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https://doi.org/10.5922/2079-8555-2018-1-3
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The Role of Public Companies in Creating a Platform for Economic Growth in Saint Petersburg
Роль публичных компаний в формировании устойчивых предпосылок к экономическому росту Санкт-Петербурга
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Abstract Saint Petersburg has a special mission in delivering national development priorities, ensuring sustainable economic growth, and commercializing R&D. This necessitates research on the situation in the corporate sector, including investment potential and propensity to invest. The authors estimate the ... view more
Saint Petersburg has a special mission in delivering national development priorities, ensuring sustainable economic growth, and commercializing R&D. This necessitates research on the situation in the corporate sector, including investment potential and propensity to invest. The authors estimate the readiness of Saint Petersburg public companies to employ investment tools in delivering development strategies, which determine to a large extent the competitiveness of the city’s economy. This article presents a study into the response of twenty local public companies to changes in the economy and their ability to stay efficient and preserve investment potential in volatile economic conditions. The measures taken by the companies are considered as inert and inefficient. The authors surveyed managers from 70 Russian non-public companies, who confirmed the hypothesis that businesses are interested in investing in the earning assets (securities) of other companies to receive interest (dividends). The respondents tend to associate the risk of such investments with the issuer’s corporate control and corporate governance, which often fall short of best practices. The authors conclude that there is a need to improve knowledge of corporate relations, which affect competitiveness and the raising of funds necessary for sustainable economic growth in Saint Petersburg.... view less
Keywords
economic development (on national level); public enterprise; corporate governance; competitiveness; economic growth; investment; economic policy; Russia; research and development; regional development; socioeconomic development
Classification
National Economy
Document language
English
Publication Year
2018
Page/Pages
p. 37-55
Journal
Baltic Region, 10 (2018) 1
ISSN
2079-8555
Status
Published Version; peer reviewed