Financial Crisis Management of Business in Eastern Europe in the Context of the Resilience Increase of National Economic Systems
DOI:
https://doi.org/10.6000/1929-7092.2020.09.16Keywords:
Financial crisis management, post-Soviet Eastern European countries, Crises, Resilience of economic systems, Financial crises.Abstract
Motivation: The research has noted great problems of post-Soviet Eastern European countries related to resilience securing of national economic systems, where the defining role belongs to financial crises at the micro-level caused by problems in the development and implementation of financial crisis management. The objective of this research is to study the problems of ensuring the operational efficiency of economic entities in Eastern Europe and to develop a set of measures to increase this efficiency.
Novelty: The scientific novelty of the article is a developed set of ways to increase the performance of financial crisis management at the enterprises of post-Soviet Eastern European countries.
Methodology and Methods: The methods of data study used in this research represent the quantitative analysis of statistic data. The research has also used the forecasting method of time series, which has suggested using regression functions to forecast future values based on data observed earlier.
Data and Empirical Analysis: To conduct the research, data on four Eastern European countries, which were a part of the Soviet Union, for 2008-2018 have been taken.
Policy Considerations: Post-Soviet Eastern European countries within the resilience securing of their national economic systems require the development and implementation of ways to increase the performance of financial crisis management at enterprises.
References
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https://doi.org/10.1108/13632540310807485
Shpilina, Daria Yu. And Natalia V. Rodionova. 2014. “The Features of the Crisis Financial Management at the Company.” Economics and innovations management 2: 13-8.
Simola, Sheldene. 2014. “Teaching corporate crisis management through business ethics education.” European Journal of Training and Development 38(5): 485-503.
https://doi.org/10.1108/EJTD-05-2013-0055
Smith, Adrian and Adam Swain. 2010. “The Global Economic Crisis, Eastern Europe, and the Former Soviet Union: Models of Development and the Contradictions of Internationalization.” Eurasian Geography and Economics 51(1): 1-34.
https://doi.org/10.2747/1539-7216.51.1.1
Šontait?-Petkevi?ien?, Migle. 2014. “Crisis Management to Avoid Damage for Corporate Reputation: The Case of Retail Chain Crisis in the Baltic Countries.” Procedia – Social and Behavioral Sciences 156: 452-7.
https://doi.org/10.1016/j.sbspro.2014.11.220
State Statistics Service of Ukraine. (2019). Statistical Information. Retrieved November 17, 2019 (http://www.ukrstat.gov.ua)
Zamoum, Khaled and Tevhide Serra Gorpe. 2018. “Crisis Management: A Historical and Conceptual Approach for a Better Understanding of Today’s Crises.” Pp. 203-217 in Crisis Management-Theory and Practice, edited by K. Holla, M. Titko, and J. Ristvej. London: IntechOpen.
https://doi.org/10.5772/intechopen.76198
https://doi.org/10.1111/j.1468-5973.2009.00555.x
Batorski, Jarema. 2011. “Fragmentation of crisis management in an enterprise.” Serbian Journal of Management 6: 283-6.
https://doi.org/10.5937/sjm1102283B
Bondarchuk, Mariia K., Oleksiy O. Druhov and Orysia P. Voloshyn. 2017. “Research on the problemmatics of anti-crisis innovations financing in business structures.” Financial and credit activity: problems of theory and practice 23(2): 101-9.
https://doi.org/10.18371/fcaptp.v2i23.121394
Bundy, Jonathan and Michael D. Pfarrer. 2015. “A burden of responsibility: The role of social approval at the onset of a crisis.” Academy of Management Review 40: 345-69.
https://doi.org/10.5465/amr.2013.0027
Bundy, Jonathan, Michael D. Pfarrer, Cole E. Short and W. Timothy Coombs. 2017. “Crises and Crisis Management: Integration, Interpretation, and Research Development.” Journal of Management 43(6): 1661-92.
https://doi.org/10.1177/0149206316680030
Cherba, V. M., O. V. Khomutenko, O. A. Diegtiar and O. Y. Palant. 2019. “Financial and economic innovations as a tool for anti-crisis financial management at an enterprise.” Financial and credit activity: problems of theory and practice 28(1): 245-55.
https://doi.org/10.18371/fcaptp.v1i28.161689
Cherep, A. V., V. Z. Bugaj and T. G. Shevchenko. 2015. “Diagnostics of the enterprise’s financial status of the basis of ‘weak signals’.” Journal of Zaporizhzhia National University, Economic sciences 3(27): 25-32.
Coombs, W. Timothy. 2012. Ongoing Crisis Management: Planning, Managing and Responding. 3rd ed. Thousands Oak: Sage.
Federal State Statistic Service of the Russian Federation. (2019). Statistical information. Retrieved November 15, 2019 (http://www.gks.ru)
Filipa, Andrei and Bernard Raffournier. 2014. “Financial Crisis And Earnings Management: The European Evidence.” The International Journal of Accounting 49(4): 455-78.
https://doi.org/10.1016/j.intacc.2014.10.004
Gkillas, Konstantinos, Athanasios Tsagkanos and Dimitrios I. Vortelinos. 2019. “Integration and risk contagion in financial crises: Evidence from international stock markets.” Journal of Business Research 104: 350-65.
https://doi.org/10.1016/j.jbusres.2019.07.031
Glukhova, Dariia V. 2011. “The system of financial crisis management of economic entities.” The Journal of Volga Region State University of Service. “Economics” 3(17): 109-13.
Green, Duncan, Richard King and May Miller-Dawkins. 2010. The Global Economic Crisis and Developing Countries. Oxfam International. Retrieved November 16, 2019 (http://lib.icimod.org/record/14678/files/6355.pdf)
Gurtner, Bruno. 2010. “The financial and economic crisis and developing countries.” International Development Policy, Revue internationale de politique de développement 1(1): 189-213.
https://doi.org/10.4000/poldev.144
Hart, Paul, Liesbet Heyse and Arjen Boin. 2001. “New trends in crisis management practice and crisis management research: Setting the agenda.” Journal of Contingencies and Crisis Management 4(9): 181-8.
https://doi.org/10.1111/1468-5973.00168
Havrylyshyn, Oleh, Xiaofan Meng and Marian Tupy. 2016. “25 years of reforms in ex-Communist countries: fast and extensive reforms led to higher growth and more political freedom.” Cato Institute, Policy Analysis, No. 795. Retrieved November 15, 2019 (https://ssrn.com/abstract=2833941)
Kalinichenko, Antonina V., Yuliia V. Shmygol and Kostiantyn D. Kostoglod. 2010. “Forecasting with the help of regression function.” The Journal of Kharkiv Petro Vasylenko National Technical University of Agriculture 104: 10-16.
Lalonde, Carole. 2007. “Crisis management and organizational development: Towards the conception of a learning model in crisis management.” Organization Development Journal 1(25): 507-17.
Li, Zhigang and Hongqi Chen. 2015. Strategy of Enterprise Crisis Management in the Information Age. Pp. 720-2 in Proceedings of the 2015 3rd International Conference on Management Science, Education Technology, Arts, Social Science and Economics. Qingdao, China.
https://doi.org/10.2991/msetasse-15.2015.159
Marchak, Daria, Mykola Magkiy and Oleksandr Yaroshchuk. 2016. Bad decisions: how to build the poorest country in Europe. VoxUkraine. Retrieved November 17, 2019 (https:// voxukraine.org/longreads/poor-country/index_en.html)
Masharsky, Alexander, Galyna Azarenkova, Kateryna Oryekhova and Sergii Yavorsky. 2018. “Anti-crisis financial management on energy enterprises as a precondition of innovative conversion of the energy industry: case of Ukraine.” Marketing and Management of Innovations 3: 345-354.
https://doi.org/10.21272/mmi.2018.3-31
National Bureau of Statistics of the Republic of Moldova. 2019. Statistical information. Retrieved November 17, 2019 (http://www.statistica.md/index.php?l=ru)
National Statistical Committee of the Republic of Belarus. 2019. Statistical information. Retrieved November 17, 2019 (http://www.belstat.gov.by)
Peng, Q. and X. Wang. 2017. Analysis on the Enterprise Crisis Management in the Internet Era. Pp. 440-4 in Proceedings of the 3rd International Conference on Social Science and Management (ICSSM 2017), April 8-9, 2017, Shaani, China.
Pysmenna, Tetiana. 2018. “Anti-crisis financial management practice in conditions of domestic enterprises unprofitable economic activity.” Scientific Notes of the National University of Ostroh Academy, “Economics” 9(37): 152-6.
https://doi.org/10.25264/2311-5149-2018-9(37)-152-156
Sahin, Bahadir, Naim Kapucu and Ali Unlu. 2008. “Perspectives on Crisis Management in European Union Countries: United Kingdom, Spain and Germany.” European Journal of Economic and Political Studies 1: 19-45.
Sapriel, Caroline. 2003. “Effective Crisis Management: Tools and Best Practice for the New Millennium.” Journal of Communication Management 7(4): 348-55.
https://doi.org/10.1108/13632540310807485
Shpilina, Daria Yu. And Natalia V. Rodionova. 2014. “The Features of the Crisis Financial Management at the Company.” Economics and innovations management 2: 13-8.
Simola, Sheldene. 2014. “Teaching corporate crisis management through business ethics education.” European Journal of Training and Development 38(5): 485-503.
https://doi.org/10.1108/EJTD-05-2013-0055
Smith, Adrian and Adam Swain. 2010. “The Global Economic Crisis, Eastern Europe, and the Former Soviet Union: Models of Development and the Contradictions of Internationalization.” Eurasian Geography and Economics 51(1): 1-34.
https://doi.org/10.2747/1539-7216.51.1.1
Šontait?-Petkevi?ien?, Migle. 2014. “Crisis Management to Avoid Damage for Corporate Reputation: The Case of Retail Chain Crisis in the Baltic Countries.” Procedia – Social and Behavioral Sciences 156: 452-7.
https://doi.org/10.1016/j.sbspro.2014.11.220
State Statistics Service of Ukraine. (2019). Statistical Information. Retrieved November 17, 2019 (http://www.ukrstat.gov.ua)
Zamoum, Khaled and Tevhide Serra Gorpe. 2018. “Crisis Management: A Historical and Conceptual Approach for a Better Understanding of Today’s Crises.” Pp. 203-217 in Crisis Management-Theory and Practice, edited by K. Holla, M. Titko, and J. Ristvej. London: IntechOpen.
https://doi.org/10.5772/intechopen.76198
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Published
2020-03-03
How to Cite
Khatser, M. V., & Perehuda, Y. A. (2020). Financial Crisis Management of Business in Eastern Europe in the Context of the Resilience Increase of National Economic Systems. Journal of Reviews on Global Economics, 9, 165–180. https://doi.org/10.6000/1929-7092.2020.09.16
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