IDEAS home Printed from https://ideas.repec.org/a/url/izvest/v22y2021i1p105-130.html
   My bibliography  Save this article

Financial aspects of ensuring sustainable development of small and medium-sized businesses in the face of new challenges

Author

Listed:
  • Nadezhda S. Piontkevich

    (Ural State University of Economics, Ekaterinburg, Russia)

  • Ekaterina G. Sheina

    (Ural State University of Economics, Ekaterinburg, Russia)

Abstract

The special economic circumstances of 2019–2020 have formed new conditions for doing business, increased the role of the state in ensuring stable financial conditions for functioning of small and medium-sized businesses and helping them with adapting to the new situation. The article aims to assess the urgent measures of financial support for small and medium-sized businesses implemented by the Government of the Russian Federation from March 31, 2020 up to the present. The methodological basis of the research includes neoclassical finance and the capital structure theory. Methods of dialectical, cause-and-effect, structural, logical and statistical analysis are used. The findings reveal that the Government provided financial support for small and medium-sized business in the amount of 14 billion rubles in 2020 exclusively in the form of borrowed financial resources, while in a state of almost suspended operation the business needs first and foremost non-repayable financial resources. The analysis confirms that the ongoing measures of financial support for small and medium-sized businesses are highly sought after. Theoretical and practical significance of the research results is that the federal, regional, and local authorities can use them while offering financial support to businesses; in addition, business owners and managers can benefit from them while considering the funding of the activities.

Suggested Citation

  • Nadezhda S. Piontkevich & Ekaterina G. Sheina, 2021. "Financial aspects of ensuring sustainable development of small and medium-sized businesses in the face of new challenges," Journal of New Economy, Ural State University of Economics, vol. 22(1), pages 105-130, April.
    • Handle: RePEc:url:izvest:v:22:y:2021:i:1:p:105-130
    DOI: 10.29141/2658-5081-2020-22-1-6
    as

    Download full text from publisher

    File URL: http://jne.usue.ru/images/download/90/6.pdf
    Download Restriction: no
    File URL: http://jne.usue.ru/en/issues-2021/975
    Download Restriction: no
    File URL: https://libkey.io/10.29141/2658-5081-2020-22-1-6?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Connolly, Robert & Dubofsky, David & Stivers, Chris, 2018. "Macroeconomic uncertainty and the distant forward-rate slope," Journal of Empirical Finance, Elsevier, vol. 48(C), pages 140-161.
    2. Naciye Sekerci, 2020. "Factors Associated with Strategic Corporate Decisions in Family Firms: Evidence from Sweden," International Review of Finance, International Review of Finance Ltd., vol. 20(1), pages 45-75, March.
    3. Youngsung Kim & David S. T. Matkin, 2020. "Financial Condition and Internal Control Deficiencies: Evidence From New York Counties," Public Budgeting & Finance, Wiley Blackwell, vol. 40(1), pages 45-69, February.
    4. Jarosław Kaczmarek, 2019. "The Mechanisms of Creating Value vs. Financial Security of Going Concern—Sustainable Management," Sustainability, MDPI, vol. 11(8), pages 1-24, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jaroslaw Kaczmarek & Sergio Luis Nanez Alonso & Andrzej Sokolowski & Kamil Fijorek & Sabina Denkowska, 2021. "Financial threat profiles of industrial enterprises in Poland," Oeconomia Copernicana, Institute of Economic Research, vol. 12(2), pages 463-498, June.
    2. Guglielmo Maria Caporale & Menelaos Karanasos & Stavroula Yfanti, 2019. "Macro-Financial Linkages in the High-Frequency Domain: The Effects of Uncertainty on Realized Volatility," CESifo Working Paper Series 8000, CESifo.
    3. Diana da Silva & Danie Schutte & Jhalukpreya Surujlal, 2021. "Unpacking the IFRS Implications of COVID-19 for Travel and Leisure Companies Listed on the JSE," Sustainability, MDPI, vol. 13(14), pages 1-20, July.
    4. Giuli, Alberta Di & Karmaziene, Egle & Sekerci, Naciye, 2021. "Common ownership and firm dividend policies," Finance Research Letters, Elsevier, vol. 40(C).
    5. Naciye Sekerci & Jamil Jaballah & Marc van Essen & Nadine Kammerlander, 2022. "Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility," Entrepreneurship Theory and Practice, , vol. 46(1), pages 82-116, January.
    6. Ewa Chomać-Pierzecka, 2023. "Pharmaceutical Companies in the Light of the Idea of Sustainable Development—An Analysis of Selected Aspects of Sustainable Management," Sustainability, MDPI, vol. 15(11), pages 1-23, May.
    7. Jarosław Kaczmarek, 2022. "The Balance of Outlays and Effects of Restructuring Hard Coal Mining Companies in Terms of Energy Policy of Poland PEP 2040," Energies, MDPI, vol. 15(5), pages 1-30, March.
    8. Ahmed Farouk Kineber & Idris Othman & Ayodeji Emmanuel Oke & Nicholas Chileshe & Mohanad Kamil Buniya, 2020. "Identifying and Assessing Sustainable Value Management Implementation Activities in Developing Countries: The Case of Egypt," Sustainability, MDPI, vol. 12(21), pages 1-20, November.
    9. Jarosław Kaczmarek & Konrad Kolegowicz & Wojciech Szymla, 2022. "Restructuring of the Coal Mining Industry and the Challenges of Energy Transition in Poland (1990–2020)," Energies, MDPI, vol. 15(10), pages 1-48, May.
    10. Tong, Chen & Huang, Zhuo & Wang, Tianyi & Zhang, Cong, 2023. "The effects of economic uncertainty on financial volatility: A comprehensive investigation," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 369-389.
    11. Çekin, Semih Emre & Hkiri, Besma & Tiwari, Aviral Kumar & Gupta, Rangan, 2020. "The relationship between monetary policy and uncertainty in advanced economies: Evidence from time- and frequency-domains," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 70-87.
    12. Wael Alattyih & Husnain Haider & Halim Boussabaine, 2019. "Development of Value Creation Drivers for Sustainable Design of Green Buildings in Saudi Arabia," Sustainability, MDPI, vol. 11(20), pages 1-33, October.
    13. Luis R. Gómez-Mejia & Francesco Chirico & Geoffrey Martin & Massimo Baù, 2023. "Best Among the Worst or Worst Among the Best? Socioemotional Wealth and Risk-Performance Returns for Family and Non-family Firms Under Financial Distress," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1031-1058, July.
    14. Karanasos, M. & Yfanti, S., 2021. "On the Economic fundamentals behind the Dynamic Equicorrelations among Asset classes: Global evidence from Equities, Real estate, and Commodities," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    15. Piotr Staszkiewicz, 2019. "Search for Measure of the Value of Baltic Sustainability Development: A Meta-Review," Sustainability, MDPI, vol. 11(23), pages 1-12, November.
    16. M. Karanasos & S. Yfanti & J. Hunter, 2022. "Emerging stock market volatility and economic fundamentals: the importance of US uncertainty spillovers, financial and health crises," Annals of Operations Research, Springer, vol. 313(2), pages 1077-1116, June.
    17. Xiao, Jihong & Wang, Yudong, 2022. "Macroeconomic uncertainty, speculation, and energy futures returns: Evidence from a quantile regression," Energy, Elsevier, vol. 241(C).
    18. Vincent Molly & Anneleen Michiels, 2022. "Dividend decisions in family businesses: A systematic review and research agenda," Journal of Economic Surveys, Wiley Blackwell, vol. 36(4), pages 992-1026, September.

    More about this item

    Keywords

    financial sustainability; state support; financial support; borrowed funds; sureties; microloans; challenges; pandemic;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:url:izvest:v:22:y:2021:i:1:p:105-130. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Victor Blaginin (email available below). General contact details of provider: https://edirc.repec.org/data/usueeru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.