Assessing regional growth of small business in Russia

Abstract

Objective: The objective of the article is to estimate small business development across regions of the Far Eastern District in Russia with regard to economic, social and environmental dimensions of sustainability.

Research Design & Methods: For this, a mathematical model was built. Based on the relationship between the basic indicators of small business development, the growth leaders and laggers among the examined regions were identified.

Findings: The results of modelling suggest that small businesses in the Far Eastern District will not be able to enhance their profitability and offer larger salaries by 2024.

Implications & Recommendations: Hence, one of the major challenges is the search for ways to increase profitability. Emissions from stationary sources per small enterprise will continue to grow during the next 20 years.

Contribution & Value Added: The results of this study may be useful in determining business policy directions, appropriate mechanisms, and parameters to ensure effective business development at the local, regional, and global levels.

Keywords

regional growth, enterprise, entrepreneurship, small business, profit, salary, emissions, performance, model

Author Biography

Irina Kovaleva

Department of International Manufacturing Business

Alexey Mikhaylov

Research Center of Monetary Relations

Diana Stepanova

Department of Finance and Prices

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