The main aim of this empirical work is to investigate cost management efficiency determinants of oil and gas companies in Eurasian Economic Union. The data was carefully gathered with updated ...financial data of 24,813 firm-year observations for the following period 2012-2020. Two main models were developed: with social responsibility and without social responsibility. In order to conduct panel data regression analysis, we employ two-step system GMM. The Durbin, Wu-Hausman test was used to find endogeneity, before we use the system GMM. Findings reveal that capital structure, taxes, and the oil demand crisis of 2014-2015 to be the most dominant determinants of cost management efficiency in the studied sample of oil and gas companies. Results suggest that increased taxes boost the cost management efficiency of oil and gas firms. Findings of the present study offer many insights and policy implications to help investors, managers, and policy makers. The contribution to the literature is twofold.
This paper aims at assessing energy inequality, which is at the center of SDG7, in the Eurasian Economic Union – a recently created international organization with arguably the closest integration in ...the energy sphere for all member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The research was performed with the use of cross-disciplinary methods, including literature review, analysis of policy documents (applied policy analysis), and two quantitative tools widely used for energy policy analysis – the decomposition of energy consumption based on the Logarithmic Mean Divisia Index and the inequality estimation by using the Theil index. The study identified contribution of three types of factors to energy consumption of the entire Eurasian Economic Union: economic growth − the increase of GDP, the relative structural changes in the economy, and energy intensity shifts. Theil index allowed determining the level of inequality in the region's energy consumption. The quantitative analyses demonstrated that in 2000–2017 the increase of GDP and energy intensity in the region were the main reasons that had determined the growing energy consumption. Theil index analysis showed that inequality of GDP-related energy consumption is decreasing, whereas the population-related inequality is increasing. Additionally, policy implications for inclusive and sustainable energy integration in the region are discussed. The required policy changes range from introducing amendments to the Eurasian Economic Union Treaty and structural changes to very precise science and technology policy tools.
•GDP increase and energy intensity determine the growing EEU energy consumption.•To assess energy inequality EEU states divided in two groups - energy rich and poor.•EEU energy inequality is due to ‘between’ groups factors in 2000–2008.•After 2008 the inequality is reduced and the ‘within’ groups contribution prevails.•Additional SDG7 indicators required to measure energy inequality and affordability.
January 2015 witnessed an important step towards further integration in Eurasia, with the Eurasian Economic Union (EAEU) coming into operation. It comprises three members of the former Eurasian ...Customs Union (CU), Russia, Belarus and Kazakhstan, plus Kyrgyzstan and Armenia.
Recent debates on Eurasian integration consider the EAEU to be a Russian hegemonic project in the region. However, the potential of this project is yet to be discovered. This article has pioneered in applying the neo-Gramscian approach to analysing the potential for the EAEU as a Russian counter-hegemonic initiative. The neo-Gramscian understanding of hegemony, which constitutes of four core elements, is reflected in the structure of the article: the institutional design, material capabilities (the capitalist system), security invulnerability (geopolitics) and cultural leadership.
The article concludes that Russian regional hegemony has not yet been formed, but has the potential to be completed. Hegemony has been consolidated domestically, and has started outward expansion through the EAEU as its institutional mechanism. However, to succeed with its hegemonic project, the Russian government should not simply copy the EU's institutional design but learn how to present the achievements of integration as successful efforts at creating a strong welfare system that favours key social groups in order to obtain social consent and take cultural leadership.
The novelty of the presentation of hegemony as an evolutionary process, which passes through initial, transitional and conclusive phases of its development, along with the recentness of the EAEU as a topic, could make this article a contribution to Eurasian integration studies.
This paper uses two empirical tools to quantify the impact of tariff changes on bilateral trade and welfare. Both tools are rooted in structural gravity literature. The first tool estimates the ...impact of tariff changes on bilateral trade for 5,020 products in a partial equilibrium framework. The second tool quantifies the impact on bilateral aggregate trade in a general equilibrium setup, allowing estimates of trade diversion and welfare changes. These tools are used to estimate the impact of tariff changes on Armenia with regard to (i) its alignment with the external tariff of the Eurasian Economic Union; (ii) free trade agreements between the Eurasian Economic Union and other economies, including Iran and the People’s Republic of China; and (iii) Armenia’s loss of beneficiary status under the Generalised Scheme of Preferences of the European Union.
Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia formed the Eurasian Economic Union (EEU) with the aim of fostering closer economic cooperation among member states for the well-being of the people ...of the region. This paper critically analyses the history and evolution of the EEU as well as its success, challenges and prospects. Despite numerous attempts and initiatives, the EEU's actions have hardly achieved any significant success because most of its goals have either been declarative in nature or politically motivated and not taken seriously. Russian domination, influence, control and pressure may also be reasons for lack of progress and success. Long, bitter historical memories and distrust among the member states also made the integration process difficult. The article concludes that this latest attempt at integration in the former USSR region seems to be in trouble and may result in failure because of deteriorating economic conditions in Russia, the crisis facing the ruble, Russia's continuous conflict with Ukraine and distrust among the member states.
The article is devoted to the main aspects of development of the Eurasian Economic Union. Authors concretize that now Eurasian Economic Union is an economic union but it has every chance to become ...the political union. The attention to obstacles for development of Eurasian Economic Union and to calls which the Eurasian Economic Union puts before the West is paid.
This paper provides a sound ex-post evaluation of the impact of the Eurasian integration on member countries’ bilateral trade after a decade of implementation. We overcome the main limitations of ...current empirical analyses on the effects of trade agreements, namely the aggregation of tariff and non-tariff barriers and the likely self-selection bias, by applying a non-parametric method specifically designed to fully exploit time-series cross-sectional data. We thus compare the trade flows of the member countries in the Eurasian agreement with the exporter-importer pairs located in the Eurasian continent, which are most similar in terms of pre-treatment trends and features. Our results confirm the previous literature about the lack of a significant impact of the Eurasian customs union but find more positive net effects of the more recent integration steps. Our results ask for additional efforts to complete the Eurasian integration and let its member countries fully benefit from its hoped-for long-term effects.
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