Finance and Credit

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
LCCN Permalink
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

To a trade-off between social values and the quality of living, human capital and motivation to highly productive performance of entrepreneurs in Russia

Vol. 25, Iss. 5, MAY 2019

Received: 17 September 2018

Received in revised form: 1 April 2019

Accepted: 15 April 2019

Available online: 30 May 2019

Subject Heading: THEORY OF FINANCE

JEL Classification: A10, A13, B15, B20

Pages: 1033–1042

Kleshcheva Yu.S. Kuban State University (KubSU), Krasnodar, Krasnodar Krai, Russian Federation

ORCID id: not available

Subject The article discusses a trade-off between values and quality of living, human capital and motivation to highly productive performance of entrepreneurs in Russia.
Objectives The research traces the relationship of systemic categories, such as human capital, entrepreneurship, quality of living by identifying social values (attitudes) concerning people's motivation for highly productive performance and entrepreneurship. The satisfaction with the quality of living should result from the formation and perfection of personal values.
Methods The research involves methods of historical, logic, and comparative analyses.
Results The article presents the outcome of the social values survey among 200 respondents. I also provide the theoretical underpinning of a trade-off between the quality of living, human capital, motivation for highly productive performance and entrepreneurship. In Russia, would-be entrepreneurs aspire to high profits. However, as they grow more seasoned in business practices, they turn to social and moral values relating to self-fulfillment and the intention to transform the social milieu. Therefore, as the quality of living rises, savvy human capital also goes up. It should be directed to follow the course of constructive social transformations.
Conclusions and Relevance Human capital of an entrepreneur evolves through his/her motivation and incentives for highly productive performance, which depend on personal values, needs and quality of living. The formation of certain business values will promote entrepreneurship and push it to the right direction. The findings can be applied to further research and prove useful for public authorities, employees in order to grow the motivation to highly productive performance and entrepreneurship in line with social values.

Keywords: human capital, quality of living, motivation, values, entrepreneurship


  1. Smith A. Issledovanie o prirode i prichinakh bogatstva narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Moscow, Eksmo Publ., 2017, 1056 p.
  2. Cantillon R. Essai sur la Nature du Commerce en General. London, Frank Cass and Co. L., 1959.
  3. Say J.-B. Traktat po politicheskoi ekonomii [Traité d’économie politique ou Simple exposé de la manière dont se forment, se distribuent et se consomment les richesses ]. Moscow, Delo Publ., 2000, 232 p.
  4. Marx K. Kapital. Kritika politicheskoi ekonomii, vol. 3. Kn. 3. Protsess kapitalisticheskogo proizvodstva, vzyatyi v tselom [Das Kapital. Kritik der politischen Ökonomie. Band 3: Der Gesamtprozess der kapitalistischen Produktion]. Moscow, Izdatel'stvo poiticheskoi literatury Publ., 1985, 153 p.
  5. Schumpeter J.A. Teoriya ekonomicheskogo razvitiya [Theorie der wirtschaftlichen Entwicklung: eine untersuchung über unternehmergewinn, kapital, kredit, zins und den konjunkturzyklus]. Moscow, Direktmedia Pablishing Publ., 2008, 401 p.
  6. Schumpeter J.A. Essays on Entrepreneurs, Innovations, Business Cycles, and the Evolution of Capitalism. Routledge, 1989, 388 p.
  7. Schultz T.W. Human Capital: Policy Issues and Research Opportunities. In: Economic Research: Retrospect and Prospect. Volume 6: Human Resources. UMI, 1972, pp. 1–84.
  8. Galbraith J. The Affluent Society. Mariner Books, 1998, 288 p.
  9. Clark J.B. Raspredelenie bogatstva [The Distribution of Wealth: A Theory of Wages, Interest and Profits]. Moscow, Ekonomika Publ., 1992, 447 p.
  10. Kritskii M.M. Chelovecheskii capital [Human capital]. Leningrad, LGU Publ., 1991, 117 p.
  11. Zaretskii A.D., Ivanova T.E. [The formation of the institute of the interaction of power and business for developing human capital in modern Russia]. Voprosy gosudarstvennogo i munitsipal'nogo upravleniya = Public Administration Issues, 2009, no. 4, pp. 172–182. URL: Link (In Russ.)
  12. Nagornov V.I., Esaulov V.N., Solovenko I.S. [Business motivation]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2011, vol. 12, no. 7, pp. 140–144. URL: Link (In Russ.)
  13. Kamaltdinova R.M. [Human capital of modern entrepreneur]. Kreativnaya ekonomika = Creative Economy, 2011, vol. 5, no. 3, pp. 112–115. URL: Link (In Russ.)
  14. von Humboldt W. O predelakh gosudarstvennoi deyatel'nosti [Ideen zu einem Versuch, die Grenzen der Wirksamkeit des Staats zu bestimmen]. Chelyabinsk, Sotsium Publ., 2009, 287 p.

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 25, Iss. 8
August 2019