Konstantin Kostin

RESEARCH, TEACHING, or OTHER INTERESTS

General Economics, Econometrics and Finance, Business and International Management, Marketing, Finance

Scopus Publications

Towards electronic smelling of ketones and alcohols at sub- and low ppms by pinky-sized on-chip sensor array with SnO<inf>2</inf> mesoporous layer gradually engineered by near IR-laser
Maksim A. Solomatin, Marko Radovic, Alexander A. Petrunin, Demid A. Kirilenko, Alexey S. Varezhnikov, Georges Dubourg, Mikhail Yu. Vasilkov, Alexey M. Bainyashev, Andrea Nesterovic, Ilia Kiselev,et al.
Elsevier BV



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, and Leyla E. Mamedova
MDPI AG
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, and Anastasia Arturovna Berezovskaya
MDPI AG
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, and Friedrich Wild
MDPI AG
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, and Michel Charifzadeh
MDPI AG
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.


Government and Public Monitoring of Entrepreneurship in a Multicultural Region: New Perspectives in the Conditions of the Digital Economy
Larisa I. Nekhvyadovich, Konstantin B. Kostin, and Vladimir V. Mironov
Springer International Publishing



A mathematical model of regional socio-economic development of the russian arctic zone
Yury Boldyrev, Sergey Chernogorskiy, Konstantin Shvetsov, Anatoly Zherelo, and Konstantin Kostin
MDPI AG
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.


Value-based management as a catalyst for economic growth of global Russian companies




Economic cycles in the modern global business environment




Problems and prospects of hospitality industry development in modern Russia




Lead-Titanate-Based Ceramics That Protect Against Gamma Radiation
A. V. Ermolenko, A. A. Shevelev, M. A. Vikulova, D. S. Kovaleva, K. B. Kostin, E. A. Yakovlev, and I. N. Burmistrov
Springer Science and Business Media LLC



Modified Adaptive Acousto-Optic Interference Canceller Visual Modeling
Vladimir K. Sokolov, K. B. Kostin, K. L. Khohlov, and M. Y. Kukin
SPIE
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.


Modified adaptive acousto-optic interference canceller and its mathematical modeling
K. B. Kostin and Vladimir K. Sokolov
SPIE
The analysis of operation of modified adaptive acousto-optic interference canceller is discussed. Based on the analysis, the mathematical model and algorithm of operation of the canceller is developed.


Direct bonding of silicon wafers with the concurrent formation of diffusion layers
I. V. Grekhov, L. S. Kostina, T. S. Argunova, E. I. Belyakova, N. M. Shmidt, K. B. Kostin, E. D. Kim, and S. Ch. Kim
Pleiades Publishing Ltd



Direct bonding of silicon wafers with simultaneous dopant diffusion
Igor V. Grekhov, Tatiana S. Agrunova, Lioudmila S. Kostina, Natalia M. Shmidt, Helmut Föll, and Konstantin B. Kostin
Springer Science and Business Media LLC
ABSTRACTBonding of silicon surfaces in aqueous solution of compounds containing III and IV impurities was performed for the first time. It was observed that the presence of aluminum at the bonding interface improved structural quality of the interface. This phenomenon is explained by the increase of the contact area due to Al-OH group sandwiched between the water molecules adsorbed at hydrophilic wafer surfaces at the first bonding stage. The incorporation of Al produces a p-type layer and the I/V characteristics of the resultant np+n diodes is shown not to be influenced by the presence of the bonding interface. The technique developed could be advantageous for the design of multi-layer large area semiconductor devices.


SiC-Si grooved surface bonding
Tatiana S. Agrunova, Igor V. Grekhov, Lioudmila S. Kostina, Alexander G. Tur'yanskii, Igor V. Pirshin, Ilya R. Prudnikov, and Konstantin B. Kostin
Springer Science and Business Media LLC
ABSTRACTSiC Lely platelets and SiC epilayers on large area SiC substrates were directly bonded to non-oxidized grooved surface silicon wafers in order to obtain structures prospective for the design of power bipolar devices with wide band-gap emitter junctions. The reported capabilities of grooved interfaces to reduce elastic strain and intrinsic sources of an interfacial potential barrier were utilized. The influence of surface morphology on the structural perfection of the bonded samples was studied in detail by X-ray and AFM techniques. As compared to traditional bonding technology, experimental data showed an easier smooth-to-grooved surface bonding accomplished in the formation of the boundary with better continuity and strength. For 2 in. diameter SiC wafers with root mean square height of roughness σ=16 Å and lateral coherence length L=1.8 μm bonding continuity not smaller than 90% was reached, while the crystals with σ=30 Å, L=5 μm failed to bond to Si even under an external force.


Silicon direct bonding with simultaneous Al doping
E.D. Kim, S.C. Kim, I.V. Grekhov, T.S. Argunova, E.I. Beliakova, L.S. Kostina, N.M. Shmidt, and K.B. Kostin
Institution of Engineering and Technology (IET)
A simple method for power semiconductor devices with pn junctions is suggested, using the silicon direct bonding technology with simultaneous p-layer formation at the bonding region by attaching two wafers in an aqueous Al-nitrate solution. The resulting high structural quality is explained by the formation of Al-O-Si bonds in addition to Si-O-Si bonds as well as by the mass transport phenomena stimulated by diffusion of Si and Al atoms at the bonding interface.


Structure formation in the surface of multicomponent silicate glass in the production by drawing from a melt in atmospheres of different compositions

RECENT SCHOLAR PUBLICATIONS

Improving the efficiency of personnel management in an uncertain environment
KB Kostin, LE Mamedova, VA Lenskaya
Leadership and Management 10 (1), 151-174 2023



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Klyuchevye tendentsii razvitiya rossiyskogo farmatsevticheskogo rynka v usloviyakh neopredelennosti [Key trends in the development of the Russian pharmaceutical market amidst
KB Kostin, LA Shanava
Journal of Economics, Entrepreneurship and Law 12 (5), 1639-1658 2022



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



Determining the KPIs of Germany’s En-gineering Industry based on the Evalua-tion of Contemporary Business Models
K Kostin, K Steinbi, O Petrinovic
Strategic Management-International Journal of Strategic Management and 2021

MOST CITED SCHOLAR PUBLICATIONS

Foresight of the global digital trends
KB Kostin
Strategic Management-International Journal of Strategic Management and 2018
Citations: 63



The development of working capital management and its impact on profitability and shareholder value: evidence from Germany
B Hgerle, M Charifzadeh, M Ferencz, KB Kostin
Strategic Management-International Journal of Strategic Management and 2020
Citations: 61



Impact of the COVID-19 pandemic on the global economy
KB Kostin, EA Khomchenko
Journal of international economic affairs 10 (4), 961-980 2020
Citations: 29



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
Citations: 19



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
Citations: 16



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
Citations: 15



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
Citations: 13



Классификация инструментов цифрового маркетинга для предприятий отечественного и международного туристского бизнеса
КБ Костин
Экономика и управление, 55-57 2016
Citations: 13



Mathematical modeling of an adaptive acousto-optic interference canceller
KB Kostin, VK Sokolov
Proc. SPIE 5066, 265-272 2002
Citations: 13



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
Citations: 11



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
Citations: 11



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
Citations: 11



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
Citations: 11



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
Citations: 10



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
Citations: 10



Assessing Business Opportunities in BRIC Countries.
KB Kostin, RJ Adams, AC Samli
AIMS International Journal of Management 9 (3) 2015
Citations: 10



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
Citations: 8



Determining the KPIs of Germany’s En-gineering Industry based on the Evalua-tion of Contemporary Business Models
K Kostin, K Steinbi, O Petrinovic
Strategic Management-International Journal of Strategic Management and 2021
Citations: 7



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
Citations: 7



Investment attractiveness assessment of global russian companies
KB Kostin
Journal of Economics Studies and Research 2018, 783590-783590 2018
Citations: 7