perform the functions of promotion and distribution of the creative product has been revealed.

Conclusions. The obtained results confirm the high relevance of using the methodology of network approach in the study and development of creative industries. Formation of managerial decisions to stimulate the development of creative economy in the localization of regions should include complex decisions regarding all participants of the creative network.

Aim. To assess the impact of cash flow forecasting errors on the accuracy of business value estimation and to develop a methodology for applying the income approach to business valuation, aimed at reducing these errors and improving the accuracy of business valuation.

Objectives. To systematize external and internal factors of cash flows of enterprises of the real sector of economy; to give a qualitative assessment of the impact of large-scale hard-to-predict negative events — the so-called black swans — on cash flows, business value and to determine the requirements to the qualities of a modern manager necessary for effective work in conditions of non-stationary impact of hard-to-predict large-scale external risks; to assess the impact of errors in cash flow forecasting of the post-forecast period on the result of business valuation

Methods. On the basis of the system approach the author applied quantitative methods of time factor accounting in financial management, methods of situational, comparative, factor and regression analysis, as well as approaches and methods of financial risk management.

Results. According to the results of the research the external and internal factors of cash flows of the enterprises of the real sector of economy were systematized, the most significant factors of deviation of expected and actual cash flows were singled out. A qualitative assessment of the influence of “black swans” on cash flows and business value is given, the requirements for the qualities of a modern manager necessary for effective work in conditions of non-stationary impact of hard-to-predict large-scale external risks are determined. In addition, analytical estimates of the impact of cash flow forecasting errors on the results of applying the methods of income approach to business value assessment are obtained. The methodology of business value estimation, oriented on the increase of estimation accuracy on the basis of taking into account the stages of business life cycle, is offered.

Conclusions. The quantitative estimates obtained in the article and the developed recommendations serve as a theoretical and methodological basis for increasing the efficiency of the income approach to business value assessment in conditions of increased uncertainty and market volatility.

Aim. To determine the directions of further research on the development of financial control in Russia.

Objectives. To reveal the content of financial control, its essence and features, including from the point of view of historical aspects of its formation; to determine the stages of development of financial control; to analyze modern problems and challenges facing the system of financial control.

Methods. The authors have studied specialized literature devoted to the topic under consideration. The research is based on the dialectical system approach, logical analysis, comparison, grouping, application of general scientific methods.

Results. The article reveals the content of financial control, its essence, including from the point of view of historical aspects of its formation. The key stages of financial control development are characterized, the analysis of modern problems and challenges arising in this system is carried out. On this basis, the directions of further development of financial control in Russia are determined.

Conclusions. The development of the financial control system at the corporate level is essential to ensure the efficiency of companies' activities. The need for monitoring and control is an integral part of a closed system of business activity. The ability of the company to timely respond to risks and predict potential changes, as well as the ability to promptly make management decisions can be attributed to one of the key aspects of effective entrepreneurial activity in modern economic conditions characterized by increased competition, growing pressure from sanctions, economic volatility, etc.

Aim. To develop proposals and practical recommendations on the transformation of interaction between banks and leasing companies, which will allow to increase the volume of their interaction, as well as to improve its efficiency due to additional commission income and increased profitability.

Objectives. To study and systematize macroeconomic indicators of the segments of banking and leasing services in Russia; to propose a new model of interaction between a bank and a leasing company, which is aimed at increasing its commission income and profitability; to assess the effectiveness of the developed recommendations and their potential to increase the financial result from the financing of leasing operations by the bank.

Methods. The author used a set of existing basic research methods, allowing to ensure the reliability of conclusions, including economic and mathematical modeling, system approach, sample observation, comparison, analysis and synthesis.

Results. Leasing is a part of credit activity of many commercial banks, forming their infrastructural elements, and occupies the largest share in the financial market of Russia after bank loans. The interest of domestic banks in financing leasing operations is conditioned by a number of factors: in the conditions of increasing competition in the market of financial services commercial banks have to develop and implement financial innovations in order to obtain additional income, which leasing allows them to do; availability of solid loan collateral in the form of the leasing object and the possibility of obtaining additional commission; availability of ready leasing infrastructure, i.e. rapidly developing market of leasing services and a whole range of effective leasing services; availability of leasing services in the form of the leasing object and the possibility of obtaining additional commission fees; availability of a ready-made leasing infrastructure, i.e. a rapidly developing market of leasing services and a whole range of effective leasing services. Despite the fact that both segments of the financial market the segments of banking and leasing services — are developing, their interaction needs transformation, since the banking business is under-receiving income from the leasing segment. Among the reasons for this situation are the decline in the volume of new leasing transactions under the influence of the geopolitical crisis, which exacerbated the problem of the shortage of leasing items; early termination of a number of large leasing transactions, including those associated with the withdrawal of foreign business from Russia; reduction of net interest margin caused by the outstripping growth of funding costs over the return on assets of the banking sector. The relevance of the research topic is traced in the need to develop measures to transform the interaction between Russian commercial banks and leasing companies in the context of geopolitical challenges, which will be aimed at improving the performance of credit organizations. For this purpose it is proposed to use additional sources of interest and commission income of commercial banks in financing leasing activities: increase in net interest margin by increasing the share of financing small and medium-sized businesses; increase in interest income due to accelerated reimbursement of value added tax (VAT); commission income from insurance business; attraction of small and medium-sized businesses in the regions of Russia, where Islamic traditions prevail in the country.

Conclusions. Proposals and practical recommendations concerning qualitative transformation of interaction between banks and leasing companies, assuming the use of additional sources of interest and commission income of commercial banks in the financing of leasing activity, allows to solve the important problem of loss of income of banks in the conditions of geopolitical challenges.

Aim. To analyze the features of different models of heat supply in different countries in terms of identifying strategic actors and their role in the analyzed models.
Objectives. To analyze heat supply models in Russia, Kazakhstan, USA and China, as well as strategic features in heat supply models of different countries; to identify strategically significant actors that play a leading role in the heat supply industry in different countries; to compare and reveal the features that can contribute to the growth of efficiency of strategizing the domestic heat supply industry.
Methods. The research is carried out in accordance with the strategy theory and strategy methodology developed by academician V.L. Kvint in the aspect of analyzing the external environment, interest groups and assessing the influence of strategic actors in the industry.
Results. In all the studied countries the state plays the role of regulator and controller, as the industry directly affects the economy of any country and the well-being of citizens. However, the level of regulation and influence of the state on the industry differs. The population as an actor shaping the strategic feature is identified only in the USA. This is due to the high decentralization of the industry and complicates strategizing, because in accordance with the methodology of V. L. Kvint, everyone who will subsequently implement the developed strategy should participate in the strategizing process. Each model has advantages and disadvantages. The US model of heat supply takes into account the opinion of the actors most fully, although it is the most decentralized and has the least population coverage. In contrast, China’s ultra-high centralization model achieves efficient growth and predictable planning in the heat sector. However, this model focuses on achieving quick results through the wholesale supply of heat to industrial enterprises and the use of cheap, unecological fuels such as coal.
Conclusions. Most of the models analyzed tend to decentralize the heat supply system. For effective strategizing in the Russian industry it is necessary to increase the role of consumers and generating companies as strategic actors in the heat sector.

Aim. To analyze and identify trends, mechanisms and problems of ESG-trends impact on the value of the company.

Objectives. Systematization of key approaches to consideration of the essence of ESG-paradigm impact on the company's value; identification of prerequisites, advantages and barriers hindering the implementation of ESG-principles in the practice of Russian companies; substantiation of multilevel impact of internal and external environment on the implementation of ESGmechanisms in the context of strategic business development.

Methods. In this article the trends and mechanisms of ESG-principles impact on the company's value as an integral indicator reflecting the efficiency of its activity are considered in various aspects using general methods of scientific cognition.

Results. In the course of the research the important role of the company's value as an indicator that allows to comprehensively monitor the state of its affairs is shown. The analysis revealed the fact that crises, environmental degradation, the need to optimize corporate governance and the social demands of employees and local communities have become the driving factors for the introduction of ESG in the practice of companies. The author concluded that the application of ESG practices allows optimizing business processes, improving financial indicators and branding system, creating an attractive image for investors, transforming comfortable mechanisms of interaction with stakeholders based on trust, openness and transparency, as well as creating sustainable competitive advantages. The paper substantiates the assertion that the lack of unified standards, significant differences in the industry aspect in the application of ESG-paradigm, insufficient spread of this concept in our country and unformed information support serve as barriers that significantly hinder the introduction of non-financial reporting forms and ESGtools.

Conclusions. The conducted research makes it possible to form a four-level model of ESG-trends impact on the company's value. It allows to take into account the factors and trends of each of them, to develop optimal mechanisms of adjustment and adaptation to new realities.