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RAR RUS 7-20 IESE Business School (University of Navarra), Madrid, Spain Fernandez Pablo IESE Business School (University of Navarra), Madrid, Spain Apellaniz Eduardo 10.48554/SDEE.2021.2.1 336.6 total return total return for all shareholders dividend reinvestment share repurchase shareholder capital increase https://sustainable.spbstu.ru/article/2021.2.1/ 2_1.pdf

RAR RUS 22-39 Peter the Great St.Petersburg Polytechnic University, Saint-Petersburg, Russia Furtatova Alina Peter the Great St.Petersburg Polytechnic University, Russia Victorova N. Natalia Peter the Great St.Petersburg Polytechnic University, Russia Konnikov Evgenii INNOVATION AND RESOURCE POTENTIAL ON KEY PERFORMANCE INDICATORS OF WATER SUPPLY ENTERPRISES The article analyses the innovation and resource potential of an enterprise as the basis for its sustainable development. The factors of structure, assessment and impact of this potential on individual resulting performance indicators are considered. This study identified the natural links between innovation and resource potential and the indicators of profit, revenue, costs, volumes of water losses and consumption. Thus, the probable links between potential and the financial, environmental and social components that characterise the activities of an enterprise are elucidated. The study used expert assessments and regression analyses on data from the SUE ‘Vodokanal of St. Petersburg’. The value of innovation and resource potential was determined by summing up the values of constituent elements (subpotentials): educational and personnel, research, information and technological, production and technical, socioenvironmental, financial and economic as well as organisational and managerial. For each subpotential, a system of indicators was developed. Calculations of indicators were done for data from 2010–2020. Indicators were ranked by degree of importance. After determining the value of the innovation and resource potential, six regression models were built, reflecting the impact of potential on key performance indicators of the water supply enterprise. The results of the study demonstrated profit, revenue and cost indicators’ direct dependence on innovation and resource potential and the inverse dependence of water loss and consumption. Studying indicators characterising a particular subpotential and selecting resulting indicators for modelling and assessing the impact of innovation and resource potential remain problematic. The results show that subpotential improvement can be achieved by identifying indicators, such as personnel and technological support that depend on innovation and resource potential for major advancements. This can improve the effectiveness and efficiency of water supply enterprises, making this an important area of scientific inquiry. 10.48554/SDEE.2021.2.2 338.45 innovation and resource potential subpotentials water supply enterprise sustainable development regression analysis regression model https://sustainable.spbstu.ru/article/2021.2.2/ 2_2r.pdf

RAR RUS 41-57 The State Institute of Economic, Finance, Law and Technology, Gatchina, Russia Zaborovskaia Olga Peter the Great St.Petersburg Polytechnic University, Russia Zhogova Elena the Academy of Public Administration under the President of the Republic of Tajikistan, the Republic of Tajikistan Alamshoev Anis RANKING THE REGIONS OF THE NORTHWESTERN FEDERAL DISTRICT AS A SUSTAINABLE DEVELOPMENT POLICY TOOL The study reported in this paper ranked the regions of the Northwestern Federal District according to the degree of their socio-economic development to evaluate such regions’ sustainable development. It used a ranking algorithm to calculate the socio-economic development indices. The index of economic development of a region is calculated not only through the given average per capita values but also through the average values of the financial indicators, considering the number of employed individuals in the region. The index is an integral one, calculated as the sum of the partial integral indices. In this method, various difficult-to-compare indicators can be analysed to measure the degree of sustainable development achieved by the regions. The algorithm relies on balancing the importance of social and economic development. Striking such balance is essential for maintaining sustainable development in the long term. Thus, to calculate the final index of socio-economic development considering both social and economic development, equal shares are assigned to the components of the index, such as the index of the maturity level of the region’s economy and the index of the maturity level of the social sphere. However, if each index is calculated separately, a different set of indicators with various specific weights is used. For example, to measure the index of economic maturity, the index of the industrialisation level in the region and the index of enterprise financial status are considered, and in this case, a greater specific weight is assigned to industrialisation. To calculate the index of the social sphere, the following indicators are considered: the index of the monetary income of the population in the region and the index of the quality of the social situation in the region. All these indices have an additional division according to the method described in the book Investment Potential of the Russian Economy by Bard, Buzulukov, Drogobytsky and Shchepetova (2003). Using the algorithm for calculating the indices of socio-economic development, we can judge the state of the economy and the social sphere at a specific time (in our case, we studied the 2018 data) and their potential for achieving sustainable economic development in the end. The result of the study is the ranking of the regions of the Northwestern Federal District, which considers their socio-economic development and how favourable their climate is for achieving the sustainable development of the territories. The regions that received above-average index values were St. Petersburg, Leningrad Region, Kaliningrad Region and Murmansk Region. 10.48554/SDEE.2021.2.3 332.14 region socio-economic development index ranking algorithm for the regional ranking of the socio-economic indices sustainable economic development https://sustainable.spbstu.ru/article/2021.2.3/ 2_3r.pdf

RAR RUS 58-78 Peter the Great St.Petersburg Polytechnic University, Russia Zaytsev Andrey Saint Petersburg State University of Economics, St.Petersburg, Russian Federation Sun Pak Khe Saint Petersburg State University of Economics, St. Petersburg, Russian Federation Elkina Olga North-West Institute of Management of the Russian Academy of National Economy and Public Service under the President of the Russian Federation Tarasova Tatiana Peter the Great St.Petersburg Polytechnic University, Russia Dmitriev Nikolay ECONOMIC SECURITY AND INNOVATIVE COMPONENT OF A REGION: A COMPREHENSIVE ASSESSMENT This article is devoted to designing a comprehensive assessment of the level of economic security of a region, taking into account its innovative component. The relevance of the study is supported by the need for a more detailed consideration of certain aspects of economic security to improve the efficiency of the functioning of the subjects of the Russian Federation and create favourable conditions for their economic development from a strategic perspective. The goal of this article is to determine a comprehensive assessment of the level of economic security of the subjects belonging to the Northwestern Federal District of the Russian Federation, as well as analysing the contribution of each region to ensuring national and economic security. To design a comprehensive assessment of the level of economic security of a region, it is proposed to average the normalized values of all indicators employing the simple average method. The method used is the basis of the rating approach of the European Commission employed for designing a comparative assessment of the level of innovative development of the EU regions, which makes it possible to adapt it to the Russian conditions, taking into account the specifics of the domestic economic system. As a result of the study, the criterion boundaries of the integral indicator for assessing the level of economic security were established, which allowed comparing the territorial entities within the region under consideration and identifying the level of secure development of the territory in the economic sphere. The result of the implementation of the proposed methodology was an assessment of the economic security level of regions. The proposed methodology for a comprehensive assessment of the economic security of the territory is characterized by efficiency, simplicity, and accessibility and also takes into account the innovative aspect of the development of a territory. The results obtained enable one to use the developed methodology to solve a wide range of issues to ensure the economic security of a region. 10.48554/SDEE.2021.2.4 332.14 sustainable development of a region indicators of economic security threshold parameters regional infrastructure innovative component of a region assessment of economic security https://sustainable.spbstu.ru/article/2021.2.4/ 2_4.pdf

RAR RUS 80-97 Nizhny Novgorod State University named after N.I. Lobachevsky, Nizhny Novgorod, Russian Federation Koshelev Egor Neapolis University Paphos, Cyprus Dimopoulos Thomas Politecnico di Milano, Milano, Italy Mazzucchelli Enrico Sergio DEVELOPMENT OF INNOVATIVE INDUSTRIAL CLUSTER STRATEGY USING COMPOUND REAL OPTIONS The subject of the study is pilot clusters that are beneficial to a particular region, taking into account the traditions and production areas of the region. The work aims to develop an innovative strategy for state-supported pilot clusters that would allow for flexible management decision making. The proposed method involves the compound real options to be employed in the following order: 1) an option to reduce and abandon the cluster strategy; 2) an option to develop and replicate the experience accumulated in the cluster; 3) an option to switch from and temporarily stop the cluster strategy; and 4) an option to postpone the implementation of the new cluster strategy. As an example of the implementation of the method presented, the authors discuss the strategy for the development of a pilot electric power cluster in the Nizhny Novgorod region presented by the core company TNS energo NN PJSC. The use of the compound real option method enabled the cost increase of the strategy for this cluster – i.e., the effect of its implementation by the core company rose by 89.1%, from 2 710 022 to 5 124 706 thousand Rubles. Thus, using the compound real options precisely in the presented order avoids unreasonable management decisions to exit the current cluster strategy, which would include many tactical opportunities already implemented for cluster development. First, a put option, i.e., an option to reduce and exit the cluster strategy, supplements the evaluation of the current strategy. If the current strategy continues, the other three options are used. 10.48554/SDEE.2021.2.5 336.645.1 industrial innovation cluster compound real option abandonment option growth option switch option project deferral option https://sustainable.spbstu.ru/article/2021.2.5/ 2_5.pdf