Economic theory

The Russian stock market as a social space: a theoretical basis

Economic Annals-XXI

Economic Annals-ХХI: Volume 164, Issue 3-4, Pages: 20-23

Citation information:
Podgorny, B. (2017). The Russian stock market as a social space: a theoretical basis. Economic Annals-XXI, 164(3-4), 20-23. doi: https://doi.org/10.21003/ea.V164-04

View Full-TextDownload PDF

Boris Podgorny
PhD (Sociology),
Associate Professor,
Southwest State University
94, 50 let Oktyabrya, Kursk, 305040, Russian Federation
b.podgorny46@gmail.com
ORCID ID: http://orcid.org/0000-0002-2972-3603

The Russian stock market as a social space: a theoretical basis

Abstract. The world experience of investment activity shows that economic growth is impossible without an effective national stock market, which contributes to development of the shared economy and to creation of a community of owners. However, in the post-soviet CIS countries stock markets operate mainly as secondary or speculative. These markets do not perform the functions of the developed stock markets. Therefore, the generally accepted theoretical interpretation of stock market’s role and functions in the economy has not been proved in practice. There is a contradiction in the priority development of the national secondary stock markets in the CIS countries, whereas the primary share markets are ignored.

The author of the paper presents his view on the sociological theory defined as «The Russian Stock Market as a Social Space» which shows the features of the emergence, development and functioning of stock markets. The author pays special attention to the theoretical justification for the formation of new social spaces. The stock market is represented as the social space with its capital, habitus and practices inherent by its actors. A brief comparative analysis of the formation of stock markets in the CIS countries, the United States and the Eastern Europe has been carried out.

Keywords: Social Space; Stock Market; Habitus; Capitals; Practices

JEL Classification: A14; D12; E44; N20

Acknowledgement. Research was supported by the grant from the Russian Foundation for Basic Research (project No. 16-13-46001 «Regional stock market: sociological analysis»).

DOI: https://doi.org/10.21003/ea.V164-04

References

  1. The National Commission on Securities and Stock Market (2017). Security market in Ukraine: total re-load. Annual reports.
    Retrieved from http://nssmc.gov.ua/user_files/content/58/1473066406.pdf (in Ukr.)
  2. Federal Tax Service of the Russian Federation (2017). Statistics on state registration of law and physical entities in total in the Russian Federation.
    Retrieved from https://www.nalog.ru/rn77/related_activities/statistics_and_analytics/regstats (in Russ.)
  3. The Central Bank of the Russian Federation (2017). The main directions of the development of the financial market of the Russian Federation for the period 2016-2018.
    Retrieved from http://www.cbr.ru/finmarkets/files/development/onrfr_2016-18.pdf (in Russ.)
  4. The National Commission on Securities and Stock Market (2017). Strategic Plan 2016-2018.
    Retrieved from http://nssmc.gov.ua/user_files/content/58/1459174637.doc (in Ukr.)
  5. Farla, K., Crombrugghe, D., & Verspagen, B. (2014). Institutions, Foreign Direct Investment, and Domestic Investment: Crowding Out or Crowding In? World Development, 88, 1-9.
    doi: https://doi.org/10.1016/j.worlddev.2014.04.008
  6. Gohou, G., & Soumare, I. (2012). Does Foreign Direct Investment Reduce Poverty in Africa and are There Regional Differences? World Development, 40(1), 75-95.
    doi: https://doi.org/10.1016/j.worlddev.2011.05.014
  7. Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2010). Does foreign direct investment promote growth? Exploring the role of financial markets on linkages. Journal of Development Economics, 91(2), 242-256.
    doi: https://doi.org/10.1016/j.jdeveco.2009.09.004
  8. Fogle, N. (2009). Social Space and Physical Space: Pierre Bourdieu’s Field Theory as a Model for the Social Dynamics of the Built Environment. (Doctoral dissertation). The Temple University Graduate Board: Philadelphia.
  9. Storr, V. H. (2008). The Market as a Social Space: On the meaningful extraeconomic conversations that can occur in markets. The Review of Austrian Economics, 21(2), 135-150.
    doi: https://doi.org/10.1007/s11138-007-0034-0
  10. Raskovic, M. (2015). Economic sociology and the ARA interaction model. Journal of Business & Industrial Marketing, 30(5), 472-485.
    doi: https://doi.org/10.1108/JBIM-09-2011-0123
  11. Masso, А., Opermann, S., & Eljand, V. (2014). Changes in personal social space in a transition society. Journal Social Space, 7, 1-37.
    Retrieved from http://socialspacejournal.eu/7%20numer/A.Masu,%20S.Opermann,%20V.%20Eljand%20-%20Changes%20in%20personal%20social%20space%20in%20a%20transition%20society.pdf
  12. Filhon, A., Deauvieau, J., Verdalle, L., de, Pèlage, A., Poullaouec, T., Brousse, C., Mespoulet, M., & Sztandar-Sztanderska, K. (2016). European Classification Project: An Assessment of National Variations in the Perception of Social Space. Comparative Sociology, 15(3), 275-299. Brill Academic Publishers.
    doi: https://doi.org/10.1163/15691330-12341388
  13. Blasius, J., & Schmitz, A. (2017, October 12-14). Conference Report – Empirical Investigation of Social Space II University of Bonn. Bulletin de Méthodologie Sociologique, (Bulletin of Sociological Methodology), 133(1), 65-70.
    doi: https://doi.org/10.1177/0759106316662595
  14. Bikbov, A. T., & Gavrilenko, S. M. (2000). Spatial scheme of social theory as a form of objectification of the authoritative interest of the theoretician: Parsons / Foucault. In Yu. L. Kachanov & A. T. Bikbov (Eds.), Space and time in modern sociological theory. Moscow, PH «Institute of Sociology RAS» (in Russ.).
  15. Filippov, A. F. (2008). Sociology of space. Saint Petersburg: Vladimir Dahl (in Russ.).
  16. Ryabov, M. A. (2007). Subjectivity in the structures of social topology. Bulletin of the Udmurt University, 3, 51-64 (in Russ.).
  17. Chernyavskaya, O. S. (2008). Social space: a review of theoretical interpretations. Vestnik Nizhegorodskogo Universiteta im. N. I. Lobachevskogo (Herald of N. I. Lobachevsky Nizhny Novgorod University), 5, 329-335 (in Russ.).
  18. Petrova, T. Yu. (2003). Social space as a process. (Dissertation thesis). N. I. Lobachevsky Nizhny Novgorod University (in Russ.).
  19. Mikhalevsky, D. V. (2012). Formation of social space and its structures. (Dissertation thesis). State University, Moscow (in Russ.).
  20. Radaev, V. V. (2002). Term of Capital, Forms of Capitals and their Conversion. Journal of Economic Sociology, 4, 20-32 (in Russ.).
  21. Yudin, G. B. (2006). Markets as Fields: an Attempt to Reconceptualise. Journal of Economic Sociology, 4, 27-42 (in Russ.).
  22. Engdahl, O. (2012). A stock market for all. Integrity and concern for the market in the (self) regulation of the Swedish securities market. Sociologisk Forskning, 49(4), 257-282.
    Retrieved from http://www.diva-portal.org/smash/get/diva2:790163/FULLTEXT01.pdf (In Swedish)
  23. Santillán Salgado, R. J. (2010). Stock market wealth-effects during privatization initial public offers in Chile (1984-1989), Estudios Gerenciales, 117(26), 61-83.
    doi: https://doi.org/10.1016/S0123-5923(10)70134-0
  24. Keller, J., & Pastusiak, R. (2016). The Psychology of Investing: Stock Market Recommendations and Their Impact on Investors’ Decisions (The Example of the Polish Stock Market). Acta Oeconomica, 66(2), 421-439.
    doi: https://doi.org/10.1556/032.2016.66.3.3
  25. Reed, M. A. (2016). Study of Social Network Effects on the Stock Market. Journal of Behavioral Finance, 17(4), 342-351.
    doi: https://doi.org/10.1080/15427560.2016.1238371
  26. Liu, Z., Zhang, T., & Yang, X. (2014). Social Interaction and Stock Market Participation: Evidence from China. Mathematical Problems in Engineering, 2014, 1-9.
    doi: https://doi.org/10.1155/2014/906564
  27. Nizar, R., & Sahbi, M. (2016). Role of investor sentiment in financial markets: an explanation by behavioural finance approach. International Journal of Accounting and Finance, 5(4), 362-401.
    doi: https://doi.org/10.1504/IJAF.2015.076182
  28. Kushnirovich, N. (2016). Immigrant investors in financial markets: modes of financial behavior. Journal of Business Economics and Management, 17(6), 992-1006.
    doi: https://doi.org/10.3846/16111699.2016.1171253
  29. Leonov, V. (2005). Sociological aspects of motivation of financial behaviour of the population. Sociology: Theory, Methods, Marketing, 4, 132-146 (in Russ.).
  30. Melnikova, E. V. (2004). Stock market as an object of sociological analysis. (Dissertation thesis). State University, Volgograd (in Russ.).
  31. Bespartochny, B. D., & Podgornaya, Y. B. (2015). Features of private investment in the stock market: theoretical and praxiological aspects. Proceedings of the South-Western State University. Series: The Economy. Sociology. Management, 14(1), 115-119 (in Russ.).
  32. Abramov, A. E. (2014). Institutional Investors in the World: Features of Activities and Development Policy. Moscow: Delo (in Russ.).
  33. Dementiev, N. P. (2015). Mutual Investment Funds in Russia: Macroeconomic Analysis. Interexpo Geo-Siberia, 1, 83-88 (in Russ.).
  34. Podgorny, B. B. (2016). The sociological analysis of the Kursk region stock market state: raising a problem. Proceedings of South-West State University. Series: The Economy. Sociology. Management, 19(2), 173-183 (in Russ.).
  35. Podgorny, B. B. (2016). Habitus in relation to the stock market: national features. Economic Annals-ХХI, 157(3-4), 68-71.
    doi: https://doi.org/10.21003/ea.V157-0021
  36. Podgorny, B. B. (2016). The habitus of the Russian stock market private investors. Economic Annals-ХХI, 160(7-8), 111-115.
    doi: https://doi.org/10.21003/ea.V160-22
  37. Podgorny, B. B. (2016). The population relation to the stock market – comparative factual representation Proceedings of South-West State University. Series: The Economy. Sociology. Management, 21(4), 209-217 (in Russ.).
  38. Podgorny, B. B. (2016). Formation of a stock market private investors community. (Dissertation thesis). N. I. Lobachevsky Nizhny Novgorod University (in Russ.).

Received 20.03.2017

View Full-TextDownload PDF
In, , , ,

More Papers