Sergei Grishunin

National Research University Higher School of Economics | HSE · Faculty of Economics, Moscow

The paper provides new empirical evidence of moderating roles of ESG practices of target companies in determining premiums in M&A deals in info-communication (ICT) industry. We evaluated the magnitude of impact of environmental, social and governance (ESG) scores and their pillars on premiums of global deals in ICT space between 2003–2023 and compa...

We investigated the impact of Economic Sustainability (ES) practices of digitally oriented industrial companies in BRICS (Brazil, Russia, India, China, and South Africa) in various horizons. The relevance is underpinned by numerous controversies in the literature on the topic. The sample included 257 industrial companies from BRICS in 2017-2021. Ec...

Since March 2022 Russian companies have faced a structural crisis, with the IT industry being the most affected. The paper investigates the impact of quality of top management's human capital (HC) in the domestic IT companies on the effectiveness of their adaptation to this crisis. The novelty of the paper is underpinned by (1) an insufficient numb...

This study examines the level of relationships between the competitiveness position of the EU countries and the climate and sustainable finance policy effectiveness. In this research we utilized panel data analysis, where the level and direction of connectedness between World Competitiveness Index (WCI) and climate policy effectiveness and green fi...

Russia is currently facing the severest crisis in the decade characterized by high turbulence and scrapping of previous macroeconomic trends. In such an environment the "traditional" models (such as ARIMA, VAR, SVR or CatBoost) used by regulators, macroeconomists and risk managers to forecast growth of gross domestic product (GDP) perform poorly. T...

Subject. The article considers the investment project management system. Objectives. The aim is to develop a project-controlling model in telecommunications companies. Methods. The study employs logical and systems approaches, general scientific methods of analysis and synthesis, and comparative analysis. Results. We developed a project-controlling...

Starting from March 2022 Russian companies are facing a structural crisis while IT industry was the most affected. The paper investigates the impact of qualities of top management's human capital (HC) in the domestic IT companies on the effectiveness of their adaptation to this crisis. The novelty of the paper is underpinned by (1) the rare investi...

The paper aims to develop a system-synergetic approach to managing efficiency of innovative activity of industrial enterprises. The relevance of the research study is determined by the fact that effective functioning of an industrial enterprise within digitalization of the Russian economy is closely related to introducing innovations based on the a...

The purpose of this work is to examine the relationship of various financial and non-financial (qualitative) factors of performance of non-financial companies and their credit ratings. We developed the scoring model which was based on the methodologies of international and Russian rating agencies. The modelled ratings of non-financial companies for...

The green bond market helps to mobilize financial sources toward sustainable investments. Green bonds are similar to conventional bonds but are specifically designed to raise money to finance environmental projects. The feature of green bonds is the existence of greenium, or the lower yield compared to “conventional” bonds of the same risk. The rel...

Sustainable growth is the key global priority, and environmental, social and governance (ESG) objectives have become the main point of attention in companies' digital transformation strategies. ESG and digital transformation reinforce each other as they aim to improve efficiency and meet stakeholders inside and outside the company. This is true for...

Currently, many large established companies which perform digital transformation use corporate venturing. It is the practice of directly investing corporate funds into external start-up companies. One of the strategies of such venture companies is the "buy and build" approach or using a platform company that makes sequential add-on acquisitions of...

The green bond market shows good potential to help mobilize financial sources towards sustainable investments. Green bonds are similar to conventional bonds but are specifically created to raise money to finance climate or other environmental projects. The relevance of the paper is underpinned by mixed evidence on the existence of ‘greenium in vari...

The book is devoted to the development of theoretical provisions, methodological and instrumental tools of an integrated R&D cost management system at an industrial enterprise

Short-termism, the firm's following strategic management practices for short-term, restricts investment in physical and intellectual capital. Investors and managers should identify and counteract such practices in a timely manner. However, existing academic and practical studies overlook problem of short-termism in emerging markets, lack reliable m...

Companies that are performing innovation-focused strategies or experiencing digital transformation are exposed to significant long-term risks. The untimely and inefficient management of these risks leads to the destruction of the company’s value and calls into question its survival. This is often underpinned by companies following strategic managem...

The purpose of this study is to compare the predictive power of different machine learning models to reproduce the credit ratings of Moody's assigned to machine-building companies. The study closes several gaps found in the literature related to the choice of explanatory variables and the formation of a sample of data for modeling. The task to be s...

Subject. The relevance of this topic is underpinned by the growing number of failures of agile projects due to realization of unique set of risks and the fact that standard agile practices neglect important risk management steps. The paper fills the research gaps in this area and addresses inefficiencies in explicit agile risk management frameworks...

Введение. Исследование направлено на разработку рейтинга проектных рисков (PRR) для телекоммуникационных компаний. Проведено исследование рассматриваемой отрасли и определена потребность в применении контроллинга проектов и инвестиционного контроллинга. Данные и методы. В исследовании были использованы результаты работ зарубежных и отечественных ав...

Assessment of corporate governance determinants of ESG ratings is a task of high interest for researchers and practitioners in project management in information and communication industry (ICT). This is underpinned by the growing interest to responsible and sustainable investing. We analyzed key drivers of governance pillar of ESG ratings of ICT co...

The aim of the paper is to investigate the impact of ESG factors on the performance of information technology (IT) companies. The paper analyzes the position of IT companies in the ESG rating relative to other industries, highlights the key strengths and weaknesses in their ESG components. It is shown that IT companies are not currently the leaders...

In this study, we analyzed the determinants of insolvency for Russian insurance companies (ICs). The relevance of the paper is underpinned by strong interest of investors to emerging insurance industry due to their strong growth, which, in turn, comes with elevated risk. Thus, identification of key drivers of ICs insolvency risk becomes the critica...

This study aims to develop a mechanism for the cost management of innovative products in an industrial enterprise given the inherent risks. Under the conditions of the high volatility of the digital economy, risk assessment in cost management, as well as the development of some mechanisms for staying flexible and adaptable with regard to continual...

Small and medium-sized enterprises (SMEs) play a key role in the Russian economy. However, banks and investors are reluctant to provide debt financing to these firms. This is underpinned by SMEs’ speculative credit quality and information asymmetry between borrowers and lenders. In this study, we aim to identify the insolvency drivers of Russian SM...

Ratings in emerging markets can serve as part of the early warning systems to reflect the weak signals of potential risks to the entity from the environment. Emerging markets have specific features that rating agencies usually consider in judgments of their credit ratings. They are underpinned by the higher volatility, exposure to sovereign issues,...

This paper examines the issues of the aggregation and comparison of the credit ratings of various economic agents for risk management purposes in a commercial bank. The empirical results of the study make it possible to increase the assessment of credit risks based on the constructed system of aggregating credit ratings for industrial companies and...

We developed the mechanism and tools of risk controlling in agile projects for companies in information and communication (ICT) industry. The relevance of this topic is underpinned by (1) the growing number of failures of agile projects due to realization of unique set of risks; and (2) the fact that standard agile practices neglect important risk...

The quantitative assessment of the credit quality of manufacturing companies is a task of great interest to researchers and practitioners. This is underpinned by the elevated credit risk of these companies stemming from rapid technological changes. However, few studies have addressed this issue specifically for manufacturing companies. This study a...

This study discusses the development of a mechanism for assessing cyber risks in investment projects aimed at digitalizing industrial enterprises. The relevance of the study is determined by the increasing susceptibility of companies to cyber risks due to the introduction of innovations, as well as by the growing complexity and frequency of cyber t...

We developed the mechanism of assessing cyber risks for Internet of Things (IoT) projects. The relevance of this topic is explained by growing sophistication of cyber-attacks, the speed of new threats emergence and increasing damage from the attacks. The paper addresses decreasing efficiencies of existing mechanisms of cyber risk assessment and fil...

We compared the ability of various empirical methods to reproduce public credit ratings (PCRs) of industrial companies (ICs) from BRICS countries using publicly available information. This task is important for researchers and practitioners because many of BRICS’ ICs lack PCRs from reputable rating agencies such as Moody’s, Standard and Poor’s, and...

We developed the mechanism of risk-adjusted scheduling and cost budgeting of research and development (R&D) projects in telecommunication. The relevance of this topic is explained by growing complexity and uncertainty of innovation activity; high importance of cost and time as key metrics of R&D projects’ performance. The paper addresses decreasing...

The main goal of this paper is to study interconnections between credit ratings and financial indicators of industrial companies from BRICS countries. We use method of patterns, one of the modern methods of nonlinear modeling, to identify groups of heterogeneous objects with different influence on ratings. Additionally, in this research, we evaluat...

We developed a mechanism of modelling of internal credit ratings (ICRs). It is applied in investment controlling to assess the credit quality of projects of telecommunication companies. Its advantages over the conventional credit risk modelling approaches are higher robustness and incorporation of all modelling operations in one mechanism. The mech...

We developed the project risk rating (PRR) for telecommunication companies. It provides qualitative risk scores assessment of capital expenditures (capex) projects to rank them by severity of exposures, to check their fit into the company’s risk profile and, ultimately, to combine projects into the efficient project portfolio with the lowest risk g...

Telecommunication industry is in transformation stage and characterised by heavy capital intensity and high-risk environment. Ensuring that capital expenditures projects in the industry meet their promises, i.e. achieve the goals set in strategic plans is a complex task, which cannot be solved by conventional, project management techniques. To solv...