No 2 (2025)
Articles
A Framework for Implementing Generative AI in Business Processes
Abstract
The subject of the research is the development of a comprehensive framework for the strategic implementation of generative artificial intelligence (GenAI) in the business processes of organizations of various sizes and industries. Existing approaches to the implementation of traditional artificial intelligence (AI) technologies, GenAI, and digital transformation are analyzed, and their limitations and shortcomings are identified in the context of the specific characteristics of GenAI models, such as the ability to create new content and the associated ethical and legal risks. The necessity of creating a specialized framework that takes into account the unique opportunities and challenges associated with GenAI, as well as the need for adaptation to diverse business contexts, including small and medium-sized businesses, is substantiated. The problem of the lack of structured methodologies that allow organizations to effectively integrate GenAI into their operational activities, maximizing return on investment and minimizing potential risks, is considered. The research is based on a systematic and comparative analysis of scientific literature and practical publications, as well as the synthesis of the conceptual basis of a new framework. A combined approach is used, including methods of qualitative and quantitative data analysis. The scientific novelty lies in the development of a nine-stage framework that, unlike existing approaches, integrates large language models (LLMs) already at the stage of business process diagnostics for semantic analysis of unstructured data (interviews, questionnaires, surveys). This makes it possible to identify hidden relationships and non-obvious optimization needs that are difficult to detect using traditional methods. The framework covers strategic, operational, and technological aspects of implementation, as well as change and risk management principles. The developed framework offers a universal, adaptive, and practically oriented approach to the strategic implementation of GenAI, contributing to improving the efficiency of business processes, minimizing risks, and maximizing the return on investment in GenAI technology. The practical significance is confirmed by approbation at the academy of a large consulting company and a pilot project at MTS PJSC.
Finance and Management. 2025;(2):1-21
1-21
Transformation of marketing communications: analog, digital and phygital environment
Abstract
The article examines the customer-oriented theories of marketing communications from 1950 to 2025. The aim of the study is to identify the influence of the technological environment on marketing communications. In the frame of this research the most significant technologies and technological products from a customer-oriented perspective over the past 75 years have been systematized. The study examines the preconditions for the emergence of digital and phygital environments, and the evolution of marketing communication practices in analog, digital and phygital environments, as well as the concepts of marketing according to Kotler: marketing 1.0 (product-oriented), marketing 2.0 (customer-oriented), marketing 3.0 (value-oriented), marketing 4.0 (digital), marketing 5.0 (technology) and marketing 6.0 (metamarketing). The obtained data was synthesized and presented in the form of a timeline containing customer-oriented marketing theories, technologies and technological products. Based on the considered timeline, conclusions were formulated about the use of marketing communications in analog, digital and phygital environments, and about the time and features of the marketing communication use in the framework of Kotler marketing concepts. The technological gap between consumers and companies, the time gap between the described theories of marketing communications and those that are applied in practice, as well as the fragmentation of marketing communication theories were identified. As a result, a new concept of integrated marketing communications in a phygital environment, FIMC, was proposed. The article describes the key elements that the FIMC concept takes into account. The obtained data can be used in the future to develop a comprehensive approach to creating a company's integrated marketing communication strategy in the phygital environment.
Finance and Management. 2025;(2):22-34
22-34
The current state and prospects of Asset Management development in the context of technological transformation and changes in the regulatory environment
Abstract
The work focuses on analyzing the impact of technological innovations, including artificial intelligence, machine learning, and blockchain, on the evolution of asset management methods. The article examines changes in the structure of investment portfolios, the emergence of new asset classes and the transformation of traditional investment strategies. Special attention is paid to the integration of ESG factors into investment decision-making processes and their impact on the long-term effectiveness of asset management. The role of regulatory changes in the formation of new asset management standards and their impact on the development of the industry is analyzed. The issues of cybersecurity and data protection in the context of asset management digitalization, as well as the impact of global economic trends on the transformation of the industry are considered. The research is based on a systematic analysis of theoretical concepts, practical cases and regulatory requirements in the field of asset management. A comparative analysis of traditional and innovative approaches to asset management is applied, historical precedents of successful and unsuccessful asset management are studied. For the first time, the study presents a comprehensive analysis of the transformation of asset management under the influence of digitalization and ESG factors. An innovative methodology for evaluating the effectiveness of investment strategies has been developed, taking into account both traditional financial metrics and sustainable development factors. A new model for integrating artificial intelligence into asset management processes is proposed, including machine learning algorithms for portfolio optimization and risk management. The approaches to assessing the impact of technological innovations on the effectiveness of asset management are systematized. A methodology for analyzing cyber risks in digital asset management has been developed. The key findings demonstrate the need for a fundamental transformation of traditional approaches to asset management. It has been established that success in modern asset management is determined by the ability of organizations to adapt innovative technologies, integrate ESG factors and ensure cybersecurity. The critical importance of developing competencies in the field of big data analysis and the use of artificial intelligence has been identified. The necessity of creating new risk management models that take into account the increasing interconnectedness of global financial markets and the emergence of new classes of digital assets has been identified.
Finance and Management. 2025;(2):35-51
35-51
Results of the implementation and risk assessment of the Chinese strategy for diversifying natural gas imports
Abstract
With China's rapid economic development, the demand for natural gas continues to grow steadily, and natural gas imports are playing an increasingly important role in meeting domestic energy needs. To ensure the security of energy supply, China is actively implementing a strategy to diversify natural gas imports. The article discusses the main methods and tools used by the Government of the People's Republic of China. Such tools represent both classical methods and new methods using modern technologies. This article provides an in-depth analysis of the implementation of this strategy, assessing its effectiveness in increasing supply stability and reducing supply risks. The article suggests appropriate strategies for responding to various risk factors (geopolitical, market, transportation risks) that the Chinese government is aiming to improve China's strategy for diversifying natural gas imports, reducing the impact of various factors on the stability and reliability of the state's natural fuel supply, and strengthening national energy security by minimizing these risks. Since the diversification strategy is currently considered the most effective and reliable strategy for the development of various natural resources, the Government of the People's Republic of China is expanding not only the sources of procurement, that is, increasing the number of importing countries, developing and implementing programs to improve transport routes, but also continues to explore additional sources to ensure continuity and stability of supplies of the most important resources.
Finance and Management. 2025;(2):52-68
52-68
Managing project activities in organizations of additional professional education based on the example of the Regional Academy of the Federal Tax Service of Russia
Abstract
The aim of this study is to develop and justify methods for managing project activities in organizations of additional professional education (hereinafter also referred to as DPO) based on advanced artificial intelligence technologies that enable forecasting specific indicators of economic processes and further planning of those. The subject of the research is the organizational relationships arising in the management of project activities within DPO organizations. The analysis of the factors determining the specificity of activities in the DPO segment allowed the authors to develop a project management method and test it using the example of the regional Academy of the Federal Tax Service of Russia. The application of this method will enable DPO organizations to make informed decisions when implementing projects in educational activities aimed at obtaining economic benefits for a specific industry and achieving sustainable growth indicators for such organizations. The scientific novelty of the conducted research lies in the generalization and refinement of the conceptual framework of the studied sphere of activity and the formation of a system of criteria that allows for the assessment of project management effectiveness. In forming the conceptual framework, the criteria determining the effectiveness of project management in DPO organizations were taken into account, such as the presence of managerial competencies among the staff of educational organizations, the alignment of tasks performed by teachers with organizational goals, and the willingness of personnel to participate in projects. The developed management method contributes to the advancement of scientific knowledge regarding the mechanisms of managing project activities in DPO organizations. For the Academy of the Federal Tax Service of Russia, the method consists of simultaneous optimization across all regions of corporate profit tax, personal income tax (PIT), and property taxes based on their corresponding tax base factors, the skill level of employees, and information security in the regions. The optimization is carried out using artificial intelligence technologies including a multi-objective genetic algorithm (MGA), simulated annealing (SA), and pattern search (PS). A conclusion has been made regarding the necessity of implementing new educational programs on corporate profit tax and property taxes, as there is a failure to achieve the projected values for these goals.
Finance and Management. 2025;(2):69-84
69-84
Forms of internal opportunism and its impact on the company's activities
Abstract
Subject of the study: forms of internal opportunism of personnel in the company. Objective of the study: analysis of forms of manifestation of opportunistic behavior of personnel in the company and determination of its influence. In order to achieve the objective of the study, the following tasks were identified: 1. It is necessary to form a classification of manifestations of forms of opportunistic behavior (by contract process, type of information asymmetry, attitude to the object of analysis, degree of intensity of manifestation, degree of openness). 2. Determine the influence of various types of opportunistic behavior on activities within the company; 3. Research forms of opportunistic behavior in relation to the object of analysis (endogenous and ectogenous manifestation of opportunistic behavior of employee and employer). 4. Form recommendations for preventing and minimizing the consequences of opportunistic behavior of personnel in the company. The research methods are generalization of the theoretical and practical base of forms of manifestation of internal opportunistic behavior that affect the company's activities, analysis of domestic and foreign literature, as well as the use of data on organizations from Internet sources. The scientific novelty lies in creating a more complete and detailed classification of forms of opportunistic behavior based on the analyzed literary sources. The article analyzes the forms of opportunistic behavior of personnel. Cases of intra-company opportunism and corporate fraud are considered and the consequences of such behavior for the company are determined. For example, the Yandex security service identified an internal data leak of about 5 thousand users in 2021. An investigation was conducted into this fact, and it turned out that one of the company's employees provided the information to the public. And in 2022, the Yandex.Food service was also subject to a leak of customer information and a class action lawsuit was filed against the company, which caused the company reputational risks. Opportunistic behavior has a significant impact on the activities of companies. Intra-company opportunism and fraudulent actions by personnel threaten the company's activities. At the moment, there are statistics all over the world where cybercrimes, which can cause great damage, occupy the first place. Pre-contract and post-contract opportunism are characterized by different forms of intra-firm opportunism, but both before and after the conclusion of a contract, the company must bear certain costs in order to control and successfully regulate the manifestations of opportunism in the company.
Finance and Management. 2025;(2):85-104
85-104
Institutional Support for the Development of a "Green" Economy at the Regional Level: Content Analysis
Abstract
The presented article is devoted to the analysis of the institutional support for the development of the "green" economy at the regional level of the Russian Federation. The subject of the research is the public administration institutions at the regional level in the Southern Federal District (SFD) regions. The object of the research is the public administration institutions for the "green" economy of the Russian Federation subjects. The author examines in detail aspects of the topic such as the essence of the "green" economy as a direction in economic science and the relevance of its development at the current stage of societal development. Special attention is paid to the theoretical analysis of the essence of state and municipal governance institutions and their species classification based on the functions performed. During the research, the author analyzed the bodies of state power in the SFD regions concerning their activities in achieving balanced socio-ecological-economic development. The research employed content analysis, which consisted of analyzing a body of provisions regarding the state power bodies of the Russian Federation subjects to identify the declared goals for the practical implementation of specific elements of the "green" economy in a given region. The analysis of institutional support was conducted by dividing the activities of the bodies into three blocks: "Economy," "Ecology," and "Society." The novelty of the research lies in the author’s exploration of theoretical approaches to defining the essence of public administration institutions and proposing an original definition taking into account the specifics of the "green" economy. A significant contribution of the author to the topic is the conducted content analysis of documents, which revealed institutional support for the "green" economy in the form of a system of public power bodies for the Russian Federation subjects in the SFD regions, highlighting the differences in approaches to forming state entities and determining their operational goals from the perspective of promoting sustainable development. The main conclusion of the research is the identification of the meta-sectoral nature of the "green" economy, which indicates the impossibility of managing this object solely within the activities of one public authority. The author emphasizes the importance of forming a management structure for the "green" economy consisting of three elements: an institution of general competence; specialized sectoral institutions; and a consultative (coordinating, controlling) institution.
Finance and Management. 2025;(2):105-130
105-130
Analysis of the mutual dynamics of stock quotes and the sentiment of textual mentions in the media of the company "OZON Holdings PLC" using correlation and sentiment analysis.
Abstract
The subject of this scientific research is the study of the relationship between the dynamics of the stock prices of "Ozon Holdings PLC" and the sentiment of its mentions in the media. In the context of the rapid growth of the information flow and its impact on financial markets, the analysis of how the news background influences investor behavior and, consequently, the stock prices of companies, becomes particularly relevant. "Ozon Holdings PLC," as one of the leading players in e-commerce in Russia, was chosen as the research object due to the high frequency of its media mentions and the noticeable volatility of its shares. The study aims to identify patterns demonstrating whether the positive or negative sentiment of news publications influences the movement of the company's stock prices. Such understanding can be useful for investors, analysts, and financial specialists seeking to consider not only quantitative but also qualitative (textual) data in forecasting market dynamics. For the analysis, news articles from 2021 to 2024 were collected using Google Chrome tools. The sentiment of the texts was assessed using the DeepPavlov/rubert-base-cased-conversational model. A correlation analysis was then conducted to explore the relationship between the dynamics of Ozon's stock prices and the sentiment of the news background. The scientific novelty of this research lies in the application of sentiment analysis methods based on modern language models to the task of studying the influence of the media landscape on the stock market, which is relevant in the context of the growing importance of information flows for investors and analysts. For the first time, a systematic evaluation of the relationship between the sentiment of news mentions about "Ozon Holdings PLC" and changes in its stock prices over a three-year period was conducted. The results of the correlation analysis demonstrated a statistically significant connection between the positive or negative sentiment of news and the subsequent movement of stock prices. The conclusions of the research can be used to construct predictive models for assessing risk and stock behavior based on the informational background, as well as as a tool for making investment decisions. The data presented supports the hypothesis regarding the influence of the media environment on the financial performance of companies, especially in conditions of instability or significant information triggers.
Finance and Management. 2025;(2):131-156
131-156
The impact of artificial intelligence on improving management efficiency in the oil and gas industry
Abstract
This article explores the influence of artificial intelligence on enhancing management efficiency in the oil and gas industry. The authors analyze the impact of artificial intelligence (AI) on improving efficiency in the oil and gas sector, including the optimization of exploration, extraction, logistics, and environmental safety; market size; long-term trends in application areas, etc., highlighting key technological solutions. These include data analysis automation, risk prediction, and integration of IoT platforms. Based on the conducted research, it is proposed to expand the use of artificial intelligence to enhance the efficiency of the oil and gas industry through the implementation of hybrid machine learning algorithms, strengthening inter-industry collaboration, and developing digital security standards. Special attention is given to the role of AI in reducing carbon footprint and adapting to global climate initiatives. Machine learning methods, big data analysis, and case studies of leading companies (Schlumberger, ExxonMobil, SIBUR) were utilized. Statistical models were applied to assess the reduction of production costs (by up to 40%) and increase the accuracy of geophysical exploration. Data were obtained from industry reports, patent databases, and software solutions. AI is used to digitize production records and automatically analyze geological data based on deep neural networks, which allows for identifying problems and optimizing key oil exploration processes. Intelligent market demand analysis through data collection and visualization enhances supply chain efficiency. Modern commercial solutions drive the digital transformation of the industry and innovation. The research findings are applicable for optimizing exploration, extraction, and logistics. Unlike existing works, the focus is on the specifics of emerging markets. Despite current challenges (costs, data quality), the implementation of AI will enable: Strengthening well logging data collection; Implementing intelligent geophysical exploration; Automating fault diagnosis. A key direction is the creation of an innovative research center to accelerate digital transformation and the implementation of innovations.
Finance and Management. 2025;(2):157-173
157-173
The influence of the public control on the economic development of the state
Abstract
The article is devoted to the analysis of the influence of the institute of public control on the economic development of the state. The role and place of this institution of civil society in the system of legal guarantees of constitutional principles and the system of human and civil rights and freedoms, the rights and legitimate interests of public associations and other non-governmental non-profit organizations are substantiated. The factors influencing the economic development of the state are investigated. The authors analyze the place of public control in this system of factors, the main directions of the impact of this institution of civil society on the economic development of Russia. The main problems that hinder the impact of public control on the economic development of Russia are formalized and analyzed, in particular: the lack of formalization of this institution of civil society in the Constitution of the country; the failure to consolidate among the principles, goals and objectives of public control those that are aimed at ensuring the economic development of Russia; the lack of elaboration in the scientific doctrine of public control forms, methods and types of public control measures aimed at ensuring the realization of the economic rights and freedoms of citizens, the economic rights and legitimate interests of legal entities, the economic development of the country as a whole; the lack of real powers for subjects of public control; their weak economic base; weak use in their work of foreign experience of the functioning of civil society institutions in this field. The methodological basis of the research is a number of scientific methods: formal-logical; historical-legal; comparative-legal; statistical; sociological; methods of financial analysis. The authors have developed and substantiated a system of measures to resolve these problems, including through: formalization of public control in the Constitution of the Russian Federation; development and consolidation in legislation on public control of principles, goals and objectives of public control aimed at ensuring the economic development of the country; organization by the Public Chamber of the Russian Federation of scientific and practical research on the forms, methods and types of public control measures aimed at ensuring the realization of economic rights, freedoms and legitimate interests of individuals and legal entities, as well as the economic development of the country; expanding the powers of subjects of public control; strengthening their economic base; developing legislation on public control based on positive foreign experience in this area.
Finance and Management. 2025;(2):174-189
174-189
Analysis of digital footprints and registry data in corporate security systems
Abstract
The subject of the study is the system of counterparty verification at the preliminary analysis stage to ensure the economic security of the company. The object of the research is the due diligence procedures in corporate practice aimed at identifying risks associated with unreliable partners. The author examines such aspects of the topic as the use of digital footprints, legal and behavioral indicators in assessing the reliability of a counterparty. Particular attention is paid to the analysis of information from open sources such as government registries, court databases, news aggregators, and commercial analytics platforms. The article explores how data from the digital environment can be integrated into the internal control system. It also discusses the mechanisms for adapting the KYC (Know Your Customer) approach to the Russian context. The author highlights the features of forming the ICRD (integral risk of digital counterparty) model applicable within the framework of automated verification of business partners. The work is based on a specific case study in the construction industry, which allows demonstrating the practical significance of the applied methods. The research employs content analysis, case study, and comparative analysis methods and develops an authorial model for risk assessment – ICRD. The novelty of the research lies in the development of an applied model of integral risk of a digital counterparty (ICRD), taking into account legal, financial, and behavioral parameters based on digital sources. A significant contribution of the author to the research topic is the systematization of approaches to analyzing the digital footprint of a counterparty within the framework of internal control procedures and reliability assessment. The main conclusions of the conducted research are the confirmation of the practical significance of comprehensive digital assessment in implementing the principle of due diligence, as well as the possibility of integrating the proposed model into automated verification systems. The research results demonstrate that using data from open registries, media environments, and commercial analytical platforms allows reducing subjectivity in decision-making and enhancing the level of economic security of the company. The work may be useful for professionals in the field of risk management, compliance, and investment analysis.
Finance and Management. 2025;(2):190-203
190-203
From the classic five-day week to flexible employment: optimizing the work schedule based on employee preferences
Abstract
The article, based on the author's original research, reveals the main aspects of forming individual preferences regarding alternative formats of worktime organization in contrast to the classic 40-hour workweek scheme with a five-day work schedule and mandatory presence at the workplace. The purpose of the research is to identify the main trends and analyze the factors determining the choice or refusal of labor relations subjects (urban residents) regarding various models of worktime organization. The results of the study show that employees demonstrate a tendency to choose a format of employment that best aligns with their current work style. There is a decreasing attractiveness of the traditional work format. However, preferences depend both on the gender-age structure of workers and have industry-specific characteristics. General scientific methods of analysis and synthesis, a systemic approach, as well as factor analysis were used to interpret the results, allowing for the identification of the impact of various factors affecting the decision-making process regarding the choice between modern work formats. The scientific novelty of the study includesе the following conclusions: The predominance of hybrid work forms in employees' preferences; Workers seek greater flexibility in worktime organization, leading to the fact that the overwhelming majority (more than 3/4) support various forms of flexible employment; The decreasing attractiveness of the traditional work format; The classic work model is no longer dominant; One in eight considers the traditional format the most unacceptable (this is the highest share among all formats); Traditional employment with mandatory presence at the workplace is more attractive to men and older age groups, while youth and older women show a greater willingness for alternative work formats. Unlike other studies, the author placed a greater emphasis on analyzing respondents' work modes and the dependence of their preferences on current workload. The results obtained may indicate that the implementation of various forms of flexible employment requires an individual approach to different categories of workers and consideration of their specific preferences in worktime organization. The findings of the research may be useful for companies of various ownership forms when considering the possibility of introducing flexible work schedules or transitioning to a reduced workweek.
Finance and Management. 2025;(2):204-223
204-223

