Research background: Capital structure decisions are very important for any kind of business, but they have a special meaning for small and medium enterprises (SMEs), because their strategic miscalculations can lead to a crisis or even bankruptcy much faster due to the limited scope of their activities. Purpose of the article: The research investigates the basic theories of capital structure and their applicability to SMEs considering the specificities of their functioning. The study aims to identify the determinants of SMEs own and borrowed funds ratio and the main driving forces of their financial decisions. The paper identifies the reasons why SMEs have difficulties in attracting borrowed funds and problems with collateral provision. The paper also presents the dynamics of the capital structure and the composition of the borrowed funds in Russian SMEs. Methods: The research is based on the panel data of Russian manufacturing SMEs in the period of years 2010–2018. The panel data is unbalanced to avoid a survival bias. The financial ratios selected as variables was calculated using consolidated financial statements published by Russian Federal State Statistics Service. The statistical relations between the indicators were performed by a fixed effects regression with a dummy. Findings & Value added: The results of the research identified that current liquidity and asset structure have the statistically significant negative impact on the financial leverage in Russian manufacturing SMEs. The determinants of capital structure in Russian SMEs have not been investigated before, so the presented empirical findings are novel and can be used as a base for further research and analysis.
At the moment, there is an active digital transformation of the practice and processes in HR management. The use of electronic means, artificial intelligence and information technology can significantly increase the efficiency of HR management. This study presents the concept and various aspects of the use of artificial intelligence in HR management. The purpose of the study is to identify the key aspects of the highly qualified stuff formation in the digital economy. The research method is a comparative and causal analysis of management decisions and steps to prepare and implement the digital HR transformation. As a result of the study, a model of the recruitment process based on artificial intelligence and a map of possible risks were obtained. The results of the study can be useful in the implementation of HR management based on artificial intelligence and information technology.
Инновационная деятельность лежит в основе повышения эффективности производства и роста конкурентоспособности промышленных предприятий. Актуальность данного исследования обусловлена необходимостью своевременного выявления факт оров, влияющих на инновационные процессы. Анализ внутренних и внешних факторов, многие из которых тесно взаимодействуют между собой, поможет смягчить их отрицательное воздействие и усилить положительное. Практическая значимость результатов работы заключается в том, что они могут быть использованы при разработке инновационной стратегии бизнеса с учетом наиболее вероятных путей его развития.
В статье предлагается методика двухуровневого анализа устойчивости инновационного развития на основе интегрального показателя, позволяющая не только сделать общие выводы об инновационной деятельности промышленного предприятия, но и проанализировать ее отдельные компоненты. Исследование может быть полезно при выборе оптимальной стратегии инновационного развития бизнеса и для адекватной оценки места предприятия в современном рыночном пространстве.
-2 -Research topics include theory, regulation and supervision of financial systems, economics of insurance, banking and risk management, crowdfunding. AbstractCrowdfunding is a relatively new phenomenon. However, its growth rate in recent years has been substantial. Typically, start-ups and small and medium enterprises (SMEs) face funding problems and crowdfunding may have become an alternative funding source. We study a sample of financial return crowdfunding platforms active in the European Union. We concentrate on the organizational structure and business model of the platforms for those companies with funding needs to identify whether crowdfunding might be complementary to, or a substitute for traditional funding sources. The analysis evidences an extreme heterogeneity among platforms, partly due to the lack of regulation at both national and European level. Furthermore, it shows that crowdfunding has evolved from pure p2p to p2b and b2b fundraising, even in equity crowdfunding where target companies are mainly represented by start-ups. Also, some characteristics of p2p lending and equity platforms are significant for the future development of crowdfunding as an alternative source of capital. Another critical issue which may impact upon the future development of crowdfunding is regulation. Crowdfunding is largely still an unregulated activity. The ways in which crowdfunding is regulated will seriously affect its capacity to reduce the funding gap for start-ups and SMEs.
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