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2021 ◽  
Vol 12 (3) ◽  
pp. 274-287
Author(s):  
R. O. Voskanian

Purpose: this paper determinates the current level of penetration of the dual-class system of capital company formation in the BRICS group.Methods: are based on the use of methods of analysis, systematization, generalization. A comparative and synthesis methods have been also used to identify trends and patterns in the introduction of multi-voting shares in the BRICS group.Results: the dual-class system of capital company formation in Russia is practically not studied. The article reveals that in Brazil and Russia, despite the discussion of the possibility of distributing multi-voting shares, the legislation does not imply the possibility of using the dual-class system. This issue has not yet been discussed in South Africa.It has been identified that the main reason for the legislative permission for using multi-voting shares is the need to develop companies in the high-tech sector. Another reason is the massive listing of foreign high-tech companies on American stock exchanges, due to the possibility of using the dual-class system. This predetermined the introduction of amendments to the legislation of India and China, according to which companies in the high-tech sector that have not yet passed an IPO can use differential voting rights.It has been receiving that the Indian market is the only one where shares with differentiated voting rights are placed on the stock exchange. At the moment, three companies that passed the IPO before the amendments to the legislation use differentiated voting rights, but not upwards, but on the contrary – downwards: “four shares – three votes”. This characteristic determines the trading of such stocks at a discount.Conclusions and Relevance: harmonization of opportunities for the use of financial instruments in the BRICS market can strengthen the economic potential of states. Allowing the usage of multi-voting shares improves the business environment for high-tech companies and reduces the need for company founders to look for IPO opportunities in jurisdictions where a dual-class capital formation system is allowed.


2021 ◽  
Vol 111 (10) ◽  
pp. 3328-3375
Author(s):  
Enrico Moretti

The high-tech sector is concentrated in a small number of cities. The ten largest clusters in computer science, semiconductors, and biology account for 69 percent, 77 percent, and 59 percent of all US inventors, respectively. Using longitudinal data on 109,846 inventors, I find that geographical agglomeration results in significant productivity gains. When an inventor moves to a city with a large cluster of inventors in the same field, she experiences a sizable increase in the number and quality of patents produced. The presence of significant productivity externalities implies that the agglomeration of inventors generates large gains in the aggregate amount of innovation produced in the United States. (JEL D62, J24, L60, O31, 034, R32)


2021 ◽  
Vol 7 (3C) ◽  
pp. 256-263
Author(s):  
Svetlana Valentinovna Iudina

The author reflects on how our understanding of the motivation of an intellectual worker is being transformed today. How much does the creative component of work change the structure of motivation? Where is the line between labor-necessity and labor-need? Can there be a universal approach to financial incentives in this case? The author proposes for discussion the matrix developed for choosing the level of individualization (collectivization) of the motivation system in corporations, summarizing various sources. Companies in the high-tech sector, which is making an increasing contribution to the GDP of the leading economies, contrary to popular belief, are increasingly using the assessment of collective (team) work considering individual professional competencies. Thus, the article examines not the most noticeable "critical areas" of modern research on the motivation for intellectual work, and also presents the author's conclusions about possible practical tools in this area.


2021 ◽  
Vol 12 (2) ◽  
Author(s):  
Andriy SHTANGRET ◽  
Nataliia KOROGOD ◽  
Sofia BILOUS ◽  
Nataliia HOI ◽  
Yurii RATUSHNIAK

The accelerated rates of scientific and technological progress and the intellectualization of the main factors of production play a leading role in ensuring the economic recovery of national economies, in particular in the conditions of the existence of today's post-pandemic consequences. The technological development of the leading countries of economic development (USA, some of EU countries, Japan, China) poses difficult tasks for other participants in the world economic space to avoid a significant lag, especially in today's post-pandemic society. For the countries of Eastern Europe, this task is complicated not only by political and social tensions, but also by the lack of effective government regulation instruments that could provide support for the high-tech sector as a locomotive for the modernization of the national economy. Moreover, enterprises of the high-tech sector of the economy, being deprived of state support, must independently ensure their functioning by creating a system of economic security. Ensuring safety in a post-pandemic society of such enterprises is characterized by significant differences, which are most related to the need to create safe conditions for the activities of workers - the most valuable resource. The development of enterprises in the high-tech sector of the economy is impossible without taking into account the safety aspects, it requires the intensification of scientific research in this area. The purpose of the article is to form information support for managing the economic security of enterprises in the high-tech sector of the economy in the context of post-pandemic modernization.


2021 ◽  
Vol 16 (5) ◽  
pp. 1877-1892
Author(s):  
Aleksandra Gawel

High-tech internationalization touches on two aspects impacting entrepreneurship: openness of the economy and its level of innovativeness. Both of them might positively or negatively affect the process of new company creations, as suggested by the concept of entrepreneurial regime with creative destruction or by the concept of routinized regime with creative accumulation. The aim of the article is to assess the impact of high-tech internationalization on the start-up process of new company creation. Cluster analysis and panel modeling for European Union countries in 2009–2018 were conducted. The research results distinguish clusters of European Union countries with a different level of high-tech internationalization. The impact of high-tech internationalization on start-up rates is significant in the case of both clusters; however, it is stronger in the cluster of countries with a relatively higher level of high-tech international openness. The high-tech intra-EU import and extra-EU high-tech export negatively affect the rate of new enterprise creation in both clusters. Additionally, extra-EU import in clusters with a relatively higher level of high-tech internationalization also negatively impacts start-up rates. The only aspect supporting the start-up process is the level of intra-EU export in clusters with higher levels of high-tech internationalization. The results suggest that in European Union countries, creative accumulation is the dominant phenomenon.


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