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Complex Interplay of Eastern Bloc SMEs Trade Credit Determinants: Changes due to the Global Financial Crisis
Complexity. 2022. Vol. 2022. Article 9608649.
We investigate whether the determinants of small and medium enterprises’ (SMEs) trade credits taken for purchasing fixed assets suffered substantial changes due to the global financial crisis (GFC). Geographical focus of this paper covers 18 former Eastern bloc countries. Data sample comprises opinions of the SMEs top managers relative to the trade credit financing. Two-step Heckman procedure is applied to study complexity of the trade credit determinants. We find that before the GFC the equity concentration and inflation have negatively impacted the trade credit while foreign ownership and company’s longevity have had a positive effect. GFC has changed this complex relationship. We evidence that, after the GFC, equity concentration and state subsidies have a positive effect.
Publication based on the results of:
Makarov I. A., Россия в глобальной политике 2026 Т. 24 № 4 (140) С. 164–182
Три с половиной года остаётся до 2030-го – окончания срока реализации Целей устойчивого развития (ЦУР) – главной международной инициативы, устанавливающей долгосрочные ориентиры для будущего человечества. Уже очевидно, что она провалилась: преодоление бедности, решение экологических проблем и построение инклюзивного и справедливого общества остались красивой мечтой. Кто-то может воспринимать ЦУР как памятник человеческой наивности. Но надо понимать, что эта ...
Added: September 14, 2026
Fedorova E., Ledyaeva S., Stepanov V., International Review of Economics and Finance 2026
This study investigates the influence of low-quality information, specifically fake news, on short
term stock returns, contributing to the discourse on signal theory and behavioral economics.
Employing a machine learning approach, the authors developed a robust fake news dataset from
publicly available sources. Sentiment analysis was conducted using a FinBERT model fine-tuned
for stock market contexts, alongside extensive dataset ...
Added: September 12, 2026
Карпова Д. А., Sizova I., Gordin V. E., Креативные индустрии 2026 Т. 2 № 2 С. 10–31
This article examines the musealisation of industrial heritage and its role in regional and corporate branding. The relevance of this study stems from deindustrialisation processes, the growth of industrial tourism, and the need to preserve historical memory, which is particularly important in the context of Russian realities—the lack of a legal definition of the concept ...
Added: September 9, 2026
Veselova L. S., Морозова В. С., Дарчиева А. А., Управленец 2026 Vol. 17 No. 4 P. 66–78
На фоне развивающихся торгово-экономических отношений между Россией и Китаем российские десерт- ные бренды получают новые возможности для выхода на китайский рынок. Однако их присутствие ограничено преи- мущественно приграничными регионами, а продвижение сдерживается недостаточной адаптацией к социокультурным особенностям китайских потребителей. Статья посвящена разработке практических рекомендаций по формированию стратегии адаптации российских десертных брендов к специфике китайского рынка. ...
Added: September 9, 2026
Kilinc-Ata N., Warong M. M., SN Business & Economics 2026 Vol. 6 Article 326(2026)
Green transitions are widely expected to attract cleaner capital and accelerate decarbonization; however, emerging-economy evidence increasingly challenges this assumption. This study examines the dynamic relationship between energy transition indicators and capital inflows in BRICS+ economies over the period 1996–2022, explicitly testing the “Green Haven” hypothesis under conditions of global uncertainty. Unlike much of the existing ...
Added: September 9, 2026
Warong M. M., International Journal of Diplomacy and Economy 2026
This study conducted in Indonesia between 2000 and 2023, demonstrates a complex, non-linear interplay between the economic environment and the emergence of clean energy start-ups. Using Autoregressive Distributed Lag and Markov Switching models, the research shows that start-up formation coincides with periods of lower GDP growth, suggesting that innovation is often spurred by necessity. Two ...
Added: September 9, 2026
Кореневский В. В., Экономика и математические методы 2026 Т. 25 № 3 С. 853–878
The US presidential election is a lengthy and complex process, during which candidates present their views and programs for reforming the country's politics and economy, while mass media broadcast these positions to a wide audience. In the most recent election, the topic of cryptocurrencies was used in the campaign for the electorate for the first ...
Added: September 8, 2026
Veselova A., Dikova D., Aray Y., Asia Pacific Journal of Management 2026
We examine board of directors’ gender diversity and corporate social responsibility (CSR) disclosure of Russian firms, and test for their effects on the market valuation of these firms. The Russian context is unique because gender disparity of boards and top management remains high in Russia due to historical legacy, absence of specific diversity-promoting regulations and ...
Added: September 8, 2026
Mozias P., Социальные и гуманитарные науки. Отечественная и зарубежная литература. Серия 9: Востоковедение и африканистика 2026 № 2 С. 173–208
Abstract. Over the years of market reforms, China has moved from an autarkic economy to the position of the world’s largest trading power, becoming a global leader both in export volume and in total foreign trade turnover. For a long time, China’s export success was commonly explained by her use of comparative advantages in labor-intensive ...
Added: September 7, 2026
Kolesnik N. A., Общество и экономика 2026 № 1-2 С. 114–134
Стремительно растущее население планеты и рост объемов индивидуального потребления при низкой включенности населения в экологические практики признается ключевым
препятствием на пути к экономике замкнутого цикла. В статье анализируется использование
огромного рекламно-коммуникационного потенциала крупных торговых сетей для вовлечения
населения в экономику замкнутого цикла через повышение экологической сознательности и популяризацию ответственного потребления. Эмпирической основой исследования стала база данных коммуникации шести ...
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Proskuryakova L. N., Asia-Pacific Tech Monitor 2026 Vol. 43 No. 2 P. 13–24
Innovative financing tools and models have proved their efficiency in supporting the adoption and scale-up of emerging technologies. They have been instrumental in different regions, including the Asia-Pacific region, which stands at the forefront of technological innovation. Studies point to several persistent emerging technological constraints that include high upfront capital costs, perceived risks, and limited ...
Added: September 1, 2026
Emilia Karpinskaia, Alushkin L., Shirokova G. et al., Management Research Review 2025 Vol. 48 No. 7 P. 1148–1181
Purpose
This paper aims to shed light on the relationship between organizational identity and strategic responses to crisis through the lens of intellectual capital perspective and resource-based view.
Design/methodology/approach
A longitudinal multiple case study design was adopted to extract rich data from interviews conducted with nine Russian SMEs during the first two waves of the COVID-19 pandemic.
Findings
The results ...
Added: August 11, 2025
Molodchik M., Bykova A., Ivanov E. et al., Прикладная эконометрика 2025 № 2(78) С. 28–49
This article analyses the current landscape of government support for small and medium-sized enterprises (SMEs) and evaluates its effectiveness in terms of the “Priority Investment Project” program designed to stimulate investments in innovative and infrastructure initiatives. The contradictory results of previous empirical studies and the high demand for applied tools by public authorities have determined ...
Added: July 24, 2025
Sikachev A., Ymer 2025 No. 3 P. 1064–1081
This article examines how digital maturity can enhance the resilience of small and medium-sized enterprises (SMEs) within the dynamic institutional environment of emerging economies. Using in-depth interviews from two companies—a transportation business reliant on physical infrastructure and an online travel agency built around digital platforms—the study finds that enterprises dependent on capital-intensive assets face greater ...
Added: March 26, 2025
Kozachenko E., Journal of Entrepreneurship in Emerging Economies 2025 Vol. 17 No. 5 P. 1135–1160
Purpose
Amidst global economic uncertainties, small and medium-sized enterprises (SMEs) are confronted with the pressing need to adapt to complex and ambiguous external landscapes. This study aims to investigate how the decision-making strategies of causation and effectuation are related to the performance of Russian SMEs and whether and how this relationship is moderated by CEO tenure.
Design/methodology/approach
Using ...
Added: February 3, 2025
Osiyevskyy O., Sinha K., Shirokova G. et al., European Management Journal 2026 Vol. 44 No. 2 P. 245–259
Innovation capabilities form the basis for firms’ adapting to changing external environments and creating and sustaining competitive advantage. Yet we still know relatively little about the impact of the distinct types of innovation capabilities on firm performance and its reliability. Grounded in the organizational capability view of innovation, our study is the first to propose ...
Added: February 2, 2025
Батаева Б. С., Киселева Н. И., Cheglakova L. M. et al., Общество и экономика 2024 № 12 С. 34–45
The methodological basis for the study of regional business entities’ participation in the ESG agenda and the implementation of national projects was the concept of sustainable development and resource theory. According to the results of a survey of 208 respondents from 144 organizations in the private and public sectors of the economy of
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Added: January 31, 2025
Artamoshina P. S., Shirokova G., Bodolica V., Journal of Entrepreneurship in Emerging Economies 2025 Vol. 17 No. 3 P. 509–545
Purpose
The current business environment is characterized by high levels of uncertainty that affect the global economic system and have the greatest impact on small and medium-sized enterprises (SMEs). With an elevated degree of perceived uncertainty, Chief executive officers' (CEOs) of SMEs find themselves in a situation where the old approaches to decision-making are irrelevant and ...
Added: September 23, 2024
Kozachenko E., Shirokova G., Bodolica V., International Journal of Organizational Analysis 2025 Vol. 33 No. 7 P. 1742–1764
Purpose
Previous studies considered effectuation and causation as alternative decision-making strategies used by entrepreneurs to navigate uncertainty, having various individual- and firm-level antecedents. This study aims to broaden our understanding of individual-level antecedents by examining the role of Chief Executive Officer (CEO) temporal focus in decision-making processes in small and medium-sized enterprises (SMEs).
Design/methodology/approach
Based on a multiple ...
Added: September 19, 2024
Golikova V., Russian Management Journal 2024 Vol. 21 No. 4 P. 552–578
Goal: drawing from resource-based and institutional perspectives, the Russian sanctions/ countersanctions are studied as a context of enduring economic-political turbulence for small- and medium-sized enterprises (SMEs) managers following external shock for Russian economy after first wave of sanctions in 2014 which affects firm performance through resource availability changes and (enforced) adjustments of strategic resources. Methodology: ...
Added: June 17, 2024
Aleksandra Sidorenko, Veselova A., Dikova D., International Journal of Emerging Markets 2025 Vol. 20 No. 10 P. 4175–4195
Purpose
The paper analyzes socially embedded antecedents of sustainability and compares the results between two distinct contexts of Russia and Italy. Specifically, the paper identifies which forms of embeddedness (network, family, and virtual) are associated with proactive environmental sustainability in SMEs.
Design/methodology/approach
The data for the study were gathered from the World Bank Enterprise Survey dataset and include ...
Added: June 4, 2024
Arkhipov A. V., Емельянов А. А., Сторожук В. В., Вопросы инновационной экономики 2022 Т. 12 № 4 С. 2649–2668
Для борьбы с последствиями глобального финансового кризиса 2008 г. многие центральные банки начали переходить к использованию инструментов нетрадиционной монетарной политики. Наиболее дискуссионным инструментом стала политика отрицательных процентных ставок, которая противоречила
теоретическим представлениям о природе процентных ставок. В статье исследуется вопрос нарушения
принципа паритета процентных ставок в контексте нетрадиционной монетарной политики и, прежде
всего, политики отрицательных процентных ставок. В ...
Added: April 1, 2024
Pashkov S., Экономическая социология 2024 Т. 25 № 1 С. 161–175
Mitchell Abolafia's book offers an in-depth analysis of the famous Global Financial Crisis of 20072008. The book examines how the critical decisions made by officials of the US Federal Reserve System affected the operation of markets, the understanding of its participants of the full depth of the crisis, and the search for a way out ...
Added: March 5, 2024
Malodia S., Mishra M., Fait M. et al., Journal of Business Research 2023 Vol. 157 P. 1–11
The study illustrates the significance of the characteristics of the individual SME entrepreneurs and enterprises in the digital transformation of SMEs. Adopting a mixed-method approach, we conducted 18 qualitative interviews and collected empirical data from 369 Indian SME entrepreneurs. The findings evidence that the digital self-efficacy of SME entrepreneurs significantly influences the digital transformation journey ...
Added: October 13, 2023