Anastasia N. Stepanova -  National Research University The Higher School of Economics, E-mail: anstepanova@hse.ru Anna Alexandrovna Tereshchenko - National Research Institute "Higher School of Economics R&D projects in the pharmaceutical industry are extremely risky and bring benefits in the long-run period. Self-interested managers try to avoid risk and underinvest in R&D. In this paper we study the effect of independent directors, insider ownership and scientific connections on R&D investments. Independent directors and insider ownership can mitigate the agency problem by additional monitoring and convergence of interests. Scientific collaboration promote technological development and increase R&D. The research reveals the difference of the effects in emerging and developed markets.In emerging markets theproportion of independent directors is positively connected with R&D investments. Such results can be explained by the fact that independent directors monitor risk-averse managers that underinvest in risky but perspective projects. Scientific connections significantly positively influence R&D investments. Empirical evidence also shows that companies with a higher proportion of independent directors have more collaborations with scientific institutions in emerging markets. Insider ownership also has no significant influence on R&D investments. Such a result can be explained by the fact that not all the insiders can influence the investment process. Moreover, beneficial owners can lack industry specific knowledge that allows them to monitor the process.  In developed markets the situation is different. The proportion of independent directors is associated with lower R&D investment intensity. As R&D investments are extremely high in developed markets, we suppose that the overinvestment problem can exist.  Thus, better corporate governance can decrease the investments closer to an optimal level. Scientific connections and insider ownership are not a significant factor. The research has wide policy implications. The results can be used by shareholders and government regulating institutions in creating optimal management structures.

Constant changes in economic and legal conditions of management, the complexity of accounting of the freight transportation services’ implementation, require further study in terms of organization of accounting and control, taking into account the characteristics of the industry and belonging to a small enterprise. The purpose of the article is to identify problem areas in the process of organizing the accounting and control of the freight transportation services by small businesses, and also finding ways to solve them. The result of the study is identified and substantiated the following problem areas of freight transportations’ accounting and control, taking into account the characteristics of the industry and belonging to small businesses: cumbersome regulations; specifics of cost accounting; organization of internal control. In particular, it has been established, that the legislative system is rather cumbersome and outdated; also needs improvement taking into account the conditions of globalization of states’ economies, deregulation of freight transportation in Ukraine, protection of workers during pandemic. Based on the study of the regulatory framework, grouped regulatory and regulatory documents for the freight transportation services’ regulation in terms of articles for calculating of the freight transportation services’ costs. Generalized sources of information for effective internal control of cargo transportation of the transport enterprise by the accounting service are offered, taking into account the limited financial resources of small businesses. Emphasis is placed on the need to take into account in the organization of such control such sectoral features as: a large share in non-current assets of rolling stock, accounting of the costs of its maintenance and storage; accounting of fuel and lubricants and spare parts; accompanying flight loading.

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