Economic and statistical analysis of the practice
of setting goals for joint-stock companies
in the context of sustainable regional development
The initial data of the study were the charters and accounting reports of 4463 joint-stock companies registered in 54 regions of Russia as of 2015. The theoretical basis of the study is the works of domestic and foreign scientists on sustainable development of regions, social responsibility of business, and goal setting. The subject of the study is the impact of goal setting of joint stock companies on their financial results. The study was conducted to test the hypothesis that the most common stereotypical formulation of the purpose of commercial organizations "to generate profit" is not consistent with the long-term interests of stakeholders, including shareholders, since it is associated with a decrease in the economic efficiency of enterprises. The information was collected in two stages. At the first stage, data on joint-stock companies were collected, including the amount of net profit, a summary of the statutory goal, the region of the Russian Federation, and the type of main activity. At the second stage, information about the cost of sales was collected, the value of which was used to calculate the level of profitability, and the data collected at the first stage was checked. The data was aggregated by grouping and forming the main array. The aggregated data were processed by multiple correlation and regression analysis and by testing the hypothesis of equality of group averages. A different combination of essential elements, presented in the statutory goals of joint-stock companies, made it possible to identify 68 types of statutory goals. The results obtained should be used in the development of regional sustainable development programs.
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