General Economics, Econometrics and Finance, Business and International Management, Marketing, Finance
16
Scopus Publications
638
Scholar Citations
13
Scholar h-index
19
Scholar i10-index
Scopus Publications
Validity of the Fama-French Three- and Five-Factor Models in Crisis Settings at the Example of Select Energy-Sector Companies during the COVID-19 Pandemic Konstantin B. Kostin, Philippe Runge, Leyla E. Mamedova Mathematics, 2023 This study empirically analyzes return data from select energy companies in developed and emerging markets using the Fama-French three- and five-factor asset-pricing models in crisis settings. It researches whether these models are suitable to produce meaningful return data in challenging economic circumstances. We use panel data covering 12 of the largest globally-operating energy companies from Russia, China, the US, the EU, and Saudi Arabia, covering a period between 2000 and 2022. The results undermine the general notion that the usage of available multi-factor asset-pricing models automatically yields meaningful data in all economic situations. The study reiterates the need to reconsider the assumption that the addition of more company-specific factors to regression models automatically yields better results. This study contributes to the existing literature by broadening this research area. It is the first study to specifically analyze the performance of companies from the energy sector in a crisis like the COVID-19 pandemic with the help of the Fama-French three- and five-factor models.
Modern Trends in Global Energy and Assessment of the Ever-Increasing Role of Digitalization Igor Anatolyevich Maksimtsev, Konstantin Borisovich Kostin, Anastasia Arturovna Berezovskaya Energies, 2022 The global changes which are affecting countries at the moment act as a ‘censor’ of modern energy relations and energy market development strategies in general. The development of the energy market is no longer considered in terms of its efficiency but more in terms of its survivability under the influence of external environmental factors and its ability to maintain an acceptable level of energy safety. In order to fully balance a country’s internal interests and increase its competitiveness in the global energy market, the importance of the problem of choosing a development strategy—following the path of energy independence or cooperative development—is becoming evident. The purpose of this paper is to identify an effective energy strategy for a country under the influence of contemporary challenges. The object of the study is the Russian energy market and the energy companies as its key players. In this context, it examines the situations where Russia and other energy market players are unequally affected by external environmental factors. Particular emphasis is placed on the possibility of overcoming the negative impact of environmental factors during the implementation of measures aimed at ensuring energy safety, achieving a better environmental situation in the country by reducing CO2 emissions, and strengthening the country’s position in the global energy market by changing its own energy development strategy. The dependence of the financial outcome of the energy complex companies of the Russian Federation on the factors of the external and internal environment was determined as the main direction of the study. The financial outcome of the Russian energy complex companies in this article serves as a landmark indicator of energy market development. The working hypothesis of the research is the authors’ claim that it is necessary for modern energy companies in Russia, as important participants in the energy market of the country, to transform their strategy in the direction of deepening cooperation under the influence of external and internal environmental factors. The methodological and theoretical framework of this study consists of classical and modern economic science, covering the analysis of energy market dynamics and structure, as well as the theories aimed at selecting the most effective strategies under the influence of external and internal environmental factors. The study is based on the works of domestic and foreign scientists devoted to the issues of competitiveness, strategic planning, and sustainable development in the context of total digitalization. Within the framework of the conducted research, we used methods of system and factor analysis; statistical research methods, in particular the analysis of dynamic changes, as well as correlation and regression analysis; and methods of comparison, analogy, and generalization. An important source of data on the financial result of companies in the Russian energy sector was the materials of the Federal State Statistics Service of the Russian Federation. As a result of this paper, a notable influence of external and internal environmental factors is determined. Among the most significant factors, digitalization is identified as a development trend. It also represents a driver of improvement in Russia’s energy market, both in terms of improving its competitiveness and environmental safety and in terms of strengthening the country’s leadership position in the global energy market. In addition to the findings, this article provides a theoretical contribution and recommendations for the development of theoretical ideas concerning the choice of an effective strategy for the development of Russia’s energy market. Future research directions are also considered, and the implications of the presented analysis for further research are discussed.
Comparing the Situation of FinTech Start-Ups in Russia and Germany through Equity Investments Konstantin B. Kostin, Ralf Fendel, Friedrich Wild Economies, 2022 Examining and comparing the FinTech investment environments of major economies has untapped potential when it comes to comparing their innovativeness in the financial sector. Therefore, this paper examines the development of FinTech companies from Germany and Russia by investigating funding circumstances and by analyzing equity investments. The goal of the article is to analyze the growth and development of equity funding in FinTech companies in both countries. The underlying hypothesis for this investigation is the applicability of an exponential growth model for the examined funding rounds. The analysis shows that the German market has more FinTech start-ups pursuing equity funding rounds. From Pre-Seed to Series D funding, the considered investment market is about 18 times larger in Germany than it is in Russia. The German market shows strong evidence of exponentially increasing investment tickets based on the behavior of the total data set. This is further supported by testing exponential and linear models on the averages for the investment stages. In this analysis, the exponential model shows a significantly better fit than its linear counterpart. The analysis of the Russian market is not supportive of the hypothesis, as substantial evidence of the superiority of a linear model over an exponential model could be found. This, combined with comparatively compact average funding sizes, signals a more immature equity investment market in Russia.
An Analysis and Comparison of Multi-Factor Asset Pricing Model Performance during Pandemic Situations in Developed and Emerging Markets Konstantin B. Kostin, Philippe Runge, Michel Charifzadeh Mathematics, 2022 This study empirically analyzes and compares return data from developed and emerging market data based on the Fama French five-factor model and compares it to previous results from the Fama French three-factor model by Kostin, Runge and Adams (2021). It researches whether the addition of the profitability and investment pattern factors show superior results in the assessment of emerging markets during the COVID-19 pandemic compared to developed markets. We use panel data covering eight indices of developed and emerging countries as well as a selection of eight companies from these markets, covering a period from 2000 to 2020. Our findings suggest that emerging markets do not generally outperform developed markets. The results underscore the need to reconsider the assumption that adding more factors to regression models automatically yields results that are more reliable. Our study contributes to the extant literature by broadening this research area. It is the first study to compare the performance of the Fama French three-factor model and the Fama French five-factor model in the cost of equity calculation for developed and emerging countries during the COVID-19 pandemic and other crisis events of the past two decades.
A mathematical model of regional socio-economic development of the russian arctic zone Yury Boldyrev, Sergey Chernogorskiy, Konstantin Shvetsov, Anatoly Zherelo, Konstantin Kostin Resources, 2019 This work touches upon the tasks of describing regional socio-economic development. The nature of the considered problem indicates the fact that the only relevant tool here is mathematical modeling. In this paper, the application of mathematical modeling is considered for the problem of managing regional development. The results of calculations based on the regional dynamic model that passes through the hierarchy of instabilities (the correspondence of the same stationary points of the model to different parameters) are presented. These instabilities lead to increasingly complex structures.
Problems and prospects of hospitality industry development in modern Russia Proceedings of the 31st International Business Information Management Association Conference Ibima 2018 Innovation Management and Education Excellence Through Vision 2020, 2018
Economic cycles in the modern global business environment Proceedings of the 31st International Business Information Management Association Conference Ibima 2018 Innovation Management and Education Excellence Through Vision 2020, 2018
Value-based management as a catalyst for economic growth of global Russian companies Proceedings of the 31st International Business Information Management Association Conference Ibima 2018 Innovation Management and Education Excellence Through Vision 2020, 2018
Modified Adaptive Acousto-Optic Interference Canceller Visual Modeling Vladimir K. Sokolov, K. B. Kostin, K. L. Khohlov, M. Y. Kukin Proceedings of SPIE the International Society for Optical Engineering, 2004 The visual model of a modified adaptive acousto-optic interference canceller is designed using the software Simulink 4.0 on the basis of the algorithm presented in the paper. The effectiveness of the sinusoidal, impulse and noise interference cancellation is investigated by means of the model.
SiC-Si grooved surface bonding Tatiana S. Agrunova, Igor V. Grekhov, Lioudmila S. Kostina, Alexander G. Tur'yanskii, Igor V. Pirshin, et al. Materials Research Society Symposium Proceedings, 2001
Structure formation in the surface of multicomponent silicate glass in the production by drawing from a melt in atmospheres of different compositions Soviet Journal of Glass Physics and Chemistry, 1991
RECENT SCHOLAR PUBLICATIONS
Modeling Real Income Indicators in the Russian Federation and the European Union Countries IA Maksimtsev, KB Kostin, YV Malevich, SM Kurgina, Y Shaowei, J Kárpáti Journal of Cultural Analysis and Social Change, 805-816 , 2025 2025
Digital technology in the Northern maritime logistics corridors and the potential of its application on the Northern Sea Route KB Kostin, LA Karimova Journal of Economics, Entrepreneurship and Law 14 (1), 171-190 , 2024 2024
Optimization and integration of the taxation systems of the EAEU countries IA Maksimtsev, KB Kostin, OA Onufrieva, AS Kuznetsov Journal of International Economic Affairs 14 (1), 87-106 , 2024 2024 Citations: 2
The impact of the digital economy on the choice of an international marketing strategy KB Kostin, IV Andreev Journal of Economics, Entrepreneurship and Law 14 (2), 207-228 , 2024 2024
International investment agreements: finalizing the terms of agreements on the avoidance of double taxation, taking into account modern global political and economic changes on … IA Maksimtsev, KB Kostin, OA Onufrieva, YA Anisimova Journal of Economics, Entrepreneurship and Law 14 (2), 605-620 , 2024 2024
Innovative development of the domestic and global energy sector: the transition to green energy IA Maksimtsev, KB Kostin, OA Onufrieva, OD Korobkova, KA Gorodilov Journal of Economics, Entrepreneurship and Law 14 (6), 2963 , 2024 2024 Citations: 5
MODELING THE EFFECTS OF THE SUSTAINABLE ACCESSION OF THE REPUBLIC OF BELARUS TO THE SHANGHAI COOPERATION ORGANIZATION IA MAKSIMTSEV, KB KOSTIN, YUV MALEVICH, DS GONCHAROV JOURNAL OF INFRASTRUCTURE, POLICY AND DEVELOPMENT 8 (15), 10117 , 2024 2024
Improving the efficiency of personnel management in an uncertain environment KB Kostin, LE Mamedova, VA Lenskaya Leadership and management 10 (1), 151-174 , 2023 2023 Citations: 1
Development of international technology exchange between the Russian Federation and the People's Republic of China KB Kostin, PG Kostina, AR Fridman Journal of International Economic Affairs 13 (2), 333-354 , 2023 2023 Citations: 1
Fast and ultra-fast fashion: A comparative analysis of Inditex (Zara) and ASOS business strategies KB Kostin, GR Gaptelganieva, MV Gusakova, VV Obvintseva Journal of Economics, Entrepreneurship and Law 13 (5), 1595-1616 , 2023 2023 Citations: 1
Prospects of the Republic of Belarus to join the Shanghai Cooperation Organization KB Kostin, DS Goncharov, DA Korneeva, MA Naumenko, SA Chernova Journal of International Economic Affairs 13 (3), 549-570 , 2023 2023
How Samsung and Huawei are transforming the business strategies of today's multinational companies KB Kostin, KA Gorodilov, OD Korobkova Journal of Economics, Entrepreneurship and Law 13 (7), 2233-2256 , 2023 2023 Citations: 1
Current trends in digitalization in the global energy sector IA Maksimtsev, KB Kostin, OA Onufrieva Russian Journal of Innovation Economics 13 (2), 1087-1104 , 2023 2023 Citations: 5
Forecast of India's economic development and assessment of prospects for cooperation with Russia IA Maksimtsev, KB Kostin, AS Kuznetsov, OA Onufrieva Journal of international economic affairs 13 (1), 93-118 , 2023 2023 Citations: 2
Eurasian Economic Union: structure, problems and development trends IA Maksimtsev, KB Kostin, OA Onufrieva, AS Kuznetsov Journal of Central Asia Economy 7 (2), 117-134 , 2023 2023
Shaping an effective business model for a modern pharmaceutical MNC KB Kostin, LA Shanava Journal of Economics, Entrepreneurship and Law 13 (7), 2205-2232 , 2023 2023 Citations: 3
The choice of optimal business models for the development of domestic entrepreneurship amidst sanctions KB Kostin, KV Evdokimova Journal of Economics, Entrepreneurship and Law 13 (8), 2611-2632 , 2023 2023 Citations: 1
The effectiveness of ROA forecasting models amidst global uncertainty KB Kostin, LE Mamedova, VA Kononov Russian Journal of Innovation Economics 13 (1), 307-326 , 2023 2023 Citations: 1
Optimal business models for domestic companies under sanctions restrictions IA Maksimtsev, KB Kostin, DK Lukashenko, OA Onufrieva Journal of Economics, Entrepreneurship and Law 13 (6), 1729-1746 , 2023 2023 Citations: 3
Organizational behavior from the perspective of methodological isomorphism I Maksimtsev, S Gorchakov, K Kostin, Y Rastova, T Sudarević Strategic Management-International Journal of Strategic Management and … , 2023 2023 Citations: 4
MOST CITED SCHOLAR PUBLICATIONS
The development of working capital management and its impact on profitability and shareholder value: evidence from Germany B Högerle, M Charifzadeh, M Ferencz, KB Kostin Strategic Management-International Journal of Strategic Management and … , 2020 2020.0 Citations: 79
Foresight of the global digital trends KB Kostin Strategic Management-International Journal of Strategic Management and … , 2018 2018.0 Citations: 72
Impact of the COVID-19 pandemic on the global economy KB Kostin, EA Khomchenko Journal of international economic affairs 10 (4), 961-980 , 2020 2020.0 Citations: 33
Sun Tsi (2022) KB Kostin, PD Shimko Mezhdunarodnyy transfer tekhnologiy v Rossiyskoy Federatsii i ego … , 0 Citations: 24
Modern trends in global energy and assessment of the ever-increasing role of digitalization IA Maksimtsev, KB Kostin, AA Berezovskaya Energies 15 (22), 8767 , 2022 2022.0 Citations: 22
An analysis and comparison of multi-factor asset pricing model performance during pandemic situations in developed and emerging markets KB Kostin, P Runge, M Charifzadeh Mathematics 10 (1), 142 , 2022 2022.0 Citations: 22
Investment strategies in pandemic situations: An analysis and comparison of prospective returns between developed and emerging markets K Kostin, P Runge, R Adams Strategic Management-International Journal of Strategic Management and … , 2021 2021.0 Citations: 20
Government and public monitoring of entrepreneurship in a multicultural region: New perspectives in the conditions of the digital economy LI Nekhvyadovich, KB Kostin, VV Mironov Public Administration and Regional Management in Russia: Challenges and … , 2020 2020.0 Citations: 20
Comparing the situation of FinTech start-ups in Russia and Germany through equity investments KB Kostin, R Fendel, F Wild Economies 10 (2), 33 , 2022 2022.0 Citations: 18
Классификация инструментов цифрового маркетинга для предприятий отечественного и международного туристского бизнеса КБ Костин Экономика и управление, 55-57 , 2016 2016.0 Citations: 17
Modern technologies of the digital economy as a driver of growth in the world market of goods and services KB Kostin, AA Berezovskaya Ekonomicheskie otnosheniya= Journal of International Economic Relations 9 (2) , 2019 2019.0 Citations: 16
Key trends in the development of the Russian pharmaceutical market amidst uncertainty KB Kostin, LA Shanava Journal of Economics, Entrepreneurship and law 12 (5), 1639-1658 , 2022 2022.0 Citations: 14
Validity of the Fama-French three-and five-factor models in crisis settings at the example of select energy-sector companies during the COVID-19 pandemic KB Kostin, P Runge, LE Mamedova Mathematics 11 (1), 49 , 2022 2022.0 Citations: 13
Rol tsifrovyh tekhnologiy v prodvizhenii tovarov i uslug na globalnyh rynkakh [Role of digital technologies in promotion of goods and services in global markets] KB Kostin Russian Journal of Entrepreneurship 18 (17), 2451-2460 , 2017 2017.0 Citations: 13
Mathematical modeling of an adaptive acousto-optic interference canceller KB Kostin, VK Sokolov Proc. SPIE 5066, 265-272 , 2002 2002.0 Citations: 13
A mathematical model of regional socio-economic development of the Russian Arctic zone Y Boldyrev, S Chernogorskiy, K Shvetsov, A Zherelo, K Kostin Resources 8 (1), 45 , 2019 2019.0 Citations: 12
Global Potential of E-Marketing: Comparing the United States, Russian Federation and the European Union. KB Kostin AIMS International Journal of Management 10 (3) , 2016 2016.0 Citations: 12
Assessment of hospitality industry evolution and development in the Russian Federation KB Kostin Journal of Eastern Europe Research in Business and Economics 2018, 1-17 , 2018 2018.0 Citations: 10
Assessing Business Opportunities in BRIC Countries. KB Kostin, RJ Adams, AC Samli AIMS International Journal of Management 9 (3) , 2015 2015.0 Citations: 10
Razvitie energeticheskogo sektora Rossiyskoy Federatsii na osnove innovatsionnyh printsipov zelenoy ekonomiki [Development of the energy sector of the Russian Federation based … IA Maksimtsev, KB Kostin, KA Gorodilov, OA Onufrieva Russian Journal of Innovation Economics 12 (2), 1165-1184 , 2022 2022.0 Citations: 8
